IS SAAS DEAD? NO. BUT ONE THING IS CLEAR: IT'S UNSTABLE

Summary from the TLDR Founders newsletter

A $500M ARR company worth only $1B. That's PagerDuty right now - 2x revenue. The median public SaaS company trades at 3x. Workday's CEO changed the company narrative three quarters in a row. The argument here is that Claude 3.5 Sonnet shipping in June 2024 was the real inflection point for AI eating software - not ChatGPT. Competitive advantages that used to last years now last months. SaaS isn't dead, but revenue durability - the thing every VC priced their multiple on - might not exist anymore.