Peel Hunt's latest thematic research, titled "Code is dead, long live software," argues that the recent decline in software stocks, termed the SaaSpocalypse, stemmed from the misguided reasoning that as AI generates code, software itself is rendered obsolete. Peel Hunt contends that AI is commodifying coding, not undermining the workflow, regulatory intricacies, and institutional confidence forming the foundation of B2B software, drawing a parallel to radiology where the number of radiologists increased after automation. The analysis references Jevons' paradox, stating every decrease in software development costs correlates with an increase in software creation, and that AI-driven developer productivity is poised to expand a software market valued at over one trillion dollars into a labor market exceeding sixty-five trillion dollars. Peel Hunt identifies five UK-listed stocks with a Buy rating: Sage, which achieved a 102% renewal rate and an 11% increase in annual recurring revenue; Cerillion, which stands to gain from competitor consolidation; Craneware, deemed indispensable for hospital revenue-cycle management; and Softcat and Bytes, value-added resellers capitalizing on AI-driven procurement complexities. The Sage Group PLC, Craneware PLC, and Cerillion PLC are currently trading at valuations reminiscent of the 2010 to 2014 period.