Four Kinds of SaaS in the AI Era

AI-Native Infrastructure

Provides infrastructure for data-intensive and AI workloads.

Avg −1%

DDOG−8%

SNOW−7%

MDB+19%

CFLT−6%

TWLO−4%

Platform Transformers

Large installed bases with AI becoming a larger part of the product.

Avg −44%

CRM−42%

NOW−46%

WDAY−47%

INTU−34%

HUBS−69%

ADBE−43%

TEAM−75%

ZM+8%

Domain Defenders

Vertical expertise, security, and compliance create durable switching costs.

Avg −20%

CRWD−11%

PANW−25%

ZS−23%

VEEV−21%

OKTA−22%

In Transition

Coordinates work while adapting its product and business model to AI.

Avg −52%

ASAN−67%

MNDY−76%

DOCU−48%

BILL−18%