Software stocks having their best month since 2001 — ride the momentum on ServiceNow, Palantir, and Snowflake
Software stocks just had their best month in 25 years. The panic that AI would kill software companies has flipped into a buying frenzy — Snowflake, Okta, ServiceNow, and Palantir are all surging as investors realize AI is actually boosting their businesses.
Idea
The fear trade on software — the so-called 'SaaSpocalypse' — has fully reversed. ServiceNow is up 40% this month, Snowflake and Okta hit record highs this week, and Palantir just jumped another 10% after Dell's earnings proved AI server demand is real and growing. When an entire sector goes from hated to beloved this fast, money managers who missed the rally start chasing, which fuels even more upside. The software rally has broad participation and is backed by real earnings beats, not just hype.
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News sources
- Software stocks wrap up best month since 2001 as talk of 'SaaSpocalypse' subsides — CNBC
- ServiceNow's stock soars toward historic month as AI fears fade across software — MarketWatch
- Palantir Soars 10% as Dell Earnings Beat Validates Their AI Factory Partnership, Snowflake Lifts Software Rally — Yahoo Finance