The software selloff looks overdone, as AI seems to be creating dispersion rather than killing software. All 13 S&P 500 software companies that have reported so far beat EPS estimates, and software stocks are up about 40% from their April lows. x.com 

Software stocks may benefit from the AI displacement trade's complete reversal through 2026: instead of AI supposedly displacing traditional software companies, software companies could potentially displace the AI trade itself. x.com 

Software stocks have no real bull case; their recent strength is purely positioning-driven, so after perhaps a couple more weeks of gains they should resume falling. x.com 

Software stocks look poised to rebound after being deeply oversold, with the data turning bullish. Breadth across 41 software names flipped from under 5% to 82.5% above their 10-day averages in three weeks, oversold readings hit 90.1 and stress eased to 35.6. Models put the 3-day probability of a rise at 85% and the 20-day crash probability at just 6.5%, with six of nine models bullish and global liquidity supportive. Leaders include Oracle, AppLovin and Microsoft. x.com  x.com  x.com  x.com  x.com  … Show more

Software stocks should keep grinding higher as the market reduces the AI fear factor. Much of the software rally since the April lows was just erasing past losses, and many names remain well below their all-time highs. Since those lows, software has risen almost as much as semiconductors with about 10x less noise. x.com 

The rally in US software stocks is really long in the tooth, if anyone is still left who believes AI alternatives run by one- or two-person shops can cannibalize a lot of software. x.com 

SaaS will have its time in the sun again, and now, while it is still hated, is the time to pick favorites and build positions. Bearish sector narratives don't last forever, and the view that all SaaS is being disrupted should ease somewhat this summer, though multiples may not return to prior levels. Some SaaS names have little moat against Anthropic and peers, but many, especially cybersecurity and Palantir, are strengthened by the agentic push. x.com  x.com  x.com 

Software is flexing its muscles, showing AI is not killing the sector. Twilio, Atlassian, Cloudflare and JFrog all showed better-than-expected fundamental strength, setting software up for a strong session. x.com  x.com 

Software stocks keep getting sold off even as software revenues keep climbing. x.com 

Anthropic's S-1 and @UncleAlpha007's claim that Microsoft is growing despite a 27% headcount cut have turned the near-term tech-equity view bullish. At least a tradable rally is expected; further upside depends on Iran developments and PCE. Stay nimble. x.com  x.com