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Wall Street declared the per-seat SaaS model dead. $1 trillion wiped from software stocks in one week. Stocks to watch Not financial advice — do your own research before investing. CRM — Salesforce — poster child of per-seat SaaS under AI siege — 1Y: -34% AMZN — Amazon — owns the compute layer (AWS) that AI runs on — 1Y: 8% MSFT — Microsoft — Azure AI infrastructure winner — 1Y: 12% PLTR — Palantir — AI-native platform eating traditional enterprise software — 1Y: 65% IGV — iShares Software ETF —
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