There are plenty of unresolved questions about what part today’s leading software products will play if AI reshapes working life as profoundly as many in the tech world expect. But at least the worst of the indiscriminate selling of software stocks — a bloodbath known as the SaaS-pocalypse — appears finally to have run its course.
The latest sign of the relief rally was Thursday’s 20 per cent share price jump that greeted Salesforce’s quarterly earnings report, extending the rebound since the stock hit a low point in June to around 65 per cent.
Chief executive Marc Benioff has been declaring the SaaS-pocalypse over almost from the moment it started. He was at it again this week, this time apparently with more justification, though his company’s shares are still a third below their late-2024 peak.