Oracle (ORCL) tells Skyrocket what you need to know

What happened?

Shares in enterprise software giant Oracle ORCL rose 6.9% in the afternoon session after Snowflake’s impressive earnings results provided clear evidence that the “SaaSpocalypse” – an ongoing selloff that has shed about $2 trillion in software market value since late 2025 on fears that AI would make subscription software obsolete – has been overstated for platforms at the heart of AI workflows.

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 software licenses, which…