Leading public software companies are down ~50% over six months.

A SaaStr analysis documents the cohort collectively down roughly half over the trailing six months, the steepest sustained repricing on record. (SaaStr) The driver isn't fear of AI anymore, it's the realization that AI-enhanced workers reduce seats rather than add them, which compresses the per-seat NRR engine. This is the financial expression of the seat-to-outcome shift the vertical-AI story describes. If your pricing is per-seat and AI makes each seat do more, you're priced against your own product's value.