[CLSA: Concerns Over 'Software Extinction' Due to AI Are Overblown, SaaS Moats Remain Strong] According to a report by Jinse Finance on July 21, CLSA stated in an in-depth special report that while the rise of artificial intelligence models has sparked market concerns about the disruption of the software industry, Software as a Service (SaaS) is far from obsolete. However, the industry will still need to undergo profound changes before investor confidence can return. CLSA analysts noted: 'Our world is filled with business details, compliance requirements, and information filters managed by software. The idea that AI "vibe-coding" could eliminate all of this seems unrealistic. We find moats everywhere—ServiceNow's workflow catalog, Salesforce's sales connections, Oracle's precise databases, Microsoft's ubiquity, Workday's HR expertise, and even Adobe's font libraries.' CLSA has given Microsoft and Adobe an 'Outperform' rating, with target prices of $535 and $300, respectively; Oracle and Salesforce received a 'Hold' rating, with target prices of $145 and $165, respectively; and ServiceNow and Workday were rated 'Underperform,' with target prices of $72 and $92, respectively.