A scary SaaS selloff changes the calculus for startups and private markets: “code alone was never a real moat”

On this Friday the 13th, I didn’t have to try hard to come up with a scary story for you. It all started a little over a week ago. Everything in the public and private markets for 2026 seemed as normal as can be. We were all talking about the bizarre, AI-old social network t...

🔗 Read more: https://fortune.com/2026/02/13/scary-saas-selloff-changes-calculus-startups-private-markets-code-alone-was-never-a-real-moat/

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