Goldman Sachs stated in its latest research report that AI agent activity has begun to have an observable and quantifiable impact on software company fundamentals, with Q2 2026 becoming a turning point quarter for structural divergence. The report marginally turned positive on Snowflake (SNOW) and Palo Alto Networks (PANW); marginally turned negative on Adobe (ADBE), Intuit (INTU), and Workday (WDAY); and continued to be positive on Microsoft (MSFT), Shopify (SHOP), Cloudflare (NET), and Twilio (TWLO), believing these companies are at the beginning of a multi-quarter fundamental inflection point.

The report pointed out that AI not only brings incremental opportunities but also erodes some traditional SaaS business models. The surge in agent traffic (already accounting for over 50% of internet traffic, far exceeding expectations) benefits developer platforms, such as Cloudflare adding nearly 2 million new developers in Q2 2026. At the same time, search behavior is evolving from traditional SEO to AI-driven AIEO, impacting companies that rely on search for customer acquisition, such as HubSpot and Adobe. Enterprise budget reallocation (66% of AI budget comes from existing funds) and extended procurement cycles are also putting pressure on core businesses like INTU and WDAY. Furthermore, the rise of consumption-based billing models (such as Cloudflare's Workers Bundles) is reshaping performance forecasting frameworks.