Veteran Tech Analyst Says Market Has Wrongly Left Software for Dead in AI Rotation

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โดย Bloomberg·Read original
Summary · why it matters

Richard Windsor, founder of Radio Free Mobile, argues that the recent selloff in AI chip stocks like NVIDIA and Micron Technology reflects rate sensitivity in high-beta names rather than a collapse in AI demand, and that software incumbents such as Salesforce and Adobe are now underpriced. NVIDIA shares have fallen 12.46% over the past month to $194.83 despite fiscal Q1 2027 revenue of $81.62 billion, while Micron dropped 19.61% in the past week to $975.56 even after posting fiscal Q3 2026 revenue of $41.46 billion. Windsor contends that the market has overshot on software by assuming AI will eliminate application demand, pointing to Salesforce's Agentforce ARR reaching $1.2 billion and Adobe's AI-first ARR exceeding $500 million as evidence of real AI monetization. He also highlights that compute demand still far outstrips supply, citing premium prices charged by private compute reseller Axiom to Anthropic and Google. The analyst suggests that if current trends hold, today's discounted software valuations may present an opportunity for investors looking beyond the near-term rotation.

Impact on stocks 6

Artificial Intelligence▲ · 5 stocks
Adobe Systems Incorporated
ADBE
▲ PositiveDemandCapitalrelevance

Article highlights Adobe's AI-first ARR exceeding $500 million as evidence of real AI monetization, suggesting the market has undervalued the stock.

Salesforce.com Inc
CRM
▲ PositiveDemandCapitalrelevance

Article highlights Salesforce's Agentforce ARR reaching $1.2 billion as evidence of real AI monetization, suggesting the market has undervalued the stock.

NVIDIA Corporation
NVDA
± MixedMonetaryCapitalrelevance

Article attributes NVIDIA's recent drop to rate sensitivity in high-beta names, not a collapse in AI demand, but does not provide a clear positive or negative catalyst.

Semiconductors▲ · 1 stocks
Micron Technology Inc
MU
± MixedMonetaryCapitalrelevance

Article attributes Micron's recent drop to rate sensitivity in high-beta names, not a collapse in AI demand, but does not provide a clear positive or negative catalyst.

Theme Impact 7

Off-coverage companies 1

AnthropicPrivate± Mixed
relevance

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