That’s right folks, 40% of PE deals between 2018 and 2022 were for software companies, the very same time venture capital fund returns got worse. Venture and private equity has piled into an industry it believed was taking off just as it started to slow down.

The AI bubble is just part of the wider collapse of the software industry’s growth cycle.

This is The Hater’s Guide To The SaaSpocalypse, or “Software As An Albatross.”

All of these entities are acting based on a misplaced belief that the world will cater to them, and that nothing will ever change. While there might be different levels of cynicism — people that know there’re subsidies but assume they’ll be fine once they arrive, or people like Sam Altman that are already rich and don’t give a shit — I think everybody in the AI industry has deluded themselves into believing they have the mandate of Heaven.

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Tracking how close reality is to Mike Judge's 2006 prophecy using the IDIOCRACY PROXIMITY INDEX