RiskReversal Pod Jeff Richards: These Are The Only Software Stocks Worth Owning Right Now
Mar 25, 2026
Jeff Richards, managing partner at Notable Capital and software/AI investor, joins to map where enterprise AI and software collide. He discusses Claude/Cowork’s breakout forcing product rethink, how model advances challenge horizontal software, rising private AI spend with consumption pricing, cloud and GPU demand, and why public SaaS valuations look shaky despite accelerating enterprise AI interest.
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Model Improvements Create An Existential Question For Software
- Claude/Cowork's mass-market launch forced software companies to ask if their product improves as models improve.
- Jeff Richards says that rapid model improvements create an existential threat for horizontals that don't become better with better models.
Evaluate If Your Product Is In The Token Path
- Ask whether your product is "in the token path" and benefits as tokens/models dominate workflows.
- Glenn Solomon's framework helps founders decide if AI will be a tailwind or an existential risk to their product.
AI Answers Replace Link-Based Search And Change User Journeys
- Gemini changes search behavior by surfacing answers directly rather than linking out, altering media, e-commerce, and product research flows.
- Richards notes personal experience: researching a car returned everything inside Gemini without outbound links.
