| Dharmesh (Founder + CTO of Hubspot) is right — nobody's going to vibe code Hubspot. Want to know why SaaS stocks are getting smoked? I’ll tell you why. | It’s not that Lovable (or any other company) will start vibe coding Hubspot internally (like he wrote in a recent post). | I agree, that’s stupid. | Here’s the issue: | It used to be pretty difficult to get software built. Not impossible, but you had to have engineering talent. That was a massive filter. Now that’s not the case. | It’s clear that we are entering a world where any code can be written by almost anyone anywhere in the world. | Here are two facts about this world: | Fact #1 is that is a far worse environment for selling software than if that was not the case. | But Fact #2 is the big one … | It takes a special Founder to take down any publicly traded SaaS. It’s a 1-in-a-million type guy. | But that type of guy is out there. | So, here's my question... | How many MORE of these one-in-a-million type guys will be able to get started from nothing … | Drawn in by the IMMENSE hype and news cycle of AI … | And go on to create products that either alone or in aggregate will take down any one (or all) of the publicly traded SaaS companies getting SMOKED right now? | My answer: | You’ll have at least 10,000x MORE people trying than you have today. | And a few of them will be Elon-Level geniuses. | THAT is why SaaS stocks are getting smoked. | Adam |
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