SaaS Is Dying — And That's Exactly Why NVIDIA Will Keep Winning
Let me start with a question that Wall Street has been asking all month: If AI is destroying the software industry, why is the company that builds AI chips about to report the most profitable quarter in semiconductor history? On February 3, 2026 — a day traders have already branded "Black Tuesday for Software" — the cloud software sector lost roughly $300 billion in market cap in a single trading session. Salesforce. Workday. Adobe. ServiceNow. All cratered. The iShares Expanded Tech-Software ETF (IGV) plunged over 23% year-to-date, entering a technical bear market. The term "SaaSpocalypse" was born on trading floors overnight. And yet, on February 25 — just three weeks later — NVIDIA is expected to report $66 billion in quarterly revenue , up 67% year-over-year. Blackwell GPUs are sold out through mid-2026. Jensen Huang called demand "off the charts." Here's what the panic-sellers are getting completely wrong: SaaS dying is not bad news for AI. I...