Perhaps think of the stock as a value stock, not a growth/momentum stock.

The thesis is that they should survive and thrive as an investment asset through the AI bust, but performance during the AI bubble is poor. If you are a longer term investor then B2B SaaS valuations appear cheap right now, but you need to be able to weather the storm of missing out on the AI infused bubble.

As evidence the BVP Nasdaq Emerging Cloud Index is at all-time lows for EV/revenue multiples. While some of the companies will see growth rates impacted by AI, that only explains a little bit of the drop in multiples versus the past.