美股软件行业，市值蒸发万亿美元

Core Insights - Hedge funds are increasing short positions in software stocks, contributing to significant sell-offs in the sector this year [1] - Hedge funds have made $24 billion in profits from shorting software stocks since 2026, while the total market capitalization of the U.S. software industry has decreased by $1 trillion during the same period [1] - The focus of short-selling appears to be on companies providing basic automation services, which are at risk of being replaced by new AI tools [1] Group 1 - Hedge funds are currently net short on the software industry, indicating a bearish outlook [2] - The stocks facing the largest short bets include TeraWulf and Asana, with over 35% and 25% of their tradable shares shorted, respectively [2] - Dropbox and Cipher Mining have 19% and 17% of their float shorted [2] Group 2 - The worst-performing stocks in the iShares Expanded Tech Software ETF (IGV) this year include Intuit and DocuSign, both down over 30% [3] - Major stocks within the ETF, such as Microsoft and Oracle, have also suffered, with declines of 15% and 21% respectively, while Salesforce, Adobe, and ServiceNow have dropped over 20% [4] - The recent sell-off was triggered by concerns over AI disruption, particularly following the release of a new tool by AI startup Anthropic [4] Group 3 - Despite the sell-off, there is currently no widespread panic in the credit markets, as corporate revolving credit lines remain untapped [5] - Analysts suggest that market sentiment may shift soon with several software companies set to release earnings reports [6]