⚠️ Not just gold and silver, the US software stocks also experienced a major crash, facing the worst start to the year in years! As the Nasdaq approaches its all-time high, several traditional SaaS company stocks have recorded their largest weekly declines; it can be said that the release of Claude Cowork AI, with its unprecedented capabilities and rapid changes, has completely accelerated the divergence in performance between software stocks and other sectors of the tech industry! Over the past decade or so, the US software sector has benefited from a triple set of advantages: 1) Low interest rates → extremely low discount rates → maximized long-term cash flows; 2) SaaS model → high gross margins + high renewal rates → enabling a story of lifetime value; 3) Cloud transformation → market willing to pay a premium for certainty of growth. The typical phenomenon is: as long as you are SaaS + high growth + impressive ARR — even if you're not profitable, you can expect a valuation of 15–30 times. But after the advent of AI, the marginal cost of some software functions has approached zero, leading to a clear shift in capital—application layer SaaS → flowing into AI infrastructure + computing power + chips + platform-level models. Given this trend, no matter how cheap the stock price is or how large the decline, it seems there is currently no reason to hold software stocks!