I restacked an essay by Jordi Visser entitled The SAAS Panic is Just the Beginning of a Bigger Story on Thursday that I believe is one of the most important regime-shift pieces of the year.
If you missed it in your Substack inbox, I’m sharing it here directly.
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In my recent essay AI and Jobs: Asking the Right Question, I argued that if coordination costs collapse, economic power disperses. Firms exist because organizing people is expensive. If AI drives those costs toward zero, smaller and more fluid actors gain leverage.
Jordi Visser takes that premise and applies it to capital markets in his essay below.
For fifteen years, scale, duration, and software moats were rational. Concentration wasn’t ideology. It was math. High fixed costs, scarce talent, expensive distribution, and cheap capital rewarded size and reinforced dominance.
Jordi argues that AI changes those inputs.
When the marginal cost of competence collapses, competitive cycles compress. The scarcity premium embedded in long-duration SaaS models weakens. What investors treated as structural may turn out to have been conditional.
Just as the rise of the internet ended the careers of portfolio managers who refused to adapt to intangible capital and network effects, AI may challenge those still anchored to the post-GFC playbook.
This is required reading for anyone thinking seriously about how AI reshapes economic power.
For readers new to my work, AI and Jobs: Asking the Right Question lays out the economic framework behind why collapsing coordination costs matter for prosperity and market structure.
The SAAS Panic is Just the Beginning of a Bigger Story by Jordi Visser
He also spoke about this on his weekly YouTube podcast with Anthony Pompliano HERE.
I also highly recommend listening to Jordi Visser’s weekly Sunday YouTube channel: https://www.youtube.com/@JordiVisserLabs
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