Dan Ives Says Software Stocks Just Saw Their Most Disconnected Sell-Off Since the Late 1990s. Here's Why He's Still Bullish.
Microsoft, Salesforce, and ServiceNow continue to see strong demand, despite the sell-off in their share prices.
Overview
Software stocks have taken a beating this year over fears of competition from artificial intelligence (AI). Shares of Microsoft (NASDAQ: MSFT), Salesforce (NYSE: CRM), and ServiceNow (NYSE: NOW) have underperformed the broader market this year, down as much as 29% year to date as of this writing.
But in a CNBC appearance earlier this year, top tech analyst Dan Ives saw the sell-off as the most disconnected from business fundamentals he has seen since the late 1990s. Recent earnings results have supported Ives' bullish view and suggest Wall Street might be wrong to discount these stocks.
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Originally published at www.fool.com.