Software-as-a-Service (SaaS) stocks have rebounded from their February lows. But they are far from unscathed. As of last Friday’s close (20 March 2026), two bellwether SaaS stocks, namely Salesforce (NYSE: CRM) and ServiceNow (NYSE: NOW), are still down by more than 25% since the start of the year. Meanwhile, accounting SaaS firm Intuit (NASDAQ: INTU) has fallen by 31 per cent. The culprit? A narrative dubbed the “SaaSpocalypse” — the belief that agentic AI will render software-as-a-service platforms obsolete. In February 2026, Anthropic’s launch of Claude Cowork triggered a massive sell-off across the sector. The fear was that autonomous AI agents, which are capable of handling complex professional tasks from contract reviews to financial analysis, would encroach on the territory of established SaaS platforms. The panic intensified when Anthropic revealed it had raised US$30 billion in a new funding round, valuing the company at US$380 billion. The firm’s revenue had skyrocketed from zero to a US$14 billion annualised run rate, growing 10 times for three consecutive years....