Snowflake and Okta both saw record stock pops this week as investors found favor in their AI software strategies.

Options traders are convinced the "SAAS-pocalypse" is over. Whether that's true will likely depend on the market's reaction to one earnings report Wednesday.

Shares of traditional software providers have been battered this year over AI fears. Investors’ reaction to Snowflake’s and Salesforce’s quarterly results Wednesday suggests some…