$ServiceNow(NOW.US) fell over two percentage points, $Figma(FIG.US) also fell over two percentage points, $Salesforce(CRM.US) and $Adobe(ADBE.US) dipped slightly. A batch of major SaaS stocks collectively weakened that day.

There's no issue with the fundamentals of these companies. The pressure seems more from valuation—AI is rewriting the per-seat pricing logic of SaaS, and the market is worried about their pricing power being eroded. Is this the beginning of AI's repricing of the SaaS business model, or just a short-term rotation where chips are strong and software is being drained of capital? I bet on the former. This round of valuation compression for software won't be digested in just a day or two.