全球SaaS概念股遭抛售，港股5大百亿巨头跌超5%，标普相关指数蒸发近3000亿美元

Core Viewpoint - The global capital markets are experiencing significant turbulence due to fears that AI may disrupt the SaaS industry, leading to a sell-off in SaaS stocks following the release of an AI tool by Anthropic aimed at legal services [1][5]. Market Impact - On February 3, the combined market value of two S&P indices tracking software and financial data stocks dropped by approximately $300 billion [1]. - The Hong Kong SaaS index fell by 6.39% on February 4, resulting in a total market value loss of nearly HKD 150 billion [1]. - Major SaaS stocks in Hong Kong, such as Kingdee International and Kingsoft, saw declines of 12.64% and 5.14%, respectively [3][4]. Stock Performance - The performance of major SaaS stocks on February 4 included: - Kingdee International: -12.64% - Kingsoft: -5.14% - Huya Technology: -5.88% - China Software International: -6.72% - Fubo Group: -5.16% [3][4]. - In the U.S., SaaS stocks also faced declines, with the Wind U.S. SaaS index dropping by 4.12% on February 3, including significant losses from Microsoft (-2.87%) and Salesforce (-6.84%) [4][8]. Market Sentiment - The term "SaaSpocalypse" has emerged among traders to describe the current market sentiment regarding SaaS stocks [5]. - Concerns were exacerbated by a question raised at an investor forum about whether "software is dead," further fueling market anxiety [5]. SaaS Business Model Challenges - The SaaS model, which typically involves subscription-based revenue, is facing challenges as AI tools may offer more personalized solutions, potentially undermining the traditional SaaS value proposition [10][11]. - The market is expected to differentiate between traditional SaaS providers and those that integrate AI capabilities, with the latter likely to gain a competitive edge [11][12]. Future Outlook - Deloitte predicts that the SaaS business model may evolve, with a shift towards hybrid pricing models based on usage and outcomes rather than solely on subscriptions [12]. - Gartner forecasts that by 2030, at least 40% of enterprise SaaS spending will transition to usage-based or outcome-based pricing models [12].