Dharmesh (Founder + CTO of Hubspot) is right — nobody's going to vibe code Hubspot. Want to know why SaaS stocks are getting smoked? I’ll tell you why.
It’s not that Lovable (or any other company) will start vibe coding Hubspot internally (like he wrote in a recent post).
I agree, that’s stupid.
Here’s the issue:
It used to be pretty difficult to get software built. Not impossible, but you had to have engineering talent. That was a massive filter. Now that’s not the case.
It’s clear that we are entering a world where any code can be written by almost anyone anywhere in the world.
Here are two facts about this world:
Fact #1 is that is a far worse environment for selling software than if that was not the case.
But Fact #2 is the big one …
It takes a special Founder to take down any publicly traded SaaS. It’s a 1-in-a-million type guy.
But that type of guy is out there.
So, here's my question...
How many MORE of these one-in-a-million type guys will be able to get started from nothing …
Drawn in by the IMMENSE hype and news cycle of AI …
And go on to create products that either alone or in aggregate will take down any one (or all) of the publicly traded SaaS companies getting SMOKED right now?
My answer:
You’ll have at least 10,000x MORE people trying than you have today.
And a few of them will be Elon-Level geniuses.
THAT is why SaaS stocks are getting smoked.
Adam