Of the 42 individual investor pitches delivered at the IdeaHouse Value Investing Best Ideas Conference in Omaha on Sunday, May 3, 2026, the most consistent theme of the day was what several presenters called the “SaaS apocalypse.” Software names pitched at the conference had been punished through 2025 and into 2026 on a single shared fear: that AI agents and AI-built clones would crush the incumbents’ gross margins, kill their pricing power, or replace their products outright.
Five IdeaHouse 2026 presenters made the opposite case – that enterprise software remains structurally hard to displace, that AI is a tailwind for many of these businesses rather than a headwind, and that today’s prices represent rare entry points...
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