SaaS Infrastructure

The SaaSpocalypse Is Real: $1 Trillion in Market Cap Evaporated in Two Weeks, and AI Is the Catalyst

Between January 30 and February 20, 2026, more than $1 trillion in SaaS market capitalization vanished as investors rotated out of legacy software names and into AI infrastructure. Adobe dropped 43%. ServiceNow crashed 54%. The trigger: proof that AI agents can now do work that enterprises used to buy software seats to accomplish.