分享 reface 前⾔ at if our AI bullishness continues to be right...and what if that's actually bearish? 果我们的对 AI 的乐观持续正确……而这反而成了利空，会怎样？ at follows is a scenario, not a prediction. This isn't bear porn or AI doomer fan-fiction. e sole intent of this piece is modeling a scenario that's been relatively underexplored. Our nd Alap Shah posed the question, and together we brainstormed the answer. We wrote this t, and he's written two others you can find here. 下情景为设想，而非预测。这并非唱空轰动或人工智能末日主义同人文。本文唯一 的，是对一个相对较少被探讨的情景进行建模。我 ...

Major U.S. stock indexes closed higher on Wednesday, with the Dow Jones Industrial Average gaining 0.6% to 49,482.15, the S&P 500 advancing 0.8% to 6,946.13 and the Nasdaq climbing nearly 1.3% to 23,152.07.These are the top stocks that gained the attention of retail traders and investors through the day:Nvidia Corporation (NASDAQ:NVDA)Nvidia shares rose by 1.44%, closing at $195.62. The stock reached an intraday high of $197.63 and a low of $193.79, with a 52-week range between $212.19 and $86.63. The compa ...

业绩不差、回购更猛、AI故事也更具体了，但Salesforce仍未能打消市场对人工智能颠覆传统软件行业的深层忧虑。 当地时间2月25日，Salesforce发布截至2026财年第四财季财报并举行电话会，公司季度营收达111.20亿美元，同比增长12%， 基本符合市场预期，Agentforce年度经常性收入同比激增169%至8亿美元。与此同时，公司宣布500亿美元股票回购计划并上 调季度股息，管理层将此定性为"绝佳买入机会"。 然而，全年有机订阅收入增速指引仅为8%，低于投资者期待的10%门槛，令市场对Salesforce能否在AI时代重拾增长动能的疑 虑挥之不去。今年以来，Salesforce股价已累计下跌25%，整个软件板块持续承压于AI颠覆的叙事之下。 公司周三盘后股价下跌约5%。 电话会回应"AI冲击" 面对"AI会不会让SaaS变得可替代"的核心疑虑，Salesforce抛出了一个新的AI计量单位："代理工作单元"（Agentic Work Units，AWU），定义为AI代理完成的每一项独立任务。公司表示，迄今已累计消耗近20万亿个token，并交付24亿个AWU。 投资者关系副总裁Mike Spe ...

Core Viewpoint - AT&T has reached a settlement regarding a lawsuit from four New York City pension funds, allowing shareholders to vote on the disclosure of workforce diversity data [1] Group 1: Lawsuit Settlement - The lawsuit was initiated by four New York City pension funds to prevent AT&T from soliciting shareholder proxies that would exclude a diversity proposal from the 2026 annual meeting [1] - New York City Comptroller Mark Levine announced the settlement, which permits shareholders to vote on the breakdown of AT&T's 133,000-person workforce by race, ethnicity, and gender [1]

在客户服务软件制造商Salesforce公布稳健业绩，但其2027财年营收预期低于华尔街预测后，该公司股 价在周三盘后交易中下跌4%。 以下是该公司业绩与伦敦证券交易所集团（LSEG）共识预期的对比： 每股收益：调整后为3.81美元 vs． 预期3.04美元 营收：112.0亿美元 vs． 预期111.8亿美元 根据一份声明，Salesforce截至1月31日的第四财季营收同比增长12%。这是该公司两年来最快的增速。 该公司表示，已拨出500亿美元用于新的股票回购。截至周四收盘，Salesforce股价在2026年内已下跌约 28%，而同期标普500指数上涨了1%。 净利润为19.4亿美元，合每股2.07美元，高于去年同期的17.1亿美元，合每股1.75美元。调整后每股收益 剔除了基于股票的薪酬支出、购买的无形资产摊销和重组成本。 当前剩余履约义务（指已签约但未确认的营收以及将在未来一年确认为营收的未开票金额总和）为351 亿美元。该数字高于StreetAccount统计的345.3亿美元共识预期。 对第一财季的业绩指引包括：调整后每股收益3.11至3.13美元，营收110.3亿至110.8亿美元。接受LSE ...

Welcome back to opening bell. I'm Nicole Pedaly. So glad you're with us.Right now we're seeing some up arrows. The Dow's up 219 points. So it's been a pretty nice run.The Dow's up 10 months in a row. You'll take that. Not the NASDAQ though.It's having a tough month. Stephen Whiting's with us, co-founder and CIO at CIO Group. I'm glad you're with us.And I specifically sort of did that story about the Dow versus the NASDAQ because the NASDAQ in fact is having the worst month since last March. Um what's going ...

Group 1 - The technology stock trade has faced challenges in 2026, primarily due to fears surrounding artificial intelligence disruptions and a shift in investor interest towards lagging sectors [1] - The S&P 500 technology sector has declined by 3.5% year-to-date, marking its worst start since 2022 [1] - Software companies have been particularly affected, with the S&P 500 software and services index down 23% in 2026, the worst start on record for this group [1] Group 2 - Nvidia's upcoming quarterly report is seen as a critical test for the tech sector, as it is a key player in AI and its results could significantly impact the industry [1] - The semiconductor and hardware sectors have shown resilience, with gains of 7% and over 4% respectively in 2026, contrasting with the struggles of software companies [1] - The "Magnificent Seven" group of megacap stocks, including Nvidia, has had a mixed performance in 2026, with Nvidia being the best performer, up over 3%, while Microsoft has dropped nearly 20% [1] Group 3 - Despite the tech sector's struggles, it remains crucial for major benchmark indexes, holding a 33% weighting in the S&P 500, making it difficult for indexes to rise significantly without tech's support [1] - Other sectors such as materials and energy have performed well, with both climbing over 20% since the tech sector peaked in late October 2025 [1] - The overall market has remained relatively unchanged since late October, indicating that the tech sector's performance is pivotal for broader market movements [1]

Core Viewpoint - Workday's stock price fell approximately 10% due to increased macroeconomic uncertainty and a pessimistic revenue forecast, reflecting broader concerns in the software sector regarding spending cuts by enterprises [1] Group 1: Financial Performance and Forecast - Workday's subscription revenue for fiscal year 2027 is projected to be between $9.93 billion and $9.95 billion, which is below analyst expectations of around $10 billion [1] - The company's stock has declined about 40% year-to-date, exacerbated by fears that automation could impact traditional software revenue streams [1] Group 2: Market Dynamics and Competition - The software sector has experienced widespread sell-offs following the launch of new enterprise-level tools by AI startup Anthropic, raising investor concerns [1] - Piper Sandler analysts indicated that the performance guidance is unlikely to alleviate general investor worries about application-layer enterprises in the current environment of heightened scrutiny [1] Group 3: Leadership and Strategic Focus - Aneel Bhusri, co-founder of Workday, has resumed the role of CEO after stepping down in 2024, while continuing as chairman [2] - During the earnings call, Bhusri downplayed the notion that AI would replace traditional software [2] Group 4: Sales Cycle and Market Challenges - Workday reported elongated sales cycles, particularly in government, education, healthcare, and certain commercial markets, leading to delays in large enterprise transactions [1] - Despite the delays, most projects are still progressing, with some completed ahead of schedule in the first quarter [1]

导语 1月下旬以来，全球软件行业迎来了"末日抛售"。 2月24日周二，A股马年首个交易日，软件股延续年前跌势；20日港股马年首个交易日，软件股在农历 新年的第一声锣响中也一样延续年前跌势。几大软件巨头股价均从1月中旬的最高点跌去40%至50%。 隔夜美股（当地时间23日周一）出现惊悚一幕，国际商业机器公司（IBM）收盘下跌13.2%，收报 223.35美元，单日市值蒸发约310亿美元，创下2000年10月以来最大单日跌幅，今年以来累计下跌超过 了24%。原因是Anthropic周一宣布Claude Code新增功能，自动化完成COBOL现代化改造中最复杂的代 码探索与分析工作。 这又是一起"AI恐慌交易"。1月下旬以来，全球软件行业就迎来了"末日抛售"。标普500软件与服务指数 （包含微软、Adobe等约140家公司）跌幅最大超过18%，较2025年9月高点跌去约30%。 两大导火索 对全球软件业上市公司的这场抛售，有两个导火索。 你可能觉得这太逆天了，其实也没有那么逆天。比如你是外卖跑腿小哥，在APP上接单，和你直接打交 道的是这个APP，你并不认识下单的客户，只知道是个人。TA也许是另一个人的助理，帮TA ...

By Rashika Singh Feb 25 (Reuters) - A rout in Workday shares resumed on Wednesday after the HR and payroll software maker's soft sales forecast fanned investor worries about whether ‌the firm could stay competitive in the AI era, sending its shares spiraling to ‌a more than five-year low. The stock fell 8.3% in early trading and was on track to widen losses of about ​40% this year, triggered by concerns that the growing use of artificial-intelligence tools launched by companies such as Anthropic would er ...