The "SaaSpocalypse" narrative has gripped Wall Street, dragging the software and tech sector down roughly 22% this year. The fear driving this sell-off is singular, terrifying, and easy to understand: artificial intelligence (AI) agents will automate white-collar work so effectively that businesses will no longer need to buy software licenses for human employees.
If an AI can do the job of three analysts, why pay for three software seats? This logic has led investors to dump shares of companies ranging from Salesforce (NYSE: CRM) to Adobe (NASDAQ: ADBE), fearing their business models are evaporating.
