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Intuit has lost more than 40% of its market cap since the beginning of the year..
It's not alone..
Many established SaaS players have seen their stock prices fall in recent months, including Adobe and IBM — the latter experiencing its most significant one-day drop (roughly $40 billion) with Anthropic's announcement that Claude could now read, analyze and translate legacy COBOL into modern languages like Java and Python..
The market has a name for it: the SaaSpocalypse.The argument from investors and market watchers: AI agents can now do bookkeeping, file taxes and reconcile accounts — without a human ever touching software..
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