THE GREAT SOFTWARE CORRECTION OF 2026

Summary from the TLDR Founders newsletter

IGV dropped 28% from its September peak. Microsoft cratered 12% in a single day despite beating earnings. Oracle is down 56%. It's not a temporary panic - it's the market finally pricing in a structural shift where AI eats into the application layer and seat-based pricing models start to break down. Whether you agree or not, every founder selling software should understand the argument.