Welcome to the end of the world for Software-as-a-Service (SaaS) stocks – at least as we’ve known them. As a group, they have dropped more than 20% since late 2025.
But here is the twist: This isn’t a macro problem. Unlike prior tech selloffs, this one isn’t being driven by tightening financial conditions or collapsing demand. What’s happening now is bigger than all of that.
This is a displacement event – and we’re calling it SaaSmageddon.
This post originally appeared at InvestorPlace.