Goldman Sachs Calls AI‑Driven SaaS Sell‑Off Overblown, Highlights Figma and Atlassian as Bargain Buys

Investor enthusiasm for AI turned to fear in 2026, with many viewing the technology as a threat to software‑as‑a‑service firms. This shift triggered a broad sell‑off dubbed the "Saaspocalypse," pushing shares of numerous SaaS companies lower despite solid fundamentals.

Goldman Sachs CEO David Solomon described the sell‑off as "too broad," arguing that AI will create winners and losers rather than wholesale destruction. Figma (NYSE: FIG) reported 2025 sales of $1.1 billion, a 41% year‑over‑year increase, while its shares have gained about 5.9% year‑to‑date. Atlassian (NASDAQ: TEAM) posted Q3 2026 revenue of $1.8 billion, up 32% year‑over‑year, and its stock is up roughly 29% over the same period. Both companies maintain market caps well above $10 billion, placing them in the large‑cap tech segment.

Figma’s growth was driven by new customer adoption, and the firm is now monetizing AI through a credit‑based model that saw zero usage in early 2025 but is ramping up. Atlassian’s seat‑based pricing continues to expand as users increase, and its AI product Rovo is gaining traction, with AI credit consumption rising 20% month‑over‑month in Q3. These mechanisms show that AI is becoming a revenue enhancer rather than a pure substitute, which explains why the forward price‑to‑sales ratios for both stocks have fallen to levels that look attractive relative to their growth trajectories.