Bill Gurley, a Benchmark general partner, offers insights into investing during the “SaaSpocalypse,” as SaaS stocks falter at the start of 2026. Investors worry that new AI generative tools, like Claude Code’s update, may threaten established SaaS companies like Salesforce and DocuSign. On CNBC’s Squawk Box, Gurley likened the situation to Facebook’s post-IPO struggles, noting a similar technological disruption fear caused a stock price drop then. However, he emphasized that today’s concerns are unusually widespread.
Despite these fears, AI-native companies continue using traditional software. For instance, Anthropic utilizes Workday and Salesforce. Gurley advised investors to consider Warren Buffett’s approach, buying stocks during market panic. He also criticized the circularity in AI and infrastructure deals, such as the new Meta and AMD agreement for computing power, suggesting that intertwining business models may eventually unravel.
Gurley acknowledged the lack of regulatory intervention in these deals and predicted future scrutiny. He was optimistic about AI’s impact on employment, viewing it as “jet fuel” for learning and career growth. Despite potential disruptions, Gurley expressed his enduring passion for venture capital, stating he wouldn’t change career paths even in a world where all jobs paid the same.