Fortitude says AI agents drive US$2 trillion SaaS selloff, pressure seat-based pricing model
XLK•Timing, valuation reset and capital rotation
The report tied the sharpest leg to Jan. 29, 2026 agent releases; one estimate put losses at about USD 285 billion in 48 hours.
Forward software P/E fell to 22.7x in March 2026 from 84.1x at the 2020–2022 peak; later partial rebound left the reset intact.
Fortitude sees capital rotating toward data infrastructure, DevOps, vertical AI, regulated vertical workflows; away from headcount-linked horizontal tools.
AI agents drive SaaS selloff and pressure seat-based pricing
Fortitude Investment Partners analysis flagged a structural repricing in listed software as AI agents undermine per-seat SaaS economics.
Late Jan to mid-March 2026 selloff erased about USD 2 trillion; IGV fell over 20%; S&P/ASX Technology Index nearly halved in six months.
