The Business Times
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A SMART LOOK AT INVESTING

Code is cheap. Trust is not

The durable edge in investing has always been in what is hard to see: trust, relationships, switching costs and institutional knowledge

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    • Sales of software-as-a-service companies such as Salesforce have pulled back sharply, as a new breed of agentic AI is seen to encroach upon the territory of established platforms.
    • Sales of software-as-a-service companies such as Salesforce have pulled back sharply, as a new breed of agentic AI is seen to encroach upon the territory of established platforms. PHOTO: REUTERS

    Chin Hui Leong

    Published Tue, Feb 24, 2026 · 06:21 PM

    OPENAI chief executive Sam Altman says software-as-a-service (SaaS) is entering its “fast-fashion” phase – cheap, disposable and quickly assembled. The stock market seems to agree.

    Since the start of the year, investors have sold off SaaS companies en masse.

    Shares of ServiceNow and Salesforce, two of the most prominent companies in the sector, have pulled back sharply, and the price of Atlassian shares have halved since the start of the year.

    A smart look at investing

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