SaaS 'AI Plumbing' Disruption Thesis

Futurum Equities argues 95% of SaaS will become 'AI plumbing'—data infrastructure for agents. SNOW's consumption model could see query volumes quadruple, but valuations are harsh: SNOW at 150x earnings, MDB hated by engineers, PLTR called an 'LLM wrapper'. This directly challenges the SaaS recovery narrative and ties to AI monetization. New: BofA raises multiples on 10 software stocks without raising earnings forecasts, signaling sentiment shift; ServiceNow $1B AI ACV, Snowflake 22% growth. Investors should watch for margin compression and valuation resets.