$NOW is up 10% overnight. Is SaaS the next boom that won't ever stop?

I've mostly been focused on AI names and semis, but seeing $NOW jump 10% after earnings/news has me wondering if the market is starting to reward software again. For the last few years it felt like SaaS was dead money compared to chips and infrastructure plays. Now companies like ServiceNow seem to be putting up strong numbers and getting premium valuations again. Do you think we're entering another multi-year SaaS run, or is this just a temporary rotation while AI spending works its way through