While 2026 hasn’t been kind to the tech sector, it has been particularly unkind to stocks in the Software-as-a-Service (SaaS) industry. That corner of the market has suffered enormous outflows as investors—fearful that artificial intelligence (AI) will erode SaaS firms’ revenue potential—have rotated into more conservative sectors.
As a result, companies like Snowflake (NYSE: SNOW) have seen their share prices driven down despite strong earnings, improving margins, and record net cash positions.
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