SaaS Stocks Meltdown: Cloudflare -12%, Snowflake -9%, ServiceNow -7%, Salesforce -4% in Single Session

24/7 Wall St.·high signal

On April 9, a broad enterprise software sell-off repriced the entire sector on AI agent fears. Cloudflare fell 12% to $186, Snowflake dropped 9%, ServiceNow lost 7%, and Salesforce slid 4%. The core thesis driving the sell-off: if managed AI agents from Anthropic and OpenAI can natively handle the tasks these platforms automate, investors are questioning what the SaaS premium is actually paying for.