尽管人工智慧的迅速发展曾引发被称为「SaaS末日」的软体股抛售潮，但近期的市场反弹表明最糟的时期似乎已经过去。Salesforce 的股价因季报表现亮眼而大涨，同时 Anthropic 执行长也释出合作善意，显示出华尔街已经暂时放下客户将完全利用 AI 取代传统软体供应商的担忧。

市场逐渐意识到，并非所有软体公司都会轻易被 AI 颠覆。那些掌握企业内部真实数据并与核心工作流程紧密结合的「纪录系统」较具韧性，而缺乏核心整合的通用型工具则持续面临估值暴跌的危机。

然而，软体业的长期挑战依然存在，特别是当 AI 代理逐渐接管人类工作时，传统的使用者介面将变得多余。为了避免沦为利润微薄的后端资料库，软体公司正积极转型为控制数据与引导 AI 代理行动的核心权威，而这场与 AI 巨头的博弈才刚拉开序幕。

Although the rapid advancement of AI triggered a massive sell-off in software stocks known as the "SaaS-pocalypse," the recent market rebound suggests the worst appears to be over. Salesforce's shares surged following a strong quarterly report, and Anthropic's CEO expressed collaborative intentions, indicating that Wall Street has temporarily set aside fears that customers will use AI to entirely replace traditional software vendors.

The market is increasingly realizing that not all software companies will be easily disrupted by AI. "Systems of record" that hold essential internal data and are deeply integrated into core workflows are proving resilient, whereas general-purpose tools lacking tight operational links continue to face plummeting valuations.

However, the long-term challenge for the software industry remains, particularly as AI agents begin to take over human tasks, rendering traditional user interfaces redundant. To avoid being reduced to low-margin backend databases, software companies are actively transforming into essential authorities that control data and direct AI agents, marking just the beginning of their ongoing rivalry with AI giants.