In February, software investors hit the panic button. Over forty-eight hours, roughly two hundred eighty-five billion dollars in market cap vanished on a single fear: that AI agents would become powerful enough to render per-seat licensing obsolete — the fundamental model of enterprise software. Four months later, the market may have overcorrected. Salesforce trades at three point one times annual recurring revenue, HubSpot is down fifty-six percent from its peak, and Adobe sits at an eleven times earnings multiple. According to SaaStr, the question now is whether the software industry's core business model is truly disrupted, or whether panic-selling created a buying opportunity.

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