Back in February, the SaaS market hit the panic button. In just forty-eight hours, roughly two hundred eighty-five billion dollars in software market cap vanished—driven by a single fear: that artificial intelligence agents would make per-seat licensing obsolete, gutting the entire business model of charging companies for employee seats they'd no longer need. Four months later, according to SaaStr, the question isn't whether that fear was real, but whether the market overcorrected. Salesforce trades at two point eight times ARR, HubSpot has dropped fifty-six percent, and Adobe sits at eleven times earnings. Were those companies truly overvalued, or has the pendulum swung too far the other way?

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