Q2 takeaways: Enterprise software returns US & Europe

2QCY26 results show continued strength in software sector earnings, countering the misplaced SaaSpocalypse narrative, while compute demand remains strong on accelerating AI adoption. The report argues that the "AI vs Software" debate is overblown and that software remains the primary mechanism through which enterprise AI will be deployed and monetised. AI is moving from pilot programmes to real enterprise deployment, with monetisation now measurable at the application layer (ServiceNow AI ACV over USD1bn; Salesforce Agentforce ARR over USD1.5bn, up more than 240% y-o-y; Microsoft 365 Copilot over 30m paid seats; Adobe AI-first ARR over USD650m;