THIS IS THE NEW SAAS PLAYBOOK

Summary from the TLDR Founders newsletter

Salesforce shipped Agentforce, the fastest-growing product in its history, and scaled it to $1.2B in ARR. The stock hit a 52-week low anyway. That paradox is the whole shift. When anyone can rebuild your headline feature in a weekend, the software surface stops being a moat, and value rotates to what you can't clone, the proprietary data loops, the right to move money or push code, and being the tool an agent chooses to call. Outcome pricing seals it, turning vendors into insurers who underwrite every result instead of billing for seats. So what do you own that stays scarce once building is free?