The AI SaaSpocalypse was supposed to crush software stocks — but this happened instead

So much for the SaaSpocalypse eating all software stocks alive until they hit $0. The overused 2026 market slang — which promoted the view that AI players like Anthropic (ANTH.PVT) and OpenAI (OPAI.PVT) would crush the business models of software-as-a-service companies — should be put to bed. Because after a stretch where this narrative hammered many software players, most have rallied sharply back. And with good reason. The broader software group and the IGV index have rallied significantly since the end of June, JPMorgan strategist Samik Chatterjee pointed out (see the chart below), up 21% since the end of the month relative to the broader S&P 500 (^GSPC), up 4%.