Oracle shares jump 6.9% after Snowflake reports AI accounts surged from 9,100 to 13,600, signaling the 'SaaSpocalypse' fears were overstated.

Snowflake surged 35% on results showing AI accounts jumped from 9,100 to 13,600 in a single quarter, product revenue grew 34%, and full-year guidance was raised by $180 million. Oracle and other enterprise software stocks gained roughly 3% to 6.9% in the session.

The 'SaaSpocalypse' — a selloff that had erased approximately $2 trillion from software market values since late 2025 — rested on the fear that autonomous AI agents would replace per-seat software licences. Snowflake's results showed the opposite: AI drove more consumption of its platform rather than displacing it.

Snowflake's CFO described Cortex Code as creating a 'step function change' in AI revenue potential and said it was the single largest driver of the full-year guidance raise, indicating enterprises are using AI to generate more workloads on existing data platforms rather than replacing them.