EVENT
SaaSpocalypse (Minsky Reading)
The early 2026 repricing of software-as-a-service companies — read through Minsky's framework as a textbook Minsky moment triggered by AI's invalidation of the historical moat protecting subscription revenue.
The SaaSpocalypse is the financial press's name for the trillion-dollar repricing of software-as-a-service companies that occurred in the opening weeks of 2026, triggered by Anthropic's February 23, 2026 blog post about Claude's ability to modernize COBOL. IBM suffered its largest single-day stock decline in more than a quarter century. Workday fell thirty-five percent. Adobe lost a quarter of its value. Salesforce dropped twenty-five percent. The Opus 4.6 Minsky simulation reads the event as a textbook Minsky moment: a trivial trigger revealing accumulated fragility that had been building, invisibly, during two decades of SaaS boom. The positions had progressed from hedge through speculative; the repricing exposed the speculative nature; the correction spread through the sector in weeks. The specific dynamics — endogenous fragility, the moment's disproportionate response to its trigger, the sectoral cascade — matched Minsky's framework with disconcerting precision.
In The You On AI Field Guide
The SaaS business model was, for most of its history, a hedge position of remarkable elegance.