High盛 Rates AI Software Sell-Off: SaaS and Co. Drop 15% Amid 'SaaS Apocalypse'

High盛 analysts compare the software sector to the newspaper and tobacco industries of the 2000s and 1990s, signaling a 'doom and gloom' outlook as AI disruption逼迫 a 'downgrade'-style sell-off. Software stocks fell 15% in one week through February 6, 2026, with the GS AI at Risk index down 12% year-to-date and a 29% cumulative loss from September 2025 highs. The sell-off follows AI tools from Anthropic, including vibe-coding that lowers programming barriers, and Google's Project Genie, which challenges traditional SaaS pricing and moats. Private equity exposure to software rose from 10% to 20% of BDC holdings; Credit Suisse warns AI-driven disruption could push non-accruals to 13%, deepening a software-PE vicious cycle. Funds are flowing into industrial, energy, chemicals, and banking as uncertainty heightens. Piper Sandler downgraded Adobe, while Morgan Stanley warns few winners are clear in this epochal shift.