- Wall Street lost $285 billion after Anthropic launched a legal tool consisting of markdown files, highlighting the fragility of SaaS valuations.
- Agentic workflows can bypass traditional SaaS by working at a higher level, using source material to answer complex questions rather than just automating processes.
- Systems of record with robust API access retain moats in an agentic future, but legacy platforms with poor APIs face customer migration.
- The future of software may be headless, API-first solutions built for programmatic access, enabling agents to use data flexibly without traditional UIs.