RiskReversal Pod SaaSpocalypse Now: Picking Up The Pieces with RBC's Rishi Jaluria
Feb 5, 2026
Rishi Jaluria, Managing Director and Head of Software Research at RBC Capital, breaks down the software selloff and AI's role in reshaping enterprise tech. He contrasts software pain with semiconductor strength. He discusses Microsoft’s edge, model-agnostic strategies, which software names could benefit, and how AI adoption may reprice industry winners.
AI Snips
Chapters
Transcript
Episode notes
Early Innings, High Uncertainty
- We are in the early innings of AI disruption with rapid, unexpected advances over the past year.
- Terminal value risk makes long-term outcomes uncertain and forces company-by-company analysis.
Prioritize Real AI Innovation Over Hype
- Seek companies that can accelerate organic growth through genuine AI-driven innovation rather than hype.
- Use M&A selectively to acquire AI-native talent and preserve the DNA that drives product adoption.
Prices May Overstate Permanent Decline
- Current valuations often price in perpetual decline for many software names, creating potential opportunity.
- Rishi notes several pullbacks are extreme and may overstate terminal risk.