In software land, it’s getting harder and harder to call out a singular vibe shift when the vibes keep shifting every 24 hours. On Thursday, when news broke that Silver Lake was in talks to acquire Workday, the human resource software company’s stock shot up 19%. Such a deal would be a big vote of confidence in a prominent software firm and, combined with a 55% appreciation in Workday’s shares since late June, a possible sign that the AI-driven SaaSpocalypse is ebbing. But on Friday, the buzz seemed to have worn off. Workday’s shares sank almost 4%. The stocks of other software companies, which similarly spiked on Thursday following the Silverlake-Workday reports, also widely dropped. Prepare for more mood swings in the coming weeks.
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