软件股遭抛售 私募巨头阿波罗、黑石高管出面安抚市场

Core Viewpoint - The software sector is experiencing a significant sell-off due to market concerns that artificial intelligence (AI) may devalue the industry, impacting alternative asset management firms like Apollo, Ares, Blackstone, and KKR, which struggle to convince investors of their portfolios' resilience against this downturn [1][7]. Group 1: Market Impact - The sell-off in software stocks has further depressed the stock prices of alternative asset management firms, despite these firms attracting billions in new client funds and a resurgence in merger activities [1][7]. - Over the past six months, Apollo's stock has dropped approximately 30%, while KKR's stock has decreased by 29% [3][4]. - Blackstone's stock has fallen 24% in the same period, with software assets constituting 7% of its total assets and 10% of its credit assets [12]. Group 2: Portfolio Exposure - Ares has approximately 6% of its total assets invested in software companies, with a highly diversified portfolio where only a small portion is exposed to high AI disruption risk [2][8]. - Apollo's CEO stated that software assets account for less than 2% of its management scale, with minimal exposure in private equity and insurance sectors [3][9]. - KKR has about 7% of its portfolio allocated to software, while Blue Owl has 8% of its assets in the sector, with the latter experiencing a stock decline of over 36% [4][10]. Group 3: Management Perspectives - Executives from Blue Owl and KKR expressed confidence in their portfolios' fundamentals, asserting no significant losses or performance deterioration [6][11]. - KKR's co-CEO mentioned that the firm has conducted a comprehensive review of its portfolio over the past two years to assess AI's impact as an opportunity, threat, or uncertainty [12]. - Apollo's CEO described the software industry as "great," attributing recent declines to overvaluation rather than fundamental weaknesses [11].