GOLDMAN:

- Anthropic is hosting an event today around "Enterprise Agents Briefing"

- Several single name moves on Anthropic mentions...many of which were primary constituents of the AI-At-Risk theme

- Early read is market is viewing as more of a PARTNERSHIP vs DISPLACEMENT.

maybe some hope for the SaaS names if the market starts to think of this as a connected ecosystem vs commoditized platforms…

$CRM $ADBE $NOW $INTU $IGV

RT ImNotHarsh | 📈💸
$INTU Prime example that Claude or ChatGPT will not disrupt companies. Companies will integrate these models into their existing processes and focus on synergies between the end user and the workflows.

SaaS is critical. Most will survive. Many will grow. Some may get crushed.

Wall St Engine: $INTU and Anthropic signed a multi-year partnership to let mid-market businesses build custom AI agents for compliant workflows using Claude’s Agent SDK on Intuit’s platform.

“Be fearful when others are greedy, and greedy when others are fearful.” - Warren Buffett

Software & Cloud Sector: -19.9% YTD 🔴

Ranked by largest declines:
1. $HUBS HubSpot -39.2%
2. $TEAM Atlassian -38.8%
3. $NOW ServiceNow -31.7%
4. $INTU Intuit -29.5%
5. $ORCL Oracle -27.0%

6. $CRM Salesforce -24.6%
7. $ZS Zscaler -24.1%
8. $SNOW Snowflake -22.3%
9. $WDAY Workday -20.8%
10. $ADBE Adobe -19.5%

11. $PLTR Palantir -19.0%
12. $DDOG Datadog -16.5%
13. $VEEV Veeva -16.3%
14. $MSFT Microsoft -15.2%
15. $MDB MongoDB -13.8%

16. $CRWD CrowdStrike -12.8%
17. $NET Cloudflare -11.6%
18. $PANW Palo Alto -11.2%
19. $CYBR CyberArk -10.0%
20. $FTNT Fortinet +6.3%

Are you being greedy on SaaS here?

“Be fearful when others are greedy, and greedy when others are fearful.” - Warren Buffett

Software & Cloud Sector: -19.9% YTD 🔴

Ranked by largest declines:
1. $HUBS HubSpot -39.2%
2. $TEAM Atlassian -38.8%
3. $NOW ServiceNow -31.7%
4. $INTU Intuit -29.5%
5. $ORCL Oracle -27.0%

6. $CRM Salesforce -24.6%
7. $ZS Zscaler -24.1%
8. $SNOW Snowflake -22.3%
9. $WDAY Workday -20.8%
10. $ADBE Adobe -19.5%

11. $PLTR Palantir -19.0%
12. $DDOG Datadog -16.5%
13. $VEEV Veeva -16.3%
14. $MSFT Microsoft -15.2%
15. $MDB MongoDB -13.8%

16. $CRWD CrowdStrike -12.8%
17. $NET Cloudflare -11.6%
18. $PANW Palo Alto -11.2%
19. $CYBR CyberArk -10.0%
20. $FTNT Fortinet +6.3%

Are you being greedy on SaaS here?

$GOOGL

SUNDAR ON THE RECENT SAAS MELTDOWN:

- AI is going to be an enabling tool for software companies, we are seeing massive token usage

- Many companies are incorporating Gemini into their workflows to increase productivity

- Software companies that are utilizing AI have big opportunities ahead

basically, Sundar doesn't think AI is going to destroy SaaS

an incredible stat on these companies today:

"Software relative to the S&P 500 shows 6 years of relative gains wiped out in the past month."

$CRM $ADBE $NOW $INTU $DDOG $APP $IGV

Pay attention to this data...

🟢 TOP 3 SECTORS:
1. Materials (+9.9%)
Best: $WRK $FCX $BALL $EMN $NEM
2. Industrials (+9.1%)
Best: $FDX $HON $CAT $GWW $CMI
3. Nuclear & Uranium (+8.5%)
Best: $UUUU $UEC $DNN $CCJ $NXE

🔴 BOTTOM 3 SECTORS:
1. Software & Cloud (-17.6%)
Worst: $HUBS $TEAM $INTU $NOW $CRM
2. AI & Machine Learning (-15.2%)
Worst: $U $NOW $AI $PATH $SOUN
3. Electric Vehicles (-11.7%)
Worst: $FSR $GOEV $RIVN $CHPT $XPEV

🔴 SaaS-Geddon! 🔻17.6%

1. $TEAM | YTD: -34.5%
2. $INTU | YTD: -31.6%
3. $NOW | YTD: -26.0%
4. $CRM | YTD: -23.7%
5. $WDAY | YTD: -23.1%
6. $ORCL | YTD: -21.7%
7. $SNOW | YTD: -21.4%
8. $ADBE | YTD: -18.4%
9. $ZS | YTD: -16.2%
10. $MDB | YTD: -16.0%
11. $NET | YTD: -15.0%
12. $MSFT | YTD: -12.9%
13. $DDOG | YTD: -11.8%
14. $PANW | YTD: -8.1%
15. $CRWD | YTD: -7.6%

Who you buying? 👇