Odd Lots Jared Sleeper on Which Software Companies Will Survive the "SaaSpocalypse"
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Feb 19, 2026 
Jared Sleeper, a growth investor and partner at Avenir with deep SaaS and AI investing experience. He discusses why software stocks are plunging and investor panic. He explains which SaaS models are most exposed to AI, how customer data and integration protect vendors, and why pricing and workforce changes may reshape the industry.
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Good Near‑Term Metrics, Long‑Term Fear
- Short‑term metrics show many SaaS businesses still growing and retaining customers after the pandemic bump faded.
- But investors worry about a long‑term terminal value cliff from AI, even if current fundamentals remain solid.
Capture Context, Not Just Models
- Collect and structure the contextual data an AI agent needs to act inside an organization.
- Whoever controls that context layer gains a defensible position in the AI era.
Customization Predicts Vulnerability
- Enterprises with heavily customized, high‑implementation software face the greatest replacement risk from AI and bespoke efforts.
- SMBs and simple off‑the‑shelf tools are likelier to remain stable due to switching costs and pain.