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Don't look now, but the SaaSpocalypse is back.

The big picture: Software was rebounding after losing trillions in market cap, but stocks are plummeting again.

By the numbers: The S&P software index is down 23% since the start of the month, after it had recouped most of its losses from earlier this year.

The decline is more than it saw during the SaaSpocalypse — when it dropped nearly 21% between late January and late February.

State of play: Big names like Salesforce, Oracle and ServiceNow are leading the way in declines — all down more than 25% since June 1 — as investors are unimpressed with software's attempt to reinvent itself with AI deals.

Salesforce plunged further after it announced it would buy agentic customer service company Fin for $3.6 billion earlier in the month.

ServiceNow is down more than 45% since it completed its acquisition of genetic AI startup Moveworks for nearly $2.9 billion late last year.

Oracle's stock fell significantly after the company said this month it expects capital expenditures of up to $95 billion in fiscal 2027 as it looks to compete in AI and data centers.

The bottom line: The market seems skeptical that AI and software can live in harmony.

Software faces rekindled SaaSpocalypse

Illustration of an explosion in the shape of the AI symbol.

Don&#x27;t look now, but the SaaSpocalypse is back.The big picture: Software was rebounding after losing trillions in market cap, but stocks are plummeting again.

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Software faces rekindled SaaSpocalypse

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