Something strange has been happening to the software industry's biggest names this year, and it has nothing to do with a recession or an interest rate shock. Since January 2026, more than $2 trillion in market value has evaporated from the SaaS sector. Salesforce has dropped roughly 38%. Atlassian fell 35% in a single week. ServiceNow, Intuit, and Thomson Reuters have all posted double-digit declines. The trigger wasn't a scandal or an earnings miss in the traditional sense — it was a single earnings call in February, when Palantir CEO Alex Karp said out loud what a lot of engineers had already started to suspect: AI had gotten good enough at writing and running enterprise software that entire categories of SaaS products were in danger of becoming irrelevant. Wall Street analysts have started calling it the "SaaSpocalypse." Whether or not the name sticks, the underlying shift is real, measurable, and already reshaping how businesses spend money on software. The Old De...
Something strange has been happening to the software industry's biggest names this year, and it has nothing to do with a recession or an interest rate shock. Since January 2026, more than $2 trillion in market value has evaporated from the SaaS sector. Salesforce has dropped roughly 38%. Atlassian fell 35% in a single week. ServiceNow, Intuit, and Thomson Reuters have all posted double-digit declines. The trigger wasn't a scandal or an earnings miss in the traditional sense — it was a single earnings call in February, when Palantir CEO Alex Karp said out loud what a lot of engineers had already started to suspect: AI had gotten good enough at writing and running enterprise software that entire categories of SaaS products were in danger of becoming irrelevant. Wall Street analysts have started calling it the "SaaSpocalypse." Whether or not the name sticks, the underlying shift is real, measurable, and already reshaping how businesses spend money on software. The Old De...