{"id":3637249,"date":"2026-04-08T17:09:56","date_gmt":"2026-04-08T21:09:56","guid":{"rendered":"https:\/\/www.pymnts.com\/?p=3637249"},"modified":"2026-04-09T23:38:00","modified_gmt":"2026-04-10T03:38:00","slug":"ai-coding-agents-spark-selloff-but-enterprise-software-holds-its-ground","status":"publish","type":"post","link":"https:\/\/www.pymnts.com\/artificial-intelligence-2\/2026\/ai-coding-agents-spark-selloff-but-enterprise-software-holds-its-ground\/","title":{"rendered":"AI Coding Agents Spark Selloff, but Enterprise Software Holds Its Ground"},"content":{"rendered":"<p>Every few years, a new threat makes enterprise software look fragile. Cloud computing was supposed to kill it. Mobile was supposed to bypass it. It survived both. Now, artificial intelligence (AI) coding agents face their turn.<\/p><div\r\n\tid=\"article-paywall-overlay\"\r\n\tclass=\"d-none\"\r\n>\r\n\t<div id=\"article-paywall-content\" class=\"my-4\">\r\n\t\t\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f2699550-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"2699550\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/wp-json\/wp\/v2\/posts\/3637249#wpcf7-f2699550-o1\" method=\"post\" class=\"wpcf7-form init pymnts-article-paywall-form\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"2699550\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f2699550-o1\" \/><input type=\"hidden\" 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completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our <a class=\"fw-bold\" href=\"https:\/\/pymnts-com-develop.go-vip.net\/privacy-policy\/\">Privacy Policy<\/a> and <a class=\"fw-bold\" href=\"https:\/\/pymnts-com-develop.go-vip.net\/terms-conditions\/\">Terms and Conditions<\/a>.\n\t\t\t\t<\/p>\n\t\t\t\t<p><input id='hiddenPath' type='hidden' name='path' value='' \/><input type='hidden' name='userDeviceId' id='userDeviceId' \/><input type='hidden' name='pageTitle' id='pageTitle' \/>\n\t\t\t\t<\/p>\n\t\t\t<\/div>\n\t\t\t<div class=\"col-12\">\n\t\t\t\t<div id='formButtonRow' class='container mt-1 px-0'>\n\t\t\t\t\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner btn btn-dark text-uppercase py-2 px-5 small\" id=\"theSubmitButton\" type=\"submit\" value=\"Submit\" \/>\n\t\t\t\t\t<\/p>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div><input type=\"hidden\" name=\"post_id\" value=\"3637249\" \/><input type=\"hidden\" name=\"source\" value=\"https:\/\/www.pymnts.com\/artificial-intelligence-2\/2026\/ai-coding-agents-spark-selloff-but-enterprise-software-holds-its-ground\/\" \/><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"95\"\/><script>document.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );<\/script><\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\r\n\t<\/div>\r\n<\/div>\r\n<div id=\"article-paywall-hidden-content\">\r\n\t\n<p>The idea that tools like Claude Code will replace customer relationship management software sold by firms like Salesforce is \u201coverblown,\u201d <a href=\"https:\/\/aws.amazon.com\/\">Amazon Web Services<\/a> (AWS) CEO <a href=\"https:\/\/www.linkedin.com\/in\/mattgarman\/\">Matt Garman<\/a> said Tuesday (April 7) at the HumanX conference in San Francisco, according to <a href=\"https:\/\/www.theinformation.com\/briefings\/aws-ceo-says-claude-code-replace-saas\">The Information<\/a>. AI will be \u201cenormously disruptive,\u201d he said, but also a \u201chuge opportunity.\u201d Software firms that fail to lean in, he warned, \u201care in trouble.\u201d<\/p>\n<p>Amazon is a shareholder in <a href=\"https:\/\/www.anthropic.com\/\">Anthropic<\/a>. AWS is a primary cloud provider for Anthropic\u2019s models.<\/p>\n<h2><strong>Market Reaction\u00a0<\/strong><\/h2>\n<p>Wall Street wiped $285 billion from tech stocks within 24 hours of Anthropic\u2019s February Cowork legal plug-in launch, <a href=\"https:\/\/fortune.com\/2026\/03\/25\/ai-wall-street-software-as-a-service-productivity\/\">Fortune<\/a> reported. When Anthropic launched Claude Code Security on Feb. 20, JFrog dropped 24.61% in a single session, according to <a href=\"https:\/\/www.forrester.com\/blogs\/claude-code-security-causes-a-saas-pocalypse-in-cybersecurity\/\">Forrester<\/a>. CrowdStrike, Okta and Zscaler also fell.<\/p>\n<p>Forrester analysts called the damage to identity and runtime detection stocks \u201csentiment contagion.\u201d Vendors whose products depend on pattern-matching like static application security testing and software composition analysis tools faced direct competitive pressure from AI reasoning capabilities.<\/p>\n<p><a href=\"https:\/\/www.bankofamerica.com\/\">Bank of America<\/a> analyst <a href=\"https:\/\/www.linkedin.com\/in\/vivek-arya-bofa\/\">Vivek Arya<\/a> called the selloff \u201coverblown\u201d and \u201clogically inconsistent,\u201d according to Fortune. <a href=\"https:\/\/www.nvidia.com\/en-us\/\">Nvidia<\/a> CEO <a href=\"https:\/\/www.linkedin.com\/in\/jenhsunhuang\/\">Jensen Huang<\/a> <a href=\"https:\/\/www.cnbc.com\/2026\/02\/26\/nvidia-jensen-huang-gpu-ai-threat-software-companies-saas-earnings-chips.html\">told CNBC<\/a> the markets \u201cgot it wrong.\u201d Most major SaaS companies continue to hit their revenue numbers. <a href=\"https:\/\/www.salesforce.com\/\">Salesforce<\/a>\u2019s price-to-earnings multiple dropped from roughly 30x to 15x, according to <a href=\"https:\/\/www.nojitter.com\/ai-automation\/ai-agents-are-triggering-an-existential-crisis-in-enterprise-software\">No Jitter<\/a>.<\/p><div id=\"pymnt-309006881\" class=\"pymnt-content pymnt-entity-placement\" style=\"margin-top: 50px;\"><p style=\"text-align:center\">Advertisement: Scroll to Continue<\/p><script async type=\"text\/javascript\" id=\"dianomi_context_script\" src=\"https:\/\/www.dianomi.com\/js\/contextfeed.js\"><\/script> \r\n<div class=\"dianomi_context\" data-dianomi-context-id=\"4329\"><\/div><\/div>\n<h2><strong>Enterprise Software Has Deeper Moat <\/strong><\/h2>\n<p><a href=\"https:\/\/cse.umn.edu\/cbi\/james-w-cortada-phd\">James Cortada<\/a>, a technology history professor at the University of Minnesota, told <a href=\"https:\/\/fortune.com\/2026\/03\/25\/ai-wall-street-software-as-a-service-productivity\/\">Fortune<\/a> that migrating mission-critical systems using AI-generated code is like \u201cchanging flat tires on a car driving at 60 miles an hour.\u201d Enterprise platforms carry years of integrations, compliance infrastructure and operational complexity that AI coding tools do not replicate.<\/p>\n<p>Forrester analysts <a href=\"https:\/\/www.forrester.com\/blogs\/claude-code-security-causes-a-saas-pocalypse-in-cybersecurity\/\">noted<\/a> that AI companies do not need to outperform incumbents to compress their margins. Being good enough while bundled into an existing enterprise commitment is sufficient. SaaS spend may not fall in the near term.<\/p>\n<p>No Jitter analyst Dave Michels <a href=\"https:\/\/www.nojitter.com\/ai-automation\/ai-agents-are-triggering-an-existential-crisis-in-enterprise-software\">noted<\/a> that AI agents require licenses for the tools they use \u2014 Salesforce, Slack, Microsoft 365. Deploying agents at scale could increase SaaS expenditure as digital headcount replaces human headcount across workflows.<\/p>\n<p>AI is also shifting pricing. As PYMNTS reported, SaaS is moving toward consumption-based models. Companies are paying for usage and outcomes rather than fixed licenses.<\/p>\n<h2><strong>Claude Code\u2019s Performance Issues<\/strong><\/h2>\n<p><a href=\"https:\/\/www.linkedin.com\/in\/stellalaurenzo\/\">Stella Laurenzo<\/a>, director of the AI group at <a href=\"https:\/\/www.amd.com\/en.html\">AMD<\/a>, filed a GitHub issue last week alleging Claude Code has degraded since February, as reported by <a href=\"https:\/\/www.theregister.com\/2026\/04\/06\/anthropic_claude_code_dumber_lazier_amd_ai_director\/\">The Register<\/a>. Her team analyzed 6,852 sessions and 234,760 tool calls. Stop-hook violations, indicating shallow reasoning, increased from 0 to 10 per day starting March 8.<\/p>\n<p>Code reads per session dropped from 6.6 to 2. Laurenzo\u2019s team has switched to another provider and asked Anthropic to introduce a high-thinking subscription tier for complex engineering work.<\/p>\n<p>Security risks are emerging as well. Hackers are exploiting leaked Claude Code configurations to distribute malware. The incidents highlight how quickly vulnerabilities can spread when AI agents gain access to development environments and enterprise workflows, according to <a href=\"https:\/\/www.techradar.com\/pro\/security\/be-careful-what-you-click-hackers-use-claude-code-leak-to-push-malware\">TechRadar<\/a>.<\/p>\n<p>Ultimately, the question is not whether AI is killing software. It is how it is changing it.<\/p>\n<p><a href=\"https:\/\/www.wedbush.com\/leadership\/rick-sherlund\/\">Rick Sherlund<\/a>, senior adviser at Wedbush Securities, <a href=\"https:\/\/www.afr.com\/technology\/software-was-eating-the-world-then-ai-started-eating-software-20260319-p5qg8s\">said<\/a> in a Goldman Sachs research note that the industry is being rebuilt around AI rather than replaced.<\/p>\n<p>\u201cAI is expressed in software, so declaring software \u2018dead\u2019 is misguided,\u201d he said. \u201cSoftware will endure, even if the industry looks different. Some segments will see disruption. The broader industry will adapt and benefit as AI spreads across business functions.\u201d<\/p>\n<p><em>For all PYMNTS AI and digital transformation coverage, subscribe to the daily\u00a0<\/em><a href=\"https:\/\/pymnts.com\/subscribe\/\"><em>AI and Digital Transformation Newsletters<\/em><\/a><em>.<\/em><\/p>\n\r\n<\/div>\r\n<script>\r\n\twindow.pymntsAllowedArticleCount = 2;\r\n\twindow.pymntsPostID = 3637249;\r\n<\/script>","protected":false},"excerpt":{"rendered":"<p>Every few years, a new threat makes enterprise software look fragile. Cloud computing was supposed to kill it. Mobile was supposed to bypass it. It survived both. Now, artificial intelligence (AI) coding agents face their turn. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3637330,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[65579],"tags":[9498,140115,4055,9617,19817,9206,133069,5455,10835],"class_list":["post-3637249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artificial-intelligence-2","tag-ai","tag-ai-agents","tag-b2b","tag-b2b-payments","tag-digital-transformation","tag-news","tag-pymnts-news","tag-saas","tag-whats-hot-in-b2b"],"acf":{"suggested_titles":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>AI Agents Spark Selloff, but Enterprise Software Holds Its Ground<\/title>\n<meta name=\"description\" content=\"Markets slashed SaaS valuations over AI fears. 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