By Anthony Lee
Publication Date: 2026-05-29 16:11:00
What happened?
Shares of enterprise software giant Oracle (NYSE:ORCL) rose 6.9% in the afternoon session after Snowflake’s impressive earnings results provided clearer evidence that the “SaaSpocalypse” – an ongoing sell-off that has shed around $2 trillion in software market value since the end of 2025 on fears that AI would make subscription software obsolete – for platforms at the heart of AI workflows. had been overrated.
Snowflake rose 35%, its best single day ever, after reporting that AI accounts on its platform grew from 9,100 to 13,600 in a single quarter, product revenue rose 34% and raised full-year guidance by $180 million. The reading was immediate. ServiceNow rose 5%, Palantir rose nearly 6%, Oracle and Microsoft each gained around 3%, and a broad wave lifted the iShares Expanded Tech-Software Sector ETF (IGV).
The SaaSpocalypse thesis was based on a simple fear: that autonomous AI agents would replace per-seat…