Apr. 15 at 2:13 AM
Software stocks are trading at 2008 crisis levels.
The businesses aren't in crisis; the market is.
$CRM is trading at 4x sales, down from 12x two years ago, despite the same revenue base, renewal rates, and moat. AI didn't kill enterprise software—it optimized it.
With headcount down 20%, margins up 500 bps, and FCF soaring, the fundamentals are undeniable. While Wall Street panics over layoff headlines, smart money is loading up on the margin expansion. These suppressed valuations won't last. This is the best buying opportunity in a decade.
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