Tomasz Tunguz says the SaaS selloff has depressed valuation multiples, but category leaders continue to outperform. He points to standout cloud scale, including

Tomasz Tunguz says the SaaS selloff has depressed valuation multiples, but category leaders continue to outperform. He points to standout cloud scale, including Google Cloud revenue up 82% to $24.8 billion in Q2 2026, even as the sector resets.