Just as predicted in my last post, ServiceNow’s earnings call showed us the SaaS trends for this quarter.

Get out of SaaS now if you can.

Everyone is going to have a similar earnings report: a double beat, but with massive CapEx and the Middle East situation, guidance will be soft. Things won’t turn around until 2027 at the earliest.

Not only will the company gap down, but it will take another 1–2% hit every time another SaaS company reports.

These 'death by a thousand cuts' will be the main force dragging the whole industry’s stock price down.