Despite the unpredictable wildcard of an Iran war and concerns regarding software companies amid the rapid rise of fears around artificial intelligence (AI), Evercore Founder and Senior Chairman Roger Altman remains optimistic about the U.S. economy, noting that foundational strengths and technological advancements outweigh current geopolitical fears.
Dismissing The ‘SaaS Apocalypse’
Addressing the rapid evolution of AI in a conversation with CNBC, Altman pushed back against doomsday predictions surrounding the tech sector.
While he acknowledges AI will be “very transformative,” he believes the market’s focus on what AI might destroy has gone too far. When asked if the market is facing a “SaaS apocalypse“—the idea that AI will decimate software-as-a-service companies—Altman was definitive.
“I don’t see that,” he said, pointing out that software stocks have historically bounced back from sharp corrections. “At the moment, I don’t see AI as a force that should undermine markets and cause economic forecasts to be marked down. In fact, I think that it’s likely to be positive.”
These statements come as top U.S. software stocks like Microsoft Corp. (NASDAQ:MSFT), Oracle Corp. (NYSE:ORCL), and Salesforce Inc.
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