Dynatrace, Paycom, Zeta Global Jump as Snowflake Quells 'SaaSpocalypse' Fear

Shares of Dynatrace (DT), Paycom (PAYC), and Zeta Global (ZETA) rallied Friday, May 29, 2026, after Snowflake (SNOW) reported quarterly results that eased fears AI would disrupt the software-as-a-service industry. Snowflake surged 35%, its best day ever, saying AI accounts on its platform nearly doubled to 13,600, product revenue grew 34%, and full-year guidance was raised by $180 million. The results countered the “SaaSpocalypse” narrative, which had erased about $2 trillion from software market values since late 2025 on worries autonomous AI agents would replace per-seat licenses. Instead, AI drove more consumption on Snowflake’s platform, with new tools like Cortex Code creating a “step function change” in revenue, according to the CFO. The read-through lifted peers: ServiceNow rose 5%, Palantir 6%, while Oracle and Microsoft added about 3%. Dynatrace, a volatile stock with 14 moves greater than 5% over the past year, gained but remains down 4.4% year-to-date at $40.49, still 28.5% below its July 2025 peak.