SaaS Stocks Buried In AI Blizzard: Atlassian, Salesforce Hit 52-Week Lows

While Wall Street, New York City and much of the northeastern U.S. are under a blizzard warning, one might say that the software industry is currently navigating a “SaaS-pocalypse.” 

A massive valuation reset wiped out nearly $1 trillion in market value, sending several industry giants to 52-week lows.

• CRM stock is falling. See the chart and price action here. 

As artificial intelligence continues to progress quickly, investors are moving away from the “per-seat” licensing model—the bedrock of SaaS for two decades—fearing that autonomous AI agents (like Anthropic's Claude Cowork) will drastically reduce the number of human employees needed and the value of enterprise software companies. 

The AI Blizzard: 52-Week Lows & Performance

As of late February, the following key SaaS stocks have seen significant volatility or reached yearly lows, according to Benzinga Pro:

Key Market Drivers

• The Seat-Count Crisis: For companies like Atlassian and Salesforce , revenue is traditionally tied to the number of users. If AI agents allow two people to do the work of twenty, revenue could theoretically drop by 90% unless pricing models shift to usage-based or outcome-based billing.
• Black Tuesday for Software: On Feb. 3, 2026, a sector-wide correction was triggered by a triple threat: advanced autonomous agent rollouts, cautious guidance from leaders like ServiceNow (NYSE:NOW) and a statement from Palantir Technologies, Inc. (NASDAQ:PLTR) CEO Alex Karp suggesting many SaaS firms risk irrelevance.
• Cybersecurity Resilience: While CrowdStrike and Zscaler have hit lows or significant pullbacks, they are viewed by some as more AI-defensive because AI increases the volume of threats, driving demand for automated protection.

Analysts and investors will be closely watching this week's earnings reports from Salesforce, Snowflake and ZScaler for updates on guidance and commentary from executives that may provide some insight into the future of the sector.

Photo: Norbert Maurice / Shutterstock