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The mechanism SaaS businesses sell is recurring access to workflow automation, and the threat investors are pricing this week is that AI can perform those same workflows without a dedicated software subscription.
That displacement question drove massive swings in software stocks, in both directions, as the market worked through which names carry enough protection to hold value in an AI-native environment.
The debate has a name now: 'SaaSpocalypse'. The sorting problem investors are running Violent swings in both directions inside a single week signal genuine disagreement.
Some software companies are being priced as AI casualties. Others are being priced as beneficiaries. The market is trying to draw that line, and the line keeps moving.
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