美股盘前暴跌超25%！英伟达软件供应商达索系统业绩指引不及预期，"SaaS末日"交易蔓延！

Core Viewpoint - Dassault Systèmes reported a fourth-quarter revenue of €1.68 billion, a year-on-year decline of 4.1%, and the full-year performance along with the 2026 growth guidance fell short of expectations, leading to a significant stock price drop of 21% [1][3][5]. Financial Performance - The fourth-quarter revenue of Dassault Systèmes was €1.68 billion (approximately $2 billion), which was below the market expectation of €1.74 billion [5]. - The company's full-year revenue remained flat at €6.24 billion (approximately $7.43 billion), which was also below the market forecast of €6.3 billion [8]. - Software revenue for the year was recorded at €5.64 billion, indicating ongoing growth challenges [8]. Market Reaction - Following the disappointing fourth-quarter results and weak 2026 outlook, Dassault Systèmes' stock experienced a sharp decline, triggering a temporary trading halt [3][6]. - The stock price drop reflects broader concerns in the SaaS industry, as investors are increasingly wary of the competitive landscape due to emerging AI tools [9][10]. Strategic Challenges - The company is facing dual pressures from declining demand in the automotive and pharmaceutical sectors, as well as the accelerated replacement of traditional software by AI tools [1][5]. - Despite being recognized by NVIDIA's CEO as a leader in industrial AI, the market remains skeptical about the effectiveness of Dassault Systèmes' transformation efforts [5][6]. Future Outlook - Dassault Systèmes provided a cautious outlook for 2026, projecting non-IFRS revenue growth of only 3% to 5%, which is below analyst expectations [5][8]. - The company aims to commercialize its industrial AI product 3D UNIV+RSES, with a long-term commitment to redefine innovation and operations across industries [7][8].