Blanket Sell-Off In Software Is Creating Wild Mispricing
NZS Capital
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2026-04-27
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via All Articles on Seeking Alpha
Summary
- For the risk of displacement due to AI, we ultimately focus on the NZS, or non-zero sumness, of the software businesses in which we are investing.
- The next largest bucket of software that we own has a consumption or take-rate based pricing model.
- Higher seat-risk businesses are the smallest bucket of our software exposure and represent <3% of the total portfolio (Workday, Atlassian, and Figma).
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The following segment was excerpted from the NZS Capital Q1 2026 Shareholder Letter.
Software – Are you as sick of the “baby with the bathwater” idiom as we are?
It was recently suggested to us, and Gemini confirmed (of
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