Software stocks fall as yields rise, Iran tensions pressure SaaS names including RNG, TENB, WIX, IOT, MDB

Shares of RingCentral, Tenable, Wix, Samsara and MongoDB fell May 14, 2026, as a rise in Treasury yields and renewed Iran tensions pressured high-multiple software stocks. The 10-year Treasury yield climbed to 4.4% after President Donald Trump rejected Iran’s latest peace proposal, weighing on valuations for SaaS companies whose share prices depend heavily on discounted future cash flows. Investors also remained concerned that agentic AI could weaken traditional enterprise software subscription models into 2026. Capital continued to shift toward AI infrastructure names such as Nvidia and Micron, where investors see clearer earnings visibility tied to tangible capital spending. JPMorgan called the software selloff “broken logic,” while Morgan Stanley said the move was sentiment-driven. Samsara shares, which have recorded 28 moves of more than 5% over the past year, were down 14.7% year to date at $28.93, 39.4% below their May 2025 high of $47.74.