SaaS Isn’t Dying. It’s Being Re-Layered
Towards AI
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Generative AI
Why the “SaaSpocalypse” story is wrong - and what’s actually happening underneath. We’re now on SaaSpocalypse 2.0, 3.0, 4.0, depending on whose count you trust. Every cycle, the obituary gets written: AI will kill enterprise SaaS, Salesforce is dead, ServiceNow is dead, Workday is dead. One bad ServiceNow print this quarter sent the whole sector down 5-10% on a single day. P/E multiples on quality software names compressed to 10-12x. Investors hit sell first and asked questions later. It’s a fun story. It’s also wrong.