Buy MSFT by Sep 20, 2026.

If I were at a hedge fund, I would make the following trade: long semis, short semis. The idea is that as AI expands, SaaSpocalypse fears come to roost and software companies will face increasing competition from vibecoded alternatives or more advanced new entrants, weighing on margins and ARR. ​ Personally I don't buy into this completely. I think letting amateurs build their own platforms trying to compete with the big boys will go poorly, either because 1. They lack …