SaaS and software infra companies’ stocks bounce back

Last month’s drop in the share prices of many cloud-based software companies has been partially reversed after several software companies reported good figures.

The big dip in SaaS providers’ share prices was caused by claims that companies would soon be able to develop their own applications using large language model-aided development tools. Many in the industry speculated that in-house development would enter into its own, given that hobbyists and small teams were able to produce simulacra of applications for which many businesses were paying large monthly sums.

The iShares Expanded Tech-Software traded fund rose 8% in value last week, up 21% on May. Data management provider Snowflake was a notable name among the high performers, rising close to 50% in value in the last week of May. Okta, the identity verification and security tool provider gained 30% in value on the last trading day of the month.

Both companies may...

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