They mention sites like Base44 and Lovable. Sure, if tons of business was rotating out of software into no code AI solutions the article would have a point. But has a large portion of market cap moved out of AI into a few little no-code startups? Is Salesforce, Service Now, and SAP being replaced with no code applications? No. Absolutely not. These are small, niche companies. It does not explain a large downward movement in an entire industry.
> dedicated software companies [...] are better at using AI to write code
Obviously public market capital cannot rotate into private companies (startups). However it has rotated into non-tech companies, i.e. the firms this article says some believe will benefit from cheaper alternatives/disruptors.