美国银行家称：软件股暴跌正扰乱部分并购与IPO交易

Core Viewpoint - The significant sell-off in software stocks is causing a slowdown in M&A and IPO activities, with market volatility making valuations unreliable and potential buyers becoming more cautious [1][2][10]. Group 1: Market Conditions - Software stocks have experienced a substantial decline, with the S&P 500 Software and Services Index recording its worst three-month performance since May 2002 [1][2]. - Despite some recovery, the software sector is down approximately 25% from its historical peak on October 28, 2025, while the S&P 500 index has increased by 1% during the same period [1][2]. Group 2: Reasons for Slowdown - The sharp drop in software stocks has led to rapid fluctuations in valuation benchmarks, making it difficult for both buyers and sellers to agree on prices [2][10]. - Buyers are concerned about overpaying for assets that may depreciate further, while sellers are reluctant to sell at low prices [2][10]. Group 3: Impact on Transactions - The volatility has resulted in a challenging negotiation environment, with many transactions likely to be canceled or repriced in the coming weeks [11][12]. - Financial technology company Brex was valued at over $12 billion during a funding round in October but was acquired for approximately $5.15 billion, highlighting the impact of valuation reassessment [2][11]. Group 4: Broader Market Effects - The downturn in software stocks has extended to Europe, with companies like RELX and Wolters Kluwer seeing stock price declines of around 20% [12]. - The IPO market is particularly affected, with companies like Liftoff Mobile postponing their listing plans due to the current market environment [12]. Group 5: Emotional vs. Fundamental Drivers - Market volatility is perceived to be driven more by emotional responses and uncertainty rather than fundamental performance [13][14]. - Some industry leaders suggest that AI will empower rather than replace software, indicating a potential for recovery [13][14]. Group 6: Investor Sentiment - Certain investors are beginning to see buying opportunities, with private equity firms expressing interest in acquiring software companies [15][16]. - The message from these investors is clear: they are looking for the best acquisition targets in the current market [16].