Peak Pessimism

“AI victims” are accelerating revenue with AI.

Constellation Software: -47%. ServiceNow: -55%. Figma: -81%.

Investors are worried that AI will disrupt all software companies. But this ignores a basic reality because not all software is the same. The real strength of software companies comes from their deep integration into a company's daily operations and how risky they are to rip out. Faster code generation, which is what AI solves for, will not affect all software companies the same.

But recently, all software stocks fell in unison - this is what peak pessimism looks like.

The market is wrong. Under the hood, a few of these “AI victims” are accelerating revenue with AI. ServiceNow's AI product customers with ACV >$1M grew 130%+ YoY. Snowflake added 1,800 AI accounts in a single quarter. Salesforce's Agentforce hit $800M ARR, up 169% YoY.

The ‘agents replace workflow layers’ thesis has not played out yet. SaaS firms are not sitting idle; they are actively incorporating AI into their workflows.

We now have a brief moment where sentiment is overshadowing fundamentals.

This is the same setup we used to invest in semiconductor stocks last year during the tariff sell-offs. ASML has since 5x’d the S&P 500.

Now, we at Rebound Capital spent months identifying these software beneficiaries — what went wrong, how they hold up against AI, and their current valuation — all in a 33-page, 5,000-word PDF we're releasing tomorrow.

We’re sending the full report to the first 100 subscribers who reply ‘Yes’ to this email — after that, it goes behind our paid tier.

Here’s a sneak peek: