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Software companies are getting repriced in real time.
Not a correction. A reclassification.
Figma down 81% from its 52w high. HubSpot 68%. Atlassian 63%. Salesforce 39%. These aren't small caps. These are the companies that defined the last decade of software.
The market is asking one question right now:
*Which of these survives AI?*
And it's not being polite about the answer.
SaaS was built on a simple idea.. sell access to software, charge monthly, grow forever. That model assumed humans would always need to click the buttons.
AI doesn't click buttons. AI replaces the workflow the button was part of.
The repricing isn't panic. It's the market doing math.