Workday (WDAY), Doximity (DOCS) Surge After Snowflake’s AI-Driven Beat Allays SaaS Fears

Shares of Workday (WDAY) and Doximity (DOCS) jumped on May 29, 2026, after Snowflake’s (SNOW) blockbuster earnings eased fears that artificial intelligence would hollow out legacy software companies. Snowflake surged 35%, its best day ever, as AI-driven consumption sent product revenue up 34% and prompted a $180 million full-year guidance raise. The results undercut the “SaaSpocalypse” narrative that had erased roughly $2 trillion from software market values since late 2025. Workday, down 36.7% year-to-date and trading 48.5% below its June 2025 high, rebounded sharply. The stock had fallen 3.7% a week earlier after Intuit’s restructuring spread contagion. Doximity joined the broad rally, which also lifted ServiceNow, Palantir, and Oracle. Snowflake’s CFO said AI is creating a “step function change” in revenue, as enterprises use the platform to run more workloads rather than replace it. The rally signaled that investors are reassessing whether AI will disrupt platforms at the center of data workflows.