Antipodes Partners, in its Q2 2026 investor letter, stated that it has reduced its position in enterprise software company Workday (NASDAQ:WDAY). The firm noted that AI poses disruptive concerns to Workday's business model, as agent-based AI could reduce the number of employees in finance and human resources functions, presenting a structural challenge to Workday's seat-based pricing model. Simultaneously, AI-driven cost pressures and defensive spending are compressing margins. Workday's FY2027 guidance anticipates a slowdown in revenue and profit growth. Although the Workday platform continues to generate significant cash, with full-year free cash flow growing 27% to $2.78 billion and subscription backlog increasing 12% to $28.1 billion, the firm believes that a modest adjustment to position size is prudent given the structural concerns and broader uncertainties.