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The SaaSpocalypse was overblown. The real reckoning is coming for enterprise data.
In February, Wall Street decided software was finished. In a 48-hour span, roughly $300 billion in market value evaporated across Salesforce, Adobe, and ServiceNow, among others, as investors bet that AI agents would make traditional SaaS obsolete.
Pundits dubbed this event the "SaaSpocalypse," with some making bold predictions that it would be the end of software. The logic, borrowed from Sequoia Capital's thesis that AI "autopilots" would replace software tools the way autopilots replace pilots, was simple: If an agent can do the work, why would anyone keep paying for the software that once helped a human do it?
Seven months later, the panic looks premature.
The iShares Expanded Tech-Software Sector ETF (ticker: IGV), a widely watched barometer for the enterprise SaaS industry, tells the story better than any single company's earnings…
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