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Feb 17, 2026
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NEUTRAL
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The market is shifting from "SaaS" to "Service as Software." Seat-based pricing models are at risk as AI agents reduce headcount. Software companies relying on "per-seat" pricing will suffer as companies hire fewer people due to AI efficiency. The winners will be "usage-based" models and infrastructure layers (Hyperscalers/Utilities) that power the AI itself. Avoid legacy seat-based SaaS; Long usage-based/infrastructure software. AI adoption slows, preserving the legacy seat-based model longer than expected. |
Bloomberg Markets
Open Interest 2/17/2026...
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