SAP SE (NYSE:SAP) was one of the software-as-a-service stocks caught up in the February SaaSpocalypse selloff, which wiped out almost $300 billion from U.S. software and data stocks in a single session. The SaaSpocalypse narrative centered on fears that AI agents would replace the per-seat software subscription model that built companies like SAP. The company isn't the only enterprise software giant navigating industry changes. Oracle is currently facing scrutiny over licensing practices similar to the issues that recently pushed SAP to make concessions in Europe. You can read more about that here. Nearly eight months later, the reality is different, and the SaaSpocalypse is fading.
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