Tenable (TENB) Rallies as Snowflake, Dell Earnings Defuse ‘SaaSpocalypse’ Fears

Software stocks surged on May 29, 2026, with Tenable Holdings Inc. (TENB) among the gainers, as blowout earnings from Snowflake and Dell Technologies dismantled fears that artificial intelligence would destroy enterprise software demand. Snowflake’s (SNOW) Q1 results, released May 28, showed AI-driven accounts on its platform jumped 49% from the prior quarter, lifting product revenue 34% and prompting a $180 million full-year guidance hike. Dell’s (DELL) Q1 earnings, also after the bell May 28, reported AI server revenue skyrocketing 757% to $16.1 billion and a record $51.3 billion AI backlog. The two reports upended the “SaaSpocalypse” thesis—a rolling selloff that had wiped roughly $2 trillion from software market values since late 2025—proving AI is accelerating, not cannibalizing, consumption of both software and hardware layers. The iShares Expanded Tech-Software Sector ETF (IGV) rallied sharply on the belief that enterprises deploying AI at scale need data platforms. The 10-year Treasury yield’s dip to 4.45% on reports of a U.S.-Iran truce extension further lifted long-duration growth stocks.