Broad sector of companies delivering software applications to customers via cloud subscription models.
2 takes · first discussed Jun 21, 2025 · last Mar 27, 2026
Private company — no public price to score. We track what they said; valuation-mark tracking is on the roadmap.
The All-In hosts present a uniformly bearish view on the SaaS sector, with Chamath the sole contributor and expressing high conviction across two separate occasions. In mid-2025, Chamath argued that enterprise SaaS is structurally broken — median growth has halved to ~9%, AI-native software is displacing incumbents, and neither consumption-based nor per-seat pricing models are sustainable long-term. By early 2026, he extended that thesis to valuation, contending that markets are actively re-rating SaaS multiples downward as investors discount the risk that AI and potential superintelligence erode the long-duration cash flows that once justified premium prices, citing Snowflake's dramatic multiple compression as a concrete example. With only one host represented, there is no internal disagreement, but Chamath's consistent, high-conviction bearishness across both periods suggests a firm and deepening negative stance on the sector's structural outlook.
Chamath argues SaaS valuations are being re-rated downward as the market prices in AI disruption risk, with companies like Snowflake and Workday seeing their free-cash-flow payback periods collapse — a broad reset he sees continuing.
Snowflake in 2023, it would've taken you almost 100 years. And where is it now? It's been cut in half. ServiceNow, Atlassian, Workday, you see it. And I think what this speaks to is the beginning of this re-rationalization in the public”32:15