SaaSpocalypse Explained: “Seat to Stack” Rotation in Agentic AI (PLTR, NET, CRWD, SNOW)

The SaaSpocalypse isn’t just a selloff — it’s a full repricing of traditional SaaS as agentic AI changes how software gets bought. Michele Steele sits down with Shay Boloor to break down the “seat to stack” rotation: money isn’t necessarily leaving tech… it’s shifting from seat-based apps (think per-employee pricing) to the layers of the agentic AI stack where incremental value is accruing. They explain why legacy SaaS may survive but gets treated as the “legacy layer,” while the market starts paying up for orchestration, security/identity, connectivity, and data plumbing. Using a clear “legacy layer test,” Shay walks through why some companies are getting punished, why Palantir is being treated differently than seat-based software, and what names he likes across the stack — including CrowdStrike and Rubrik in security, Cloudflare as a connectivity control layer, and what Snowflake and MongoDB need to prove in the data layer. Chapters / Timestamps 00:00 - Intro: Shay on the road (NYC) 00:41 - SaaSpocalypse context + pivot to “agentic AI stack” 01:11 - “Seat to stack” rotation explained 01:29 - SaaS becomes the legacy layer; value moves up-stack 02:30 - Why seat-based pricing gets disrupted by agents 03:13 - Seat vs stack chart: Palantir vs Salesforce 03:51 - Is the rotation permanent? “Painted with one brush” phase 04:19 - Legacy layer test (Salesforce example) 05:53 - Enterprise spend crossover: SaaS vs agentic stack 06:35 - IT spend rises, but profit pools concentrate 07:34 - Why “old app” budgets get cannibalized 08:36 - Security layer: agents create an identity crisis 09:11 - Palo Alto: acquisition-driven transition risks 10:03 - Tier-one security picks: CrowdStrike, Rubrik; Zscaler debate 11:42 - Dream combo: CrowdStrike + Zscaler (framework analogy) 12:25 - “Plumbing layer” and why raw data + pipes matter 12:48 - Cloudflare as connectivity control layer 13:08 - Proof points: agent traffic doubled; RPO acceleration 14:32 - Data layer: Snowflake + MongoDB (opportunity + vulnerability) 15:23 - Snowflake AI-influenced bookings + key metrics to watch 16:22 - MongoDB: database demand + CEO change 17:12 - Wrap: portfolio re-imagining in the agentic era Disclaimer: All opinions expressed on this show are solely the opinions of the hosts’ and guests’ and do not reflect the opinions of Stocktwits, Inc. or its affiliates. The hosts are not SEC or FINRA registered advisors or professionals. The content of this show is for educational and entertainment purposes only. Please consult with your financial advisor before making any investment decision. Read the full terms & conditions here: https://stocktwits.com/about/legal/terms/