业绩超预期也没用？美国软件股正面临市场的“未审先判”

Core Viewpoint - The software sector is experiencing a significant sell-off due to increasing investor pessimism, particularly in light of new AI automation tools that threaten traditional business models [1][3]. Group 1: Market Sentiment - Morgan Stanley analysts report that the current market environment for software stocks is characterized by a presumption of guilt, with the industry facing a "trial by media" scenario [1][3]. - Over the past two weeks, analysts have met with over 50 investors in Europe and the U.S., finding that many have significantly reduced their holdings in software stocks over the past 12 to 18 months [1][3]. - Despite recent market corrections, investor willingness to enter the software sector remains low [1][3]. Group 2: Impact of AI Tools - The release of a new AI automation tool by Anthropic has heightened fears among investors regarding the viability of many companies' business models in the face of generative AI threats [1][3]. - Analysts believe that merely exceeding earnings expectations is insufficient to convince the market; companies must demonstrate that AI is a sustainable growth driver rather than a long-term hindrance [4]. - Concerns are growing over the subscription-based pricing model, as AI tools may reduce the number of required accounts, potentially undermining this revenue model [4]. Group 3: Stock Performance - The sell-off in software stocks has spread to Asian markets, with European stocks at risk from AI impacts dropping by 2.1% on Wednesday, following an 8% decline the previous trading day [2][4]. - Companies like SAP and Sage continue to see their stock prices decline amid these market conditions [2][4].