SaaSpocalypse Cancelled, Palantir’s $17M Jet Bill, WBD x Netflix Latest | Dylan Field, Saagar Enjeti, Sigil Wen, Peter Morales, Erik Palitsch, Ljubisa Bajic

February 19, 2026

AI Summary

5 min read

The episode covers a wide range of developments in AI's effects on software businesses, media consolidation bids, executive spending scrutiny, and hardware funding rounds. The central thread is the uneven pace of AI disruption, with clear signals that some established companies are adapting while others face pressure, alongside ongoing M&A activity and new infrastructure plays.

AI and the SaaS Landscape

Speakers declared the "SaaSpocalypse" over after a roughly one-month period of indiscriminate selling pressure on SaaS stocks, though they noted it was never a uniform event. They described a bifurcation where companies that integrate AI into existing models or retain strong defensibility in data and distribution are holding up, while those reliant on seat-based pricing without adaptation face longer-term risk. Google's recovery through AI Overviews and ad improvements on complex queries was cited as an early example of core search surviving. Meta has seen revenue acceleration from better ad targeting despite slower frontier model releases. Spotify benefits as an aggregator that sorts AI-generated content without needing to build generative tools itself. Shopify gains from pre-built infrastructure that AI tools can layer on, plus network data advantages that make full replacement costly. Roblox shows similar aggregator strength, capturing disproportionate gaming growth even

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What you'll learn

1 (00:57) **SaaSpocalypse Cancelled** - Hosts declare the January-February 2026 SaaS selloff over while noting ongoing AI disruption risks
2 (01:41) **Pacific Rim Analogy** - Team plays the film's "cancel the apocalypse" speech as motivational framing for AI-era SaaS resilience
3 (06:24) **Google's AI Recovery** - Early SaaS apocalypse victim rebounds via AI Overviews, Gemini, and TPU-powered ad targeting
4 (06:56) **Meta's Ad Strength** - Despite frontier model gaps, Meta's transformer-based ad targeting drives revenue re-acceleration
5 (07:45) **Spotify as Trough Business** - Platform benefits from AI-generated music without needing to build generative tools itself
6 (08:52) **Shopify's Durable Moat** - Low cost relative to business value plus pre-built infrastructure makes replacement difficult
7 (09:49) **Roblox Ecosystem Dominance** - Captured 67% of non-China gaming spend growth last year despite broader industry weakness

+ Full timestamped outline available in the app

Show Notes

(00:59) - We're Cancelling the the SaaSpocalypse
(16:47) - 𝕏 Timeline Reactions
(38:37) - Palantir Jet Costs $17M Annually
(46:16) - WBD x Netflix Bid Update
(59:21) - eBay to Buy Depop
(01:01:42) - 𝕏 Timeline Reactions
(01:16:56) - Elite Lawyer Fees Hit Record Highs
(01:22:30) - Older Consumers Drive 2026 Growth
(01:27:24) - 𝕏 Timeline Reactions
(01:41:51) - Sigil Wen discusses his concept of Web 4.0, envisioning an Internet where AI acts as the end user, capable of autonomously performing tasks and making payments without human intervention. He introduces the "automaton," a self-sufficient AI model that can self-edit its code, manage its own compute resources, and generate income to sustain its operations. Wen emphasizes the importance of building this new Internet openly to ensure safety and transparency as AI becomes increasingly integrated into digital ecosystems.
(01:59:33) - Saagar Enjeti is an American journalist and political commentator, best known as the co-host of the independent news program "Breaking Points" alongside Krystal Ball. In the conversation, Enjeti discusses the impact of social media and technology on children, emphasizing the addictive nature of devices like iPads and the challenges parents face in regulating screen time. He highlights the importance of setting boundaries and the potential benefits of government regulation to mitigate the negative effects of technology on youth.
(02:33:04) - Dylan Field, co-founder and CEO of Figma, a web-based vector graphics editing software company, discusses the company's impressive 2025 performance, highlighting a 40% year-over-year revenue growth to $1.046 billion and the successful launch of four new products, including Figma Make, an AI-powered prototyping tool. He emphasizes the importance of design in product development and the role of AI in enhancing creativity, noting that 60% of Figma Make users are non-designers, reflecting the platform's accessibility and broad appeal. Field also shares insights on the evolving design landscape, expressing excitement about increased innovation and diversity in digital product aesthetics and user experiences.
(02:54:04) - Peter Morales, CEO of Code Metal, discusses his journey from defense and AI research to founding the company, highlighting his work on AI algorithms for the F-35 fighter jet and at MIT Lincoln Laboratory. He explains Code Metal's mission to automate the translation of high-level code into hardware-optimized, production-ready code, addressing challenges in deploying AI on edge devices. Morales also announces a $125 million Series B funding round and the appointment of Ryan, former CEO of Tableau, as President and COO to support the company's growth.
(03:03:02) - Erik Palitsch, CEO and Co-Founder of Freeform, discuss