"SaaS" ranks 17th as oversold sentiment strengthens, driving renewed interest

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Fri Apr 17, 2026 12:21 pm JST Feature

? Top 10 Popular Themes

1. Data Centers

2. Semiconductors

3. Physical AI

4. Semiconductor Manufacturing Equipment

5. Space Development

6. JPX-Nikkei 400

7. Storage Batteries

8. Perovskite Solar Cells

9. TOPIX Core 30

10. Defense

In the "Popular Theme Rankings" compiled by Minkabu and Kabutan, "SaaS" has ranked 17th.

Following US-based Anthropic's January release of its work assistant AI "Claude Cowork," speculation arose that AI could replace SaaS, triggering what is known as the "Anthropic Shock." This led to a decline in SaaS-related stocks such as Salesforce, Inc. and HubSpot, Inc. in the US stock market, with the impact spreading to Japanese stocks as well. The underlying concern was that by utilizing "Claude Cowork," even non-engineers could create original business applications, potentially rendering SaaS unnecessary. This development was seen as actualizing the "death of SaaS" narrative that began circulating around 2024, raising concerns about the very existence of SaaS-related companies.

Recently, however, views have emerged that fears of AI replacement have been overdone. Recognition is growing that, given the complexity of security and maintenance, it is unrealistic for non-engineers to create high-quality business software without specialized knowledge. Furthermore, Money Forward, Inc. <3994> announced strong earnings on the 14th, with its first quarter (December 2025 to February 2026) consolidated results showing a return to operating profit. Rather than AI being a headwind, cloud service utilization appears to be accelerating, raising expectations for the earnings of other SaaS-related companies.

While the Nikkei Stock Average hit an all-time high of 59,518 yen (closing price) on the 16th, SaaS-related stocks have lagged significantly behind. Combined with strong earnings results, momentum is building for a reassessment of related companies, which appears to be driving renewed interest in the "SaaS" theme.

Source: MINKABU PRESS

*Translated by generative AI. Click here for the original article.