Stocks
AI Selloff Fuels Rotation into Enterprise Software
ServiceNow's stock surged 5% to $139.62 in early Monday trading, while Adobe rose 4% to $261.90 and Salesforce gained 3% to $254.82.
The three names are leading a rotation into enterprise software as the broader artificial intelligence (AI) complex sells off.
Anthropic CEO Dario Amodei's weekend essay urging frontier AI labs to slow the pace of model capability development is being read two ways at once: as relief for enterprise software vendors and as pressure on chipmakers and AI infrastructure names carrying heavy capital-expenditure expectations.
The Federal Reserve's rate decision later this week could determine whether the software-semiconductor split holds, with Salesforce's Dreamforce conference featuring Amodei as a guest.