From "Answer-Providing Assistant" to "Employee Doing Tasks for You," the semantic leap behind this shift is a core blow to the business model— the twenty-year SaaS valuation anchor is collapsing, and the market has ominously dubbed this slaughter "SaaSpocalypse," a name so precise it's terrifying.

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撰文：找贫道商量 K 线，潮向研究

今天，微软年度开发者大会Build在旧金山Fort Mason开幕。Nadella的主旨演讲只传递了一个信息：AI不再是回答问题的助手，它现在是替你干活的员工。

这场大会落在一个有意思的时间点。过去五个月，美股软件板块经历了一场大逃杀。

市场给这场屠杀起了个名字叫"SaaSpocalypse"，SaaS末日。从年初到5月中旬，Salesforce跌了33%，Intuit跌了近30%，连Workday和Adobe也没能幸免。恐慌的逻辑很简单：AI智能体能干十个人的活，企业就不需要给十个人买软件席位了。按人头收费这个撑起了整个SaaS行业二十年