SOFTENING SOFTWARE

With Hyperscalers steadily adding new (legal, coding etc.) tools to their AI assistants, software firms including Adobe, Intuit, Salesforce and Workday are collectively down 30% since 9/25. These incumbents will adapt and integrate LLMs into their offerings. These firms have decades of customer data and run mission critical functions. Over time these struggling firms will charge more/seat license but for fewer licenses as much better software replaces payroll, boosting productivity.