Software stocks have been smashed as AI hype reshapes the market narrative, but is this a structural shift or a classic overreaction? Bryce and Alec sit down with ECP’s Jared Pohl to unpack what’s really changed, what hasn’t, and where investors should be looking. From moats beyond code to why some SaaS names may come out stronger.

Thank you to ECP Asset Management for sponsoring this episode and helping us keep all of our content free. To learn more about ECP, visit their website at https://ecpam.com .

In this episode:

00:00 The software sell-off and big question for investors

00:47 Jared Paul joins: owning losses and market reality

02:09 Has anything fundamentally changed for growth investors?

03:37 How deep the software sell-off really is

05:14 Why software isn’t the real moat

08:11 Which software companies are actually at risk

13:43 Valuations reset: opportunity or warning sign?

18:21 The bull case: AI-driven productivity and future upside

22:37 Real productivity gains vs AI washing

25:34 Quick fire: Top ASX tech stocks (At risk or not?)

32:26 Basically a value manage now - position sizing in the chaos

34:31 The final three: best business, best resource, best advice

ETFs and stocks mentioned: WiseTech Global (ASX: WTC), Xero (ASX: XRO), REA Group (ASX: REA), SEEK (ASX: SEK), Carsales (ASX: CAR), Constellation Software (TSX: CSU), Salesforce (NYSE: CRM), Megaport (ASX: MP1), Samsara (NYSE: IOT), Cloudflare (NYSE: NET), Amazon (NASDAQ: AMZN), Atlassian (NASDAQ: TEAM), Block (NYSE: SQ), CrowdStrike (NASDAQ: CRWD), Pro Medicus (ASX: PME), NextDC (ASX: NXT), TechnologyOne (ASX: TNE), Codan (ASX: CDA), Costco (NASDAQ: COST), Walmart (NYSE: WMT)

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