摩根大通策略师：对AI颠覆软件业担忧过度 未来3-6月最坏干扰情景难现 软件股有望反弹

Core Viewpoint - The market's expectations regarding the short-term disruption of the software industry by artificial intelligence (AI) are overly pessimistic, and software stocks are poised for a rebound as unrealistic disruption scenarios have already been priced in [1] Group 1: Market Analysis - The team led by Dubravko Lakos-Bujas at JPMorgan suggests that investors should increase their holdings in high-quality software stocks that are resilient to AI disruptions [1] - The extreme price movements in the software sector indicate that capital is likely to flow back into this segment in the short term [1] - The report states that the market has significantly reduced its positions, and the overly negative perception of AI's impact on the software industry, combined with solid industry fundamentals, suggests that the risk balance is increasingly leaning towards a rebound [1] Group 2: AI Impact Assessment - JPMorgan analysts believe that investors have overestimated the disruption caused by AI on software stocks [1] - The market is currently pricing in the worst-case scenarios for AI disruption, which are unlikely to materialize in the next three to six months [1] - Software companies that demonstrate resilience to AI disruptions are seen as having significant growth opportunities [1]