For the better part of this year, software has been the unloved corner of the technology market. While semiconductors and AI hardware names soared, investors fled software stocks on a single, nagging fear: that generative AI would make much of the industry obsolete. The idea was, if anyone could create an app in minutes using just a prompt, then why should they pay high prices to traditional software companies? That fear even earned a nickname on Wall Street, the "SaaSpocalypse." A late-August run of software earnings and AI commentary has started to crack that narrative.
