Snowflake, ServiceNow, and Salesforce each faced targeted selling pressure as investors reassessed their vulnerability to AI agent disruption. Snowflake’s 9% decline reflects concern that AI agents could natively orchestrate data, threatening the company’s data warehouse moat. Here's what the big platforms have actually shipped into production in 2026 — with real pricing, real adoption numbers, and the gap between the keynote and the contract. Explore the impact of AI on SaaS and software earnings, including shifts in pricing, retention, and workflow depth. Learn how AI is reshaping the software landscape. Keith Kirkpatrick, VP & Research Director at Futurum, shares his insights around the recent selloff of major SaaS vendors, fueled by fears of an AI-native software takeover, and provides his views on why reports of the death of SaaS are premature. Is your company safe from AI disruption? Enter any major SaaS or tech company below to get its complete AI risk profile — including FRED Score, vulnerability assessment, threat timeline, and strategic recommendations. Agentic AI threatens seat-based SaaS pricing. Salesforce, ServiceNow, and Workday are responding differently. Which defences work, and where risk sits. Generative and agentic AI are disrupting software as a service (SaaS) by automating tasks and replicating workflows. SaaS leaders can manage the risks by identifying where AI can enhance their offerings and where it might replace them. This report analyses six leading SaaS companies through a Discounted Cash Flow (DCF) framework, supplemented by relative valuation metrics, to assess whether current prices present a compelling entry point or whether the market is correctly pricing in structural disruption. At AlixPartners, we have been analyzing enterprise software industry disruption patterns for several years. We recently evaluated more than 500 privately-owned companies across software segments to develop a framework for grouping companies by risk level and protective moat buffer. The IRM50 AI Disruption Risk Index covers the fifty vendors that define the IRM and GRC market: platform leaders like ServiceNow and Riskonnect, Big Four firms including Deloitte, EY, KPMG, and PwC, and specialized platforms like OneTrust, Archer, MetricStream, and AuditBoard.