The US market is quite interesting or volatile this week, even though S&P 500 is relatively unchanged while QQQ dropped 2%.
Basically, in this week, some tech stock prices and software stock prices have been declining due to
1) Sell off in gold/silver drawing liquidity away from market
2) Anthropic new legal AI assistant drawing investors' attention to possibility of AI disrupting software
3) High capex announced by MSFT, Goog, Amazon, Meta -> leads to lower share prices for MSFT and Amazon
4) Sell off in Bitcoin (prices dropped close to $60K) drawing liquidity away from market
On AI disrupting software, my thoughts are that AI lowers the barriers of entry to software, leading to more competitors. And, more competitors kill margin. E.g. There can be more startups using AI to enter software space. Big software companies could use AI to add functions and encroach another software company's area.
In short, I do not own any software stocks. Neither am I looking to buy any software stocks. Probably except Microsoft, which I may buy if its share price dropped lower.
There are two interesting webpages on the AI disruption
https://stratechery.com/2026/microsoft-and-software-survival/
https://csunerd.substack.com/p/the-doom-and-loom-of-today