⚠️ It's not just gold and silver; American software stocks have also crashed, facing the worst annual start in years!

As the Nasdaq approaches historical highs, several traditional SaaS companies' stocks have recorded their largest weekly declines;

It can be said that the release of Claude Cowork AI has showcased unprecedented capabilities and speed of change, completely accelerating the performance divergence of software stocks and other sectors in technology!

Over the past decade, the U.S. stock market's software sector has benefited from a triple dividend:

1) Low interest rates → Extremely low discount rates → Maximization of future cash flows

2) SaaS model → High gross margins + High renewal rates → The ability to tell a lifetime value story

3) Cloud transformation → The market is willing to give a premium for certain growth

The result is a typical phenomenon:

As long as you are SaaS + high growth + attractive ARR — even if you are not profitable, you can expect a valuation of 15–30 times.

However, with the emergence of AI, the marginal costs of some software functions have approached zero, leading to a noticeable shift in capital —

From application layer SaaS → Flowing into AI infrastructure + Computing power + Chips + Platform-level models

Following this trend, regardless of how cheap the stock price is or how large the decline is, it seems that there are currently no reasons to hold software stocks!

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