Naval Just Summarized The Next Decade In Five Words Software was eaten by AI For 15 years the dominant model of the internet was simple. Build software Sell access to the interface Charge per seat Every SaaS company scaled the same playbook. Seats multiplied. Revenue compounded. AI agents break that model. Agents do not need seats. Agents do not need dashboards. Agents do not need to click through interfaces. They execute the task directly. ➤ Instead of opening a CRM, an agent manages the pipeline ➤ Instead of navigating billing software, an agent handles invoices ➤ Instead of exporting analytics, an agent analyzes the data and reports results The interface disappears. What used to require an entire SaaS stack becomes a goal expressed in natural language. This is why software valuations are compressing. The market is beginning to price a new architecture: → fewer human operators → fewer software seats → more autonomous agents executing workflows The real shift is economic. Software companies historically monetized human interaction with tools. Agents remove the human from the loop. Which means the next trillion dollar companies may not sell software. They sell intelligence that replaces it.