摩根士丹利认为，软件估值的大幅回调已经在九家主要科技公司中创造了买入机会，他们认为市场对生成式AI颠覆的担忧已经过度。 微软 被描述为"明确参与最重要创新周期的公司"，而财捷集团的估值被标记为"非常具有吸引力"。与此同时，Salesforce的AI相关年度经常性 收入同比增长114%。Shopify被视为"最有能力在不断扩大的在线商务蛋糕中获取超过其公平份额的公司"。 该银行表示，生成式AI代表了一个重要的长期机遇，估计到2028年，它可能为"更广泛的企业软件总可寻址市场增加约4000亿美元"。 Weiss补充道："底线是： 问题不在于软件最终是否会在这个创新周期中实现货币化，而在于谁将参与其中。 " 他补充说，"在约4.4倍企业价值/销售额的水平上，平均软件估值倍数已回到上次公共云高度不确定性时期的范围。" 该分析师指出，投资者低估了现有供应商从AI采用中受益的能力。 根据该报告，"关于生成式AI的悲观论点似乎对现有软件供应商参与这一创新周期的能力给予了太少的信任。" 摩根士丹利强调了 微软 、 财捷集团 、 Salesforce 、 ServiceNow 、 Atlassian 、 Snowflake 、 ...

每经AI快讯，2月9日，美股软件股盘前上涨，微软涨0.8%，Datadog涨 1.2%，ServiceNow涨0.8%。 ...

这周二，SaaS、数据和软件类投资公司的市值蒸发了约 3000 亿美元。这并非因为盈利不及预期或宏观经济冲击，而是因为一款人工智能产品发布。 这场危机已经持续数月。等到市场做出反应时，IGV 软件指数已较 9 月下旬的峰值下跌了约 30%。上周发生变化的不是方向，而是速度。 几家根基深厚的企业软件公司股价在一天之内大幅下跌。Salesforce、ServiceNow、Adobe 和 Workday 的股价均下跌约 7%。Intuit 的股价更是暴跌近 11%。与此同时，整个行业的估值倍数也急剧下降。软件公司的平均预期市盈率在短短几个月内从约 39 倍暴跌至约 21 倍。做空者已通过押注传统 SaaS 业务在 2026 年获利超过 200 亿美元，并且还在加倍下注。 除非核心假设被打破，否则市场不会抹去如此巨大的价值。 1 纳德拉判断 SaaS 已死 在过去二十年的大部分时间里，企业软件受益于异常稳定的经济形势。软件开发成本高昂，转换成本也很高，数据都存储在专有系统中。 一旦某个平台成为记录系统，它便会一直占据这一位置。这种信念支撑着从公开市场估值倍数到私募股权收购再到私募信贷承销等方方面面。经常性收入 被视为 ...

Core Viewpoint - Investors are concerned about the impact of AI on software-as-a-service (SaaS) companies, leading to a decline in ServiceNow's stock despite strong fourth-quarter results [2][3][8] Group 1: Company Performance - ServiceNow reported a 20% year-over-year increase in sales and a 98% renewal rate [4] - The company has $12.85 billion in current remaining performance obligations and earnings per share of $0.92, reflecting a 26% year-over-year increase [4] - The stock has lost nearly 45% of its value over the past year, currently trading at a price-to-earnings (P/E) ratio of 32, which is considered reasonable for a company with double-digit growth [8] Group 2: Market Context - The decline in SaaS stock prices is attributed to market fears regarding AI potentially replacing many paid services, as companies may shift towards generative AI solutions [3][6] - ServiceNow positions itself as a "control tower" for businesses, with over 8,000 clients relying on its software, indicating a stable demand for its services [6][7] - The company is actively integrating AI into its offerings, including partnerships with OpenAI and Anthropic to enhance its software capabilities [7] Group 3: Investment Opportunity - Despite the current market sentiment, there are indications that the decline in ServiceNow's stock may present a buying opportunity as the company continues to show healthy growth prospects and a recurring revenue model [8]

Core Insights - The article discusses the shift in investment focus from hardware suppliers to experience-driven companies in the tech sector, particularly in the context of the iPhone and artificial intelligence [1][3][22] Group 1: iPhone Supplier Dynamics - Companies like Skyworks Solutions, Cirrus Logic, and Universal Display saw stock price surges when named as iPhone suppliers, but Apple often imposed low prices and high quality demands, leading to profitability challenges for these suppliers [2] - The real beneficiaries of the iPhone boom were companies providing services and experiences, such as Uber and ByteDance, which have outperformed traditional hardware suppliers [3] Group 2: Current AI Market Trends - A recent selloff in AI infrastructure companies, including chipmakers and data center developers, occurred due to concerns over profitability in a rapidly evolving industry [4] - Analyst Louis Navellier warns of a potential market dislocation for AI companies, suggesting that expectations for "Stage 1" infrastructure firms are overly optimistic [5] Group 3: Investment Opportunities in AI - A select group of "Stage 2" companies in the AI sector is believed to offer significant upside potential, with estimates of around 500% growth [6] - Thomson Reuters, with its established legal research platform, is expected to recover from a 60% selloff, as it combines AI with human expertise to maintain accuracy in legal research [9][14] - ServiceNow, which serves over 85% of Fortune 500 companies, is experiencing rapid growth with a 21% revenue increase in 2025 and projected 20% growth for the current year, driven by its AI capabilities [15][16] Group 4: Comparisons with 5G Technology - The article draws parallels between the 5G technology rollout and the current AI landscape, noting that the biggest winners are not the infrastructure providers but the companies leveraging these technologies for consumer experiences [20][21] - OpenAI's GPT-5 is highlighted as a significant advancement in AI, similar to the leap made by 5G, with the potential for "Stage 2" companies to dominate the market [22][23]

Group 1: Market Overview - A significant sell-off in the software sector occurred over the past week, particularly on Tuesday, Wednesday, and Thursday, as investors reacted to aggressive disruptions from AI advancements [1][2] - Despite a rebound on Friday, the tech-heavy Nasdaq experienced a weekly decline of over 2%, with major software companies like Salesforce and ServiceNow seeing their shares drop more than 9% [2] - Strategists are urging patience, suggesting that the recent market moves may have overshot the potential risks facing the software industry [2][3] Group 2: Company Performance - Notable declines in software stocks year-to-date include Oracle (-26.7%), Salesforce (-27.8%), and ServiceNow (-34.2%), among others [5] - Earnings reports from major tech companies revealed that capital expenditures related to AI from Amazon, Alphabet, Meta, and Microsoft are projected to exceed $650 billion [6] Group 3: Strategic Insights - Invesco's chief global market strategist indicated that the market's reaction may be overdone, with some software names significantly impacted [3] - JonesTrading's chief market strategist noted that larger software companies capable of adapting to AI advancements are likely to be fine, although new risks are emerging [4] - There is a shift in investor sentiment, with a more discerning approach to valuing companies as the industry transitions from capital-light to potentially more capital-intensive operations [7]

ServiceNow, Inc. (NYSE:NOW) is one of the most promising future stocks to buy now. On February 5, Truist revised the price target on ServiceNow, Inc. (NYSE:NOW) to $175 from $240 and maintained a Buy rating on the shares, releasing the rating update as part of a broader research note on the Infrastructure Software names. It told investors that the sector pullback is primarily being driven by concerns associated with terminal value instead of near-term fundamentals, and this makes AI narratives highly criti ...

The outlook quickly became dire for software stocks this week as investors envisioned a world where Anthropic's Claude AI assistant rendered entire companies and IT departments useless. The bottom fell out of the sector as the iShares Expanded Tech-Software Sector ETF (IGV) fell 19% from January 26 to February 5.But Morningstar says fears are largely overdone, and the chaotic burst of selling represents a prime dip-buying opportunity. "We see little evidence that the bear case is unfolding — retention ra ...

Bet_Noire/iStock via Getty Images Listen below or on the go on Apple Podcasts and Spotify Risk off concerns, Bitcoin sell off (0:20) Software stocks drop (2:00) Big name AI earnings (4:00) Good news for Hershey (10:45) Next week's earnings and economic data (12:00) Transcript Rena Sherbill: Brian Stewart, Seeking Alpha's Director of News. Welcome back to another week of Wall Street Roundup. Brian Stewart: Great to be here. Rena Sherbill: It's great to have you talk to us. We've got Bitcoin, we've ...

Key Takeaways MSFT and other software leaders sank as AI fears sparked a $1T sell-off dubbed software-mageddon. Market volatility surged as the VIX jumped 17% to 21.77, its highest level since late November. Rotation out of technology into staples and value boosts demand for low-volatility ETFs like SPLV. A massive sell-off in shares of tech giants, such as Microsoft (MSFT) , Salesforce (CRM) , and ServiceNow (NOW) , wiped out nearly $1 trillion in industry value in just a week, marking a dramatic shift in ...