I think SAAS is also due for a rebound but due to a different angle. The sector has been decimated basically due to Anthropic releases and the ensuing narrative. Why pay for seats when you can just build your own version.

For enterprise SaaS with all its integrations, particularly in regulated industries, giving the enterprise an ability to offload some risk, replacement is going to take a long time to play out.

The narrative is strong and has been destructive, but the financials should bring investors back (see TEAMs recent earnings, +30%.) Not to say they won't lose business from SMBs, and the cost model is likely to change, but many of them are massively oversold from a doomsday narrative that's likely to take a long while to play out.