[UPDATE] SaaSpocalypse persists: IGV down ~21% YTD, software P/S from 9x to 6x, now below the S&P
AI-agent seat-compression fears keep compressing software multiples, with IGV down about 21% year-to-date (roughly 30% off its Sept-2025 peak, ~$2T of value erased) and forward price-to-sales dropping from 9x to 6x, leaving software trading below the market for the first time in two decades; Thoma Bravo's Orlando Bravo called some AI-driven markdowns very warranted, while JPMorgan and Goldman argue the selloff has overshot. The read for the desk is a broad software-basket weakness that frames the WCLD short-side signal, with the market bifurcating between intelligence-layer winners and legacy per-seat SaaS.