Why the 'SaaSpocalypse' Matters for Crypto

“SaaSpocalypse” has become a common label for a sudden loss of confidence in software-as-a-service companies after advanced AI agents began automating tasks once handled by enterprise software. The term gained traction after Anthropic released Claude Cowork in late January, an event that coincided with nearly $300 billion being wiped from the global software market.

Shares of major SaaS firms—including Salesforce, Workday, Atlassian, and ServiceNow—fell as investors questioned whether AI agents could replace large parts of their businesses. At stake is the core SaaS pricing model, which often charges per user or seat. AI agents that perform entire workflows can reduce the need for human users and therefore the number of licenses companies buy.

The S&P 500 Software and Services Index fell nearly 19% in early February as capital rotated toward AI infrastructure providers such as Nvidia, Microsoft, and Amazon.

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