Shang Hai Zheng Quan Bao·2026-02-24 15:49Core Viewpoint - The software sector continues to face pressure amid a market recovery, with the Wind Software Index dropping 2.58% on February 24, following a significant decline in IBM's stock due to AI developments [1] Group 1: Market Trends - Since mid-January, investor concerns regarding the long-term uncertainties of AI have triggered a sell-off in software stocks, with the Wind Software Index falling over 12% from January 13 to the present [1][3] - The market's worries about software stocks began to escalate in late January, particularly after Anthropic launched its Claude model and associated tools, which are seen as a challenge to traditional SaaS pricing models [2] - A massive sell-off occurred in early February, with nearly $1 trillion in market value evaporating from software and services stocks, including significant declines in major software companies [2] Group 2: Company Performance - Major software companies like Salesforce, Snowflake, and Intuit are expected to release earnings reports that will be critical for reassessing the software sector and evaluating market expectations regarding AI's impact [2] - In the Chinese market, software stocks have also been affected, with the Wind Software Index down 12.22% and the largest software ETF down 13.64% since January 13 [3] Group 3: Industry Dynamics - There is a divide in the market regarding the impact of AI on traditional software companies, with some believing it will empower them while others fear it may lead to their obsolescence [4] - The CEO of Nvidia stated that concerns about AI replacing software tools are "illogical," suggesting that traditional software firms can still achieve considerable growth despite market pressures [4] - The core barriers in application software remain data and industry knowledge, with market concentration expected to increase in complex sectors like ERP, CRM, and HCM [6]