Feb. 13 at 5:44 PM
Midday: Goldman launched a new long/short software basket to trade the AI disruption split — long names viewed as harder to displace (infrastructure, cybersecurity, cloud platforms), short names where workflows can be automated or rebuilt in-house. The call follows the recent AI-driven software selloff and argues this is now a dispersion market, not a one-way sector move. Valuations have reset hard, but earnings expectations haven’t fully broken yet.
Tickers:
$MSFT $PANW $CRM
Our view is this is a stock-picker regime - own mission-critical software with data/compute/security moats, and stay cautious on app-layer names with weak differentiation and AI substitution risk. If AI capex stays strong, quality “picks-and-shovels” can outperform even in a choppy tape.