ZoomInfo
$4.08+4.3% today
- Off peak
- −87%
- This year
- −60%
- Seat exposure
- High
Code blue
SaaS ICU: is SaaS dead?
Prices delayed up to 15 minutes. Updated 4:03 PM ET.
Overheard in the waiting room
What people on X said about SaaS in the last 24 hours, the sharpest first.
Nobody has said anything worth repeating in the last 24 hours. Check back after the next round.
Last rites
What the press said about SaaS this week.
- CopeUK Software Stocks Investors May Back As Microsoft 365 Alternatives Gain Attention
- UndecidedPhotoshop, Word cloned for free as ‘Reverse Engineer Anything’ craze spreads
- CopeIndian Software Stocks Set to Beat AI Peers by Most in Decades
- UndecidedAutomation Software Stocks Q2 Earnings Review: SoundHound AI (NASDAQ:SOUN) Shines
- UndecidedCiti spots AI upside in two software stocks despite earnings and execution risks
- UndecidedServiceNow stock rises 6% as investors rotate to enterprise software stocks
- UndecidedMarket news
- CopeFTSE 100 movers: Software stocks gain, miners in the red
- CopeBSP Stock Jumps As CEO Bets On ‘SaaSpocalypse’ Deals
- CopeWDAY, ADBE, INTU, ADSK, CRM: Software Stocks Stage Sharp Rebound In July
The ward
Worst first, sorted by distance from each company's peak since ChatGPT launched.
monday.com
$94.30+7.8% today
- Off peak
- −71%
- This year
- −36%
- Seat exposure
- High
Code blue
HubSpot
$239+5.6% today
- Off peak
- −71%
- This year
- −40%
- Seat exposure
- High
Code blue
Your logo hereOct 15, 2026Death index 69
Wix
$81.14+9.2% today
- Off peak
- −67%
- This year
- −22%
- Seat exposure
- Low
Code blue
Bill
$46.92+6.2% today
- Off peak
- −65%
- This year
- −14%
- Seat exposure
- Low
Code blue
Asana
$10.42+6.2% today
- Off peak
- −62%
- This year
- −24%
- Seat exposure
- High
Code blue
Adobe
$252+4.6% today
- Off peak
- −60%
- This year
- −28%
- Seat exposure
- High
Code blue
Intuit
$330+6.4% today
- Off peak
- −59%
- This year
- −50%
- Seat exposure
- Medium
Critical
UiPath
$13.71+5.0% today
- Off peak
- −49%
- This year
- −16%
- Seat exposure
- Medium
Critical
Freshworks
$14.25+4.1% today
- Off peak
- −42%
- This year
- +16%
- Seat exposure
- High
Critical
ServiceNow
$149+6.1% today
- Off peak
- −37%
- This year
- −3%
- Seat exposure
- High
Critical
Your logo hereOct 15, 2026Death index 69
Workday
$197+4.2% today
- Off peak
- −36%
- This year
- −8%
- Seat exposure
- High
Critical
Procore
$58.60+4.7% today
- Off peak
- −34%
- This year
- −19%
- Seat exposure
- Low
Serious
Salesforce
$247+4.6% today
- Off peak
- −33%
- This year
- −7%
- Seat exposure
- High
Serious
Atlassian
$217+6.1% today
- Off peak
- −33%
- This year
- +34%
- Seat exposure
- High
Serious
Paycom
$253+5.8% today
- Off peak
- −32%
- This year
- +59%
- Seat exposure
- Medium
Serious
Docusign
$77.52+3.0% today
- Off peak
- −28%
- This year
- +13%
- Seat exposure
- Medium
Serious
MongoDB
$366+2.9% today
- Off peak
- −27%
- This year
- −13%
- Seat exposure
- Low
Serious
Zoom
$98.51+4.3% today
- Off peak
- −12%
- This year
- +14%
- Seat exposure
- High
Stable
Okta
$209−1.6% today
- Off peak
- −10%
- This year
- +141%
- Seat exposure
- High
Stable
Twilio
$273+0.8% today
- Off peak
- −9%
- This year
- +92%
- Seat exposure
- Low
Stable
Datadog
$266−1.1% today
- Off peak
- −9%
- This year
- +96%
- Seat exposure
- Low
Stable
Snowflake
$3350% today
- Off peak
- −9%
- This year
- +53%
- Seat exposure
- Low
Stable
Dropbox
$36.54+2.6% today
- Off peak
- −3%
- This year
- +31%
- Seat exposure
- Medium
Stable
Box
$39.48+3.7% today
- Off peak
- 0%
- This year
- +32%
- Seat exposure
- High
Stable
Veeva
$313+5.3% today
- Off peak
- 0%
- This year
- +40%
- Seat exposure
- Medium
Stable
Software as a ServiceBed 1, intensive careOct 15, 4:03 PM ET
Is SaaS dead?
Getting there.
Condition: critical
- Death index
- 69/100−6 since last close
- Median distance from peak
- −33%vs highest close since ChatGPT
- Behind the machines
- −80index points over 1 year
- In critical care
- 12/26patients 35%+ off peak
SaaS ICU
SaaS vs the machines
Equal-weighted baskets, both set to 100 a year ago. The machines are Nvidia, Broadcom, AMD, TSMC, Arista, Vertiv and Micron.
- SaaS basket
- The machines
Patient chart
Vital signs for 26 public software companies, checked against the chipmakers getting rich on AI.
| Company | Price | Today | Off peak | This year | 1 year | Seat exposure | Condition |
|---|---|---|---|---|---|---|---|
| ZoomInfo GTM | $4.08 | +4.3% | −87% | −60% | −60% | High | Code blue |
| monday.com MNDY | $94.30 | +7.8% | −71% | −36% | −48% | High | Code blue |
| HubSpot HUBS | $239 | +5.6% | −71% | −40% | −46% | High | Code blue |
| Wix WIX | $81.14 | +9.2% | −67% | −22% | −40% | Low | Code blue |
| Bill BILL | $46.92 | +6.2% | −65% | −14% | −5% | Low | Code blue |
| Asana ASAN | $10.42 | +6.2% | −62% | −24% | −26% | High | Code blue |
| Adobe ADBE | $252 | +4.6% | −60% | −28% | −24% | High | Code blue |
| Intuit INTU | $330 | +6.4% | −59% | −50% | −49% | Medium | Critical |
| UiPath PATH | $13.71 | +5.0% | −49% | −16% | −18% | Medium | Critical |
| Freshworks FRSH | $14.25 | +4.1% | −42% | +16% | +29% | High | Critical |
| ServiceNow NOW | $149 | +6.1% | −37% | −3% | −18% | High | Critical |
| Workday WDAY | $197 | +4.2% | −36% | −8% | −16% | High | Critical |
| Procore PCOR | $58.60 | +4.7% | −34% | −19% | −19% | Low | Serious |
| Salesforce CRM | $247 | +4.6% | −33% | −7% | +4% | High | Serious |
| Atlassian TEAM | $217 | +6.1% | −33% | +34% | +45% | High | Serious |
| Paycom PAYC | $253 | +5.8% | −32% | +59% | +27% | Medium | Serious |
| Docusign DOCU | $77.52 | +3.0% | −28% | +13% | +14% | Medium | Serious |
| MongoDB MDB | $366 | +2.9% | −27% | −13% | +15% | Low | Serious |
| Zoom ZM | $98.51 | +4.3% | −12% | +14% | +24% | High | Stable |
| Okta OKTA | $209 | −1.6% | −10% | +141% | +136% | High | Stable |
| Twilio TWLO | $273 | +0.8% | −9% | +92% | +153% | Low | Stable |
| Datadog DDOG | $266 | −1.1% | −9% | +96% | +66% | Low | Stable |
| Snowflake SNOW | $335 | 0% | −9% | +53% | +39% | Low | Stable |
| Dropbox DBX | $36.54 | +2.6% | −3% | +31% | +26% | Medium | Stable |
| Box BOX | $39.48 | +3.7% | 0% | +32% | +21% | High | Stable |
| Veeva VEEV | $313 | +5.3% | 0% | +40% | +9% | Medium | Stable |
How the Death Index works
The Death Index runs from 0 (thriving) to 100 (call it). Three ingredients, recalculated every 15 minutes while the market is open. 40% is the median distance from each company's highest close since ChatGPT launched on Nov 30, 2022 (a 60% drop scores the full 40). 35% is how far an equal-weighted SaaS basket trails the machines over one year (80 points behind scores the full 35). 25% is the share of patients more than 35% off their peak.
Conditions: stable is within 15% of peak, serious within 35%, critical within 60%, code blue beyond that. Seat exposure is our estimate of how much revenue is priced per human seat. Prices from Yahoo Finance, delayed. Satire with real numbers, not investment advice. Last reading Thursday, October 15, 2026.
The morgue
Software companies that left the public market.
- SlackAbsorbed, 2021Salesforce, $27.7B
- ZendeskTaken private, 2022Hellman & Friedman, Permira, $10.2B
- AnaplanTaken private, 2022Thoma Bravo, $10.4B
- CoupaTaken private, 2023Thoma Bravo, $8B
- QualtricsTaken private, 2023Silver Lake, $12.5B
- New RelicTaken private, 2023Francisco Partners, TPG, $6.5B
- AlteryxTaken private, 2024Clearlake, Insight, $4.4B
- SquarespaceTaken private, 2024Permira, $7.2B
- InstructureTaken private, 2024KKR, $4.8B
- SmartsheetTaken private, 2025Blackstone, Vista, $8.4B
- ZuoraTaken private, 2025Silver Lake, GIC, $1.7B
Prove you're alive
Only companies that sell software by subscription can advertise here. Every sponsor gets a polaroid on the ward wall, photographed with today's date and today's Death Index. Proof you were alive the day the index said otherwise.
- You sell software by subscription. AI-native counts.
- No chipmakers. The machines can buy their own ads.
Farewell notes
Pull the plug?
SaaS is on a ventilator. Is it dead, or just resting? Pull the plug to say it's over. One vote per visitor per day.
100% say pull the plug1 vote, 100% today
| Day | Pull the plug | Votes |
|---|---|---|
| Oct 16 | 100% | 1 |
Call the close
Pulling your chart…