Analyst Says AI Agents Are Increasing the Value of Software Infrastructure, Not Replacing It

An analyst argued that the "SaaSpocalypse" created some of the best software investment opportunities of this cycle, as the market initially priced AI agents as if they would replace applications entirely, driving a months-long selloff across nearly every software name.
Over time, evidence has emerged that agents may replace the interface while making the underlying infrastructure even more valuable by driving more queries, workflows, and security needs. The analyst said the real winners will be platforms that monetize every time an agent accesses data, executes work, or protects the information underneath it.