Apr. 14 at 3:09 PM
The rally built on Monday’s broad bounce in software stocks, which boosted Oracle nearly 13%. ServiceNow
, Palantir
and Applovin
gained 3% on Tuesday, while HubSpot
and Unity Software
jumped more than 4%. Salesforce
and Adobe
added more than 1%.
Over the last few months, software stocks have tumbled as concerns mount that new artificial intelligence tools will upend their business models. The selloff has also sparked worries of rising default risks in private credit, a major lender to the sector.
Oracle expanded its capacity partnership with Bloom Energy on Monday, days after receiving a warrant to purchase
$400 million of the fuel cell power company’s stock.
$ORCL $BE $APP $PLTR