SaaSpocalypse Deepens: $2 Trillion Wiped from Software Stocks as AI Agents Threaten Per-Seat Licensing Model

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The SaaS selloff that began in late January has now erased approximately $2 trillion in software market capitalization. Forward P/E multiples collapsed from 84.1x (2020–2022 peak) to 22.7x by March 2026. The iShares Expanded Tech-Software Sector ETF (IGV) is down 21% YTD and 30% from its September 2025 peak — exceeding declines during the GFC. Investors fear AI agents will undermine per-seat licensing, structurally repricing the entire sector.