Confluent

Summary * Investor sentiment toward enterprise software is softening, raising the question of whether this is a temporary cyclical pause or the start of a secular shift. * AI-native startups are moving faster and capturing attention, while many SaaS incumbents struggle with organizational inertia that makes clean-slate innovation difficult. * Payback periods for enterprise software are deteriorating, and investors appear to be rotating away from seat-based SaaS even without clear evidence ye