Shang Hai Zheng Quan Bao·2026-02-07 07:53Core Insights - The software sector in the US has experienced a significant downturn, with major companies like Microsoft and Oracle seeing substantial stock price declines, leading to a total market cap loss of $1 trillion [1][4] - The release of a new tool by AI startup Anthropic has heightened investor concerns about the potential disruption of the software industry by AI technologies, triggering a wave of selling and short-selling by hedge funds [1][2][5] Market Performance - As of February 5, multiple software stocks have seen declines exceeding 30% year-to-date, with Unity Software down 47.45%, Applovin down 44.31%, and Figma down 40.59% [2][3] - Major players like Microsoft and Oracle have also faced downward pressure, with declines of 18.6% and 29.79% respectively [3] Short-Selling Activity - Hedge funds have aggressively shorted software stocks, with TeraWulf and Asana experiencing the highest short-selling pressures, at over 35% and 25% of their tradable shares respectively [4] - Hedge funds have profited $24 billion from short-selling activities in the software sector amid the $1 trillion market cap loss [4] Industry Outlook - The software industry is expected to undergo significant differentiation, with only a few companies like Microsoft likely to successfully integrate AI and adapt to the ongoing technological shifts [5] - The transition from traditional SaaS platforms to AI-native platforms is seen as a major paradigm shift, with historical precedents indicating that such transformations occur approximately every 10 to 15 years [6] - The first wave of AI-native companies is anticipated to begin their IPO processes later this year, which may pose challenges for traditional software vendors [6]