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Sector-level observation without a reliably identifiable listed asset or explicit trade; no specific ticker thesis.
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It feels like whenever SaaS sell down comes up the counter argument is always 'dumb finance bros thinks people will rely vibe coded software lol'.
At least here in Australia all the analyst questions are around how are they going to transition from per seating model to bundled and whether that will impact growth or add friction to the story. Part of that might be because the biggest listed Australian SaaS stock (wisetech) is currently transitioning to bundled to mixed effect.
My thinking has now shifted to which SaaS will still grow healthily in this environment. I understand some SaaS largely sells effectively bundled and some are more strictly per seat. Also more wary SaaS that predominately services software engineers given a senior dev with AI is probably as effective as a senior dev with a bunch of juniors and that industry has really run out of steam in terms of headcount growth.