Large mission-critical software platforms such as Atlassian, Twilio, Salesforce, Workday, ServiceNow and SAP are being lifted by AI, not destroyed by it. Datadog hit an all-time high on AI after Atlassian and Twilio accelerated. They can charge external AI agents a toll to access their systems of record, volume set to grow 100x in 12-24 months; sell their own agents; and expand into areas like security. AI resembles web to mobile, a tailwind for the best companies, though not all SaaS is safe. … Show more

Software stocks probably have a floor as results challenge fears that AI agents will displace them. Since the June 22 momentum unwind, IGV is up 25% and the SOX index down 22%. Atlassian and Salesforce jumped on solid results, plus an Anthropic deal for Salesforce, and possible Silver Lake interest lifted Workday. A new bullish twist says agents will use software tools 10-100x more than humans. Whether fundamentals back the rally is still open; a likely Fed hike and weak September are risks. … Show more

AI has erased engineering complexity as a SaaS moat, so software survives only with compliance or data lock-in. Tyler Technologies, Veeva and Guidewire are anchored in government, pharma and insurance rules, where leaving means a compliance audit; Veeva's revenue rose 16% while its stock fell 25%. Palantir's ontology locks in customer data. Salesforce, Workday, Adobe and ServiceNow are seat-based with neither moat, and BlackLine and nCino, though regulated, never went AI-native. x.com 

The SaaSpocalypse narrative makes less and less sense for Salesforce, ServiceNow and Palantir, because enterprises will deploy AI agents that use software tools rather than build their own software. Jensen Huang says agents won't replace tools but will use them, and NVIDIA has deployed so many agents that its tool usage is actually increasing. x.com 

Enterprise agents reached financial validation in 2026, and the first winners are platforms that already control company data, permissions and workflows. ServiceNow's AI ACV topped $1B as agent deployments rose 9x in nine months; Salesforce's Agentforce ARR passed $1.5B; AI drove over 25% of Workday's new ACV; and Palantir's US commercial revenue grew 149%. Pricing may shift from seats to work completed, tapping labor budgets, and agent revenue could grow nonlinearly as reliability improves. … Show more

AI is going to kill Salesforce, Adobe and Netflix, whether the AI is American or not. Beyond the narrative, the question is their underlying growth prospects, and one firsthand workplace already uses only homegrown AI tools and essentially no SaaS products. x.com  x.com 

Adobe, Salesforce and ServiceNow still generate massive cash flow, push deeper into AI and sit at the center of enterprise operations. Three of the biggest SaaS names remain beaten up in 2026; their valuations have been crushed, but the long-term opportunity may not have been. The market has swung way too far against them. x.com 

ServiceNow is the AI control tower enterprises use to deploy agentic AI, a disruption platform rather than a SaaS victim, yet it was dragged down in an indiscriminate software selloff. It beat and raised: subscription revenue grew 22%, the AI ACV target rose from $1B to $1.5B, $1M+ AI customers grew 130% and RPO hit $27.7B, with 35% FCF margins. Nvidia, Microsoft, AWS, Google Cloud and Anthropic plug into it. At about 18x FY27 earnings it is a generational entry point. x.com  x.com  x.com  x.com  … Show more

AI is forcing a repricing of the enterprise software business model, and for ServiceNow and SAP the reset is not finished. Claude Managed Agents eased production AI deployment, ServiceNow's AI bundling raised monetization questions, and SAP warned of short-term pain like its cloud-migration margin squeeze. Multiples compress before new economics are understood, and most software still trades at a premium on GAAP P/E and EV/FCF ex-stock comp. Workday at 1.7x revenue hints at a floor. x.com 

Agentic AI strengthens the platforms that give agents a governed home rather than killing SaaS. Agents need persistent identity, permissions and shared memory, which lock them inside existing systems of record and turn each workflow into higher-value consumption. ServiceNow grew subscriptions 21-22% while its stock halved, and 60% of Salesforce Agentforce bookings come from existing customers. UiPath and Palantir also orchestrate agents. The selloff priced a broken model, not this. x.com  x.com  … Show more