SaaSpocalypse Bottoms Out: Software Stocks Rally as Oracle Surges 12%, Narrative Flips from Doom to Execution

CNBC·high signal

After an 18-month rout that wiped ~$2T from SaaS valuations and cratered the software index 30% from 2025 highs, the sector bottomed on April 13 when Oracle surged 12% on $553B in RPO disclosure. The iShares Software ETF (IGV) gained 6%+ in 48 hours, and by April 19 Microsoft was leading a broader software tech rally. The shift: investors now see AI accelerating revenue through new channels rather than destroying subscription models — the 'execution phase' of the AI era has begun.