SaaS valuations

On January 29, 2026, $285 billion in software market cap vanished in 48 hours. By April, the total hit $2 trillion. Now Gartner has put a number on what's actually at risk: $234 billion in enterprise SaaS spending exposed to agentic arbitrage by 2030. Six months in, here's the midyear damage report — and two frameworks for evaluating whether your own software portfolio is exposed.