登录新浪财经APP 搜索【信披】查看更多考评等级 贵金属板块炒作退潮、比特币行情暴跌、美国劳动力市场显露疲态，这些利空因素并非源于股市本身， 但叠加软件企业的估值重估，足以撼动这场由人工智能驱动的牛市根基。尽管上周五的反弹推动标普 500 指数收复本周跌幅，市场整体仍未崩塌，但这种在普跌后的反弹，往往出现在市场长期承压的阶 段。细看美股市场全貌，各类裂痕依然存在，也促使投资者不断加码，对冲后续下行风险。 "当投资者开始恐慌时，全球金融市场中估值最过高的板块往往最先承压，" 豪睿投资研究与量化策略 主管迈克・迪克森表示。 本周早些时候的市场动荡令美股市值蒸发超 1.5 万亿美元，也让投资者开始质疑诸多市场底层假设：美 国经济真的强劲到足以支撑股市再迎一年两位数涨幅吗？人工智能带来的生产率提升愿景，是否反而会 对多个行业造成严重冲击？散户投资者是否在扭曲市场，将避险资产变成高风险标的？ 这种不确定性引发软件股剧烈震荡，而受影响的远不止这一板块。以大型科技股为主的动量股遭遇疫情 以来最惨烈的单日暴跌；贵金属矿业股随黄金、白银、铜价走出网红股式的疯狂震荡；借比特币热潮崛 起的相关企业，在新一轮加密货币震荡中遇冷；即便 ...

每经记者｜岳楚鹏 宋欣悦 兰素英 郑雨航 每经编辑｜何小桃 兰素英 易启江 ◆ 2026年，开源AI智能体OpenClaw爆火，不仅能"接管"电脑执行复杂任务，还催生了"AI租赁人类"平台等生态。加上Anthropic、OpenAI接连推出智能体 相关工具和模型的影响，市场担忧AI智能体将颠覆传统软件需求与定价模式，美股软件行业遭遇大幅抛售，市值一度蒸发近万亿美元。专家认为，软件 业崩解已开始，不仅如此，AI智能体还开启了人类向智能体的权利让渡。 ◆ 美伊核谈判"暂时"结束，伊朗绝不接受"不得进行铀浓缩活动"，特朗普：下周再次谈判；英伟达单日大涨近8%，黄仁勋：科技企业的巨额支出合理且 可持续；爱泼斯坦案文件牵出更多欧美政商名流；削减电动车领域布局，欧洲汽车巨头一度大跌30%；SpaceX吞并xAI，特斯拉股东怒斥，华尔街吵翻； 马斯克：36个月内，太空太阳能电池板将成首选；道指首次升破5万点，白银周跌超8%，比特币一日反弹10000美元。 AI开始"租赁"人类？OpenClaw横空出世， 专家警告：你的世界正在被"接管" 2026年开年，科技界与金融界同时见证了一场颠覆性的"变局"。 一边是荒诞的科幻照进现 ...

编辑： KingHZ 桃子 【导读】 又崩了！ 硅谷软件巨头短短一夜， 蒸发 3000亿美金，过去一周全球近万亿美金没了。令人想不到的是，罪魁祸首竟是Anthropic推出的一 款插件。 瞳孔地震！一夜之间，全球软件股集体跳水，蒸发3000亿美金。 如今，整个硅谷都在说： 软件（SaaS）已死！ 起因竟是，Anthropic为Claude Cowork植入「插件」（plugins）功能。仅凭一己之力，凌迟老牌巨头公司。 摩根大通发文称：Anthropic正在吞噬整个世界，让Saas商业模式崩塌，且无处可藏！ 美股方面，周三开盘不久后，甲骨文重挫4.2%。 随之，其他软件巨头也纷纷走低：Adobe下跌 2.6%，Salesforce跌3.3%，Atlassian跌3%...... 仅在当地时间周二交易中，短短24小时，软件、法律科技、数据服务公司市值蒸发了约2850-3000亿美元。 路透称，自1月28以来，软件和服务的股价蒸发近8300亿美元。 注意！这还不是「新模型」，仅是11款「新插件」。 它们直接统领了财务、销售、法律各行各业，不用嵌套在软件中运行，AI直接把软件取而代之。 这是破天荒第一次，一家做底层 ...

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]

Investors interested in Internet - Software stocks are likely familiar with DocuSign (DOCU) and Autodesk (ADSK) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to ...

Group 1: AI Chatbot Market Dynamics - OpenAI's ChatGPT currently holds 68% of the AI chatbot market, a decrease from 87.2% a year ago, while Google's Gemini has rapidly increased its market share to 18.2% from 5.4% in January 2025 [2] - The competition in the generative AI chatbot space is intensifying, particularly with the success of Gemini [1] Group 2: Investment and Valuation Trends - SoftBank is in discussions to invest up to $30 billion in OpenAI's latest funding round, which could elevate OpenAI's valuation to approximately $830 billion [2] - Anthropic has raised its revenue forecast for 2026 by 20% to $55 billion, indicating strong growth potential in the AI sector [3] Group 3: Emergence of Agentic AI - 'Agentic AI' represents a new wave of AI technology capable of achieving complex goals with minimal human oversight, exemplified by the Clawdbot (now Moltbot) [5] - The rise of agentic AI is causing traditional software stocks to face selling pressure as investors anticipate disruption [5] Group 4: Corporate Investments and Stake Valuations - Zoom has seen its shares surge following its $53 million investment in Anthropic, with its stake now valued at least $2 billion [4] - Other major tech companies, including Amazon, also hold stakes in Anthropic, reflecting the growing interest in AI technologies [4]

Core Viewpoint - DocuSign is expected to report positive earnings growth and revenue increase in its upcoming financial results, despite recent stock underperformance compared to the broader market and its sector Financial Performance - In the upcoming earnings report, analysts anticipate DocuSign to post earnings of $0.95 per share, reflecting a year-over-year growth of 10.47% [2] - The Zacks Consensus Estimate for revenue is projecting net sales of $827.15 million, which is an increase of 6.56% from the previous year [2] - For the full year, the Zacks Consensus Estimates predict earnings of $3.79 per share and revenue of $3.21 billion, indicating year-over-year changes of +6.76% and +7.83% respectively [3] Analyst Estimates - Recent changes to analyst estimates for DocuSign suggest positive short-term business trends, which are generally viewed as favorable for the company's outlook [3] - The Zacks Rank system, which reflects these estimate changes, currently rates DocuSign as 3 (Hold) [5] Valuation Metrics - DocuSign is trading with a Forward P/E ratio of 14.64, which is below the industry average Forward P/E of 23.28, indicating a potential discount [6] - The company has a PEG ratio of 1.02, compared to the Internet - Software industry's average PEG ratio of 1.37, suggesting that DocuSign's stock may be undervalued relative to its expected earnings growth [7] Industry Context - The Internet - Software industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 77, placing it in the top 32% of over 250 industries [7] - The Zacks Industry Rank indicates that the top 50% rated industries tend to outperform the bottom half by a factor of 2 to 1 [8]

Company Performance - DocuSign (DOCU) stock increased by 2.62% to $57.50, outperforming the S&P 500's daily gain of 0.55% [1] - Over the past month, DocuSign shares have declined by 19.54%, underperforming the Computer and Technology sector's gain of 0.04% and the S&P 500's gain of 0.71% [1] Earnings Expectations - Analysts expect DocuSign to report earnings of $0.95 per share, reflecting a year-over-year growth of 10.47% [2] - The consensus estimate for quarterly revenue is $827.15 million, which represents a 6.56% increase from the previous year [2] Annual Forecast - Zacks Consensus Estimates project earnings of $3.79 per share and revenue of $3.21 billion for the year, indicating changes of +6.76% and +7.83% respectively compared to the previous year [3] Analyst Estimates - Recent modifications to analyst estimates for DocuSign indicate shifting business dynamics, with upward revisions suggesting analysts' positive outlook on the company's profitability [4] Stock Performance Correlation - Research shows that revisions in estimates correlate with stock price performance, and the Zacks Rank model utilizes these changes to provide an operational rating system [5] Zacks Rank and Valuation - DocuSign currently holds a Zacks Rank of 3 (Hold), with a Forward P/E ratio of 14.8, which is lower than the industry average Forward P/E of 23.12 [6] - The PEG ratio for DocuSign is 1.04, compared to the Internet - Software industry's average PEG ratio of 1.39 [7] Industry Ranking - The Internet - Software industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 73, placing it in the top 30% of over 250 industries [7][8]

Core Insights - DocuSign (DOCU) stock has experienced a significant decline of 20.7% in less than a month, dropping from $70.43 on December 22, 2025, to $55.82 currently, raising the question of whether this dip presents a buying opportunity [2] - Historically, the median return for DOCU stock in the 12 months following sharp declines (defined as a drop of 30% or more within 30 days) has been -26%, with a median peak return of 31% [2][8] Historical Performance - Since January 1, 2010, DOCU has encountered five instances where the stock price fell by 30% or more within a 30-day period [5] - The median duration to achieve peak return following a dip event is 30 days [8] - The median maximum drawdown within one year of a dip event for DOCU is -42% [8] Financial Quality Assessment - It is essential to evaluate revenue growth, profitability, cash flow, and balance sheet strength to determine if a dip indicates a decline in business health for DOCU [5]

Core Viewpoint - DocuSign's stock has experienced a decline, and the investment community is closely monitoring its upcoming earnings performance, which is expected to show growth in both earnings per share and revenue [1][2]. Group 1: Stock Performance - In the latest trading session, DocuSign (DOCU) was down 5.03% at $56.69, which was a smaller decline compared to the S&P 500's loss of 0.06% [1]. - Prior to the recent trading, DocuSign shares had lost 13.99%, underperforming the Computer and Technology sector's gain of 2.88% and the S&P 500's gain of 1.99% [1]. Group 2: Earnings Estimates - The upcoming earnings release for DocuSign is projected to show earnings per share (EPS) of $0.95, reflecting a 10.47% increase from the same quarter last year [2]. - Revenue for the same quarter is estimated at $827.15 million, indicating a 6.56% rise from the equivalent quarter last year [2]. Group 3: Full Year Projections - For the full year, Zacks Consensus Estimates project earnings of $3.79 per share and revenue of $3.21 billion, showing increases of +6.76% and +7.83% respectively from the previous year [3]. - Recent revisions to analyst forecasts for DocuSign are important, as positive revisions indicate analyst optimism about the company's business and profitability [3]. Group 4: Valuation Metrics - DocuSign currently has a Forward P/E ratio of 15.77, which is lower than the industry average of 23.54, suggesting that DocuSign is trading at a discount [6]. - The company has a PEG ratio of 1.1, compared to the Internet - Software industry's average PEG ratio of 1.42 [6]. Group 5: Industry Context - The Internet - Software industry, which includes DocuSign, has a Zacks Industry Rank of 57, placing it in the top 24% of over 250 industries [7]. - Strong industry rankings are correlated with performance, with the top 50% of rated industries outperforming the bottom half by a factor of 2 to 1 [7].