The SaaS Apocalypse: When Fear Does the Thinking

The stock market can’t make up its mind.On one hand, it is fretting over the hundreds of billions of dollars being spent on artificial intelligence (AI) infrastructure. Tech giants such as Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOGL), Meta Platforms (NASDAQ: META), and Microsoft (NASDAQ: MSFT) have collectively earmarked over US$600 billion in capital expenditure for 2026 alone, a figure that comfortably surpasses Singapore’s entire GDP.Investors are asking: will all this spending ever pay off?On the oth ...