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The Capital Cycle Podcast · Marathon Asset Management

AI Eats Software?

·16 min·1 clip
Tom Warren quotes Anthropic's CEO Dario Amodi saying AI models might do 'most, maybe all' of a software engineer's job within 6-12 months.
Edward Chancellor interviews Tom Warren of Marathon Asset Management to analyze why SaaS (Software as a Service) companies have crashed from market darlings to pariahs. They explore whether AI is an existential threat that will 'eat their breakfast,' drawing parallels to historical capital cycles like the Jacquard loom and Warren Buffett's textile experience, while cautioning that valuations remain high despite the sell-off.

As heard by us

A sober capital-cycle view of AI pressure on software valuations.

The episode treats AI less as a buzzword than as a shock to software capacity, then uses that frame to revisit the old SaaS trade from the top of the market down.

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Why you'd press play

A capital-cycle look at SaaS valuations, rising software capacity, and why crowded markets can get rough fast.

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