You still leaving CSU as a foundational stock?

Hey there. Yes, the company will remain a Foundational until there is reason to believe the thesis has changed.

The drawdown is not unique to Constellation. It is all software stocks. The company reports earnings in March, which should provide some insight.

There will be a lot of software stocks that never recover from the impacts of AI. I do not believe CSU will be one of those.

That does not mean it will not get dumped off in an AI fear driven selloff. If we look to other high quality software names (Adobe, Thomson Reuters, Salesforce, ServiceNow) etc, Constellations drawdown is actually the least out of all of them.

Tough time holding software stocks, there is no question. But there has been little evidence of disruption in the VMS space at this point in time. If I were to remove Constellation, it would be nothing more than removing it because of sentiment and price action.