[**https://testfol.io/?s=hPXavhU1T18**](https://testfol.io/?s=hPXavhU1T18)
Made an arbitrary index of Constellation, Topicus and Lumine vs 10 fairly narrowly focused SaaS companies from May 1, 2025 (post tariff tantrum) to today. See the link above.
There's no doubt software is generally down due to the AI narrative. USD/CAD between start and now is the same. Recall, the AI conference call and Leonard resignation drama started September 22 and the week after.
Pure conjecture, but I'd estimate the AI narrative hit CSU harder than average for some reason and not sure the conference call helped. (I'd say Hubspot, Adobe and Intuit types are way more at risk from AI.) Leonard resignation didn't help (and I maintain could have been handled better), but is just a portion of the drawdown.
Recall history, SaaS crashed in 2016 on slower growth vs high valuations.
Make of it what you will!