The Repricing: Salesforce at ~2.8x ARR, HubSpot Down 56%, Adobe at 11x Earnings as Markets Price In Agent Disruption

SaaStr·medium signal

SaaStr flagged that leading application-software names have been repriced hard — Salesforce trading around 2.8x ARR, HubSpot down 56%, Adobe at ~11x earnings — as public markets discount the seat-cannibalization risk from agents even where fundamentals hold. The open question SaaStr poses is whether these are now oversold. For operators, it's a reminder that the recovery is bifurcating: platforms with consumption pricing power (Salesforce) are treated differently from seat-dependent point tools.