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Enterprise software stocks took a step toward recovery this week. 

The big picture: The SaaSpocalypse led many to believe all enterprise software was being eaten by AI — but it's not dead.

Zoom in: The S&P Software and Services Index closed up this week and has gained ground over the past month despite the bleak headlines.

SaaS giant Salesforce has similarly climbed 4% over the last month.

Reality check: Software still is struggling, with that same index down about 20% over the last six months.

State of play: Public software firms have ramped up share buybacks.

U.S.-traded software companies have initiated $70.5 billion in stock buybacks since mid-January, nearly a fourfold increase for the same period a year ago, Reuters reported. 

Case in point: Broadcom, a hardware and software maker, became the latest tech company to do so, initiating a $10 billion stock buyback program after announcing strong earnings — which included good software results.

What we're watching: Dealmaking will likely remain at a standstill as AI has created valuation uncertainty, and a stagnant hiring market and layoffs have put pressure on SaaS "per seat" pricing model, advisers have told Axios Pro.

Okta this week forecasted single-digit ‌growth, its lowest since its 2017 ‌IPO. The identity access management firm says "economic uncertainty" could drag down enterprise technology spending, despite being a company that should benefit from the proliferation of AI agents.

The bottom line: Some areas of software may be on the mend, but companies will have to show how they benefit from AI.

Software fights to bounce back

Enterprise software stocks took a step toward recovery this week.

Illustration of a financial graph line heading down into a PC screen, with the computer sitting on a $5 bill

Enterprise software stocks took a step toward recovery this week. The big picture: The <a class="gtmContentClick" data-vars-link-text="SaaSpocalypse" data-vars-click-url="https://www.axios.com/2026/02/09/ai-software-saas" data-vars-content-id="82eeeb00-0d01-4129-8c50-f9e2473b5dfe" data-vars-headline="Software fights to bounce back" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2026/02/09/ai-software-saas" target="_self">SaaSpocalypse</a> led many to believe all enterprise software was being eaten by AI — but it&#x27;s not dead.

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Software fights to bounce back

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