--- title: "HSBC Dismisses 'SaaSpocalypse' Fears Amid $1 Trillion Sell-Off, Says 'Software Is Already Eating AI'" description: "HSBC has dismissed fears of a 'SaaSpocalypse' due to AI's impact on the software-as-a-service sector, asserting that software will benefit from AI advancements. Analysts argue that AI developers lack " type: "news" locale: "en" url: "https://longbridge.com/en/news/277045494.md" published_at: "2026-02-26T13:00:51.000Z" --- # HSBC Dismisses 'SaaSpocalypse' Fears Amid $1 Trillion Sell-Off, Says 'Software Is Already Eating AI' > HSBC has dismissed fears of a 'SaaSpocalypse' due to AI's impact on the software-as-a-service sector, asserting that software will benefit from AI advancements. Analysts argue that AI developers lack the expertise to create enterprise software and that companies will find it impractical to rely solely on AI for in-house solutions. HSBC maintains a Buy rating on several software stocks, predicting strong demand in the sector. The bank's views align with those of analysts like Dan Ives and Nvidia's CEO Jensen Huang, who believe AI will enhance rather than replace enterprise software. HSBC has downplayed concerns about AI replacing the software-as-a-service (SaaS) sector or an impending “SaaSpocalypse,” predicting instead that software will benefit from AI’s development. The bank’s analysts believe that AI will not overthrow software, but rather be a significant beneficiary of its evolution. They argue that consumer AI platform developers, such as **Alphabet** (NASDAQ:GOOGL)(NASDAQ:GOOG), **OpenAI**, and **Anthropic**, lack experience in creating enterprise-class software and would face challenges in developing from scratch in complex areas, CNBC reported on Thursday, citing the HSBC note. HSBC also highlighted that it would be neither practical nor cost-effective for companies to rely on AI to build their own in-house software. Even if AI-driven "vibe-coding" produced superior or free software, replacing the established vendors that run the daily operations of global firms would be highly challenging. "Software is already eating AI" and would continue to do so, said HSBC. The bank’s research team sees strong demand momentum for the software sector, which they believe is set to expand massively. HSBC maintains a Buy rating on several software stocks, including **Oracle** **Corp.** (NYSE:ORCL), **ServiceNow** (NYSE:NOW), **Salesforce Inc.** (NYSE:CRM), **HP** (NYSE:HPQ), and **CrowdStrike** (NASDAQ:CRWD). ## Ives, Huang Push Back On “SaaSpocalypse” fears The “SaaSpocalypse” fears were triggered by a massive valuation reset that wiped out nearly $1 trillion in market value, sending several industry giants like **Salesforce**, **Atlassian Corp.** (NASDAQ:TEAM), **Zscaler, Inc.** (NASDAQ:ZS) and **Workday, Inc.** (NASDAQ:WDAY) to 52-week lows. However, **Wedbush** analyst **Dan Ives** told last week that the AI-led software stock sell-off was the “most disconnected trade” he had ever seen. The analyst argued that enterprise clients are firmly tied to platforms like Salesforce and ServiceNow, making immediate disruption unlikely due to high switching costs and long-term contracts. Echoing HSBC and Ives, **Nvidia** (NASDAQ:NVDA) CEO **Jensen** **Huang** told CNBC on Wednesday that AI agents are unlikely to replace enterprise software. Instead, he expects software companies to leverage AI agents to enhance development and efficiency, describing agents as "tool users" rather than replacements. "I think the markets got it wrong," said Huang. Meanwhile, on Wednesday, a product update on Cowork from Anthropic ignited a rally in enterprise software stocks like **Similarweb** (NYSE:SMWB), **DocuSign Inc.** (NASDAQ:DOCU), and **FactSet Research Systems Inc**. (NYSE:FDS), suggesting that the integration of AI in the software sector could potentially lead to growth, rather than displacement. ***Disclaimer:*** *This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.* *Image via Shutterstock* ### Related Stocks - [XSW.US - SPDR S&P Software](https://longbridge.com/en/quote/XSW.US.md) - [HSBC.US - HSBC](https://longbridge.com/en/quote/HSBC.US.md) - [00005.HK - HSBC HOLDINGS](https://longbridge.com/en/quote/00005.HK.md) - [HSBA.UK - HSBC Holdings Plc](https://longbridge.com/en/quote/HSBA.UK.md) - [NVDA.US - NVIDIA](https://longbridge.com/en/quote/NVDA.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | AI 冲击引发恐慌？红杉林君叡：软件公司能够挺过来 | 红杉资本的林君叡表示，软件公司能够应对人工智能带来的冲击，并相信 AI 将改善大多数公司。他提到，AI 的影响是真实的，能够提升工作效率。尽管市场对 AI 的担忧影响了软件股，但红杉仍专注于利用 AI 增强人类工作成果，并投资于 Rowsp | [Link](https://longbridge.com/en/news/276940068.md) | | 期权交易员加码做空软件公司贷款 ETF，规模创 2023 年来新高 | 受困于 18% 的软件业贷款敞口，Invesco 优先贷款 ETF 遭遇猛烈做空，看跌期权合约飙升至 40 万份，未平仓量创 2023 年来新高。与此同时，该基金连续四周流出近 10 亿美元，投资者更是大举平仓软件股指 ETF 的看涨期权。 | [Link](https://longbridge.com/en/news/276668151.md) | | 高盛谈 AI 交易：“AI 基建” 的下半年风险，“AI 应用” 的 “输家” 短期难翻身 | 高盛警告，AI 资本开支增速预计将在下半年放缓。这一拐点将直接威胁严重依赖资本开支的 AI 基础设施股，其估值溢价将崩塌。比如，当前英伟达已出现 “盈利大涨、股价却不涨” 的现象。另一方面，深陷 “被颠覆” 恐慌的软件等 AI 应用端输家， | [Link](https://longbridge.com/en/news/276974463.md) | | 大摩交易员：“AI 恐惧” 可能已到达顶峰，如果没有，那么买 HALO 吧 | 摩根士丹利认为，市场对 AI 颠覆传统软件的恐慌情绪已见顶，转而看好与现有厂商 “合作”。目前资金正从轻资产叙事转向 “HALO” 交易（重资产、低淘汰），即配置具有高壁垒、难被技术替代的实体产能与网络（如电力、铁路等），以对冲 AI 带来 | [Link](https://longbridge.com/en/news/276844389.md) | | AI 取代人类岗位？城堡证券与经济学家硬刚 Citrini：这是 “科幻小说”，而非现实！ | 城堡证券宏观策略师 Frank Flight 发布报告，驳斥 Citrini Research 的 “AI 2028 替代白领” 预测，称历史技术变革从未使劳动力过时。数据显示软件工程师招聘近期回升，AI 更可能成为补充而非替代。Fligh | [Link](https://longbridge.com/en/news/276896902.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.