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Markets2026-06-09 · source-backed
Software's forward P/E fell below the broad index, a level not reached even during the dot-com bust, as markets reprice seat-based growth against agent-driven seat compression. Thoma Bravo's Orlando Bravo called some AI-disrupted software declines "very warranted." This reads as structural repricing of the seat model, not a sentiment dip. Worth pairing with Ed Zitron's "AI Is Slowing Down" essay, the week's top AI-skeptic argument at 610 HN points, claiming the revenue math behind planned data-center buildout doesn't close. I don't fully buy Zitron's numbers, but the market repricing the seat model in real time isn't a vibe, it's a P/E ratio.
Each link below shares sources, entities, or timing with this story.
Orlando Bravo works at Thoma Bravo / Shared entities / Same source domain / Shared topic / Earlier coverage
Linked by a graph relationship (Orlando Bravo works at Thoma Bravo); both cover Orlando Bravo, Software, Thoma Bravo; reported by the same outlet (saastr.com).
Shared entity: Software / Same source / Shared topic / Earlier coverage / Tension
Both cover Software; cite the same source (fell below the broad index); overlapping topics (market, model, software).
Thoma Bravo partners with Google Cloud
Linked by a graph relationship (Thoma Bravo partners with Google Cloud).
Linked by a graph relationship (Thoma Bravo partners with Google Cloud).
Linked by a graph relationship (Thoma Bravo partners with Google Cloud).
Linked by a graph relationship (Thoma Bravo partners with Google Cloud).
Orlando Bravo works at Thoma Bravo / Shared entity: Thoma Bravo / Earlier coverage
Linked by a graph relationship (Orlando Bravo works at Thoma Bravo); both cover Thoma Bravo; earlier Thoma Bravo coverage from 2026-03-16.
Thoma Bravo partners with Google Cloud
Linked by a graph relationship (Thoma Bravo partners with Google Cloud).