Executive Summary
SaaS companies face an existential value capture crisis despite hitting revenue targets. Salesforce trades at 15x free cash flow versus its historical 30x multiple, reflecting market fears that AI agent layers will commoditize application software. Brad Gerstner's analysis reveals the core tension: revenue remains stable, but terminal value expectations have collapsed as investors discount future cash flows in an AI-dominated world. The threat isn't replacement—Salesforce's 25-year battle-tested...
Key Investment Opportunity
Contrarian SaaS Value Play
Fundamentally strong SaaS companies trading at historic low multiples due to AI fears, despite stable revenue and strong cash generation
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