Adobe<\/a> jumped about 6%, while Salesforce<\/a> rallied 5%. ServiceNow<\/a>, HubSpot<\/a>, and Workday<\/a> rallied more than 7% each. Cybersecurity stocks also gained, with CrowdStrike<\/a>, Tenable<\/a>, and SentinelOne<\/a> each adding more than 6%.<\/p>\n The rally came as investors saw hope in a future peace deal<\/a> between Iran and the U.S.<\/p>\n Software stocks hit selloff mode this year on concerns that new AI tools from the likes of Anthropic and OpenAI will displace their longstanding business models. Fears of new cyber risks<\/a> have also pressured cybersecurity companies.<\/p>\n The worry is that AI models will allow customers to build websites, software, and apps within minutes, and eat away at software’s future growth and profit margins. Some of these models could also open up capabilities for hackers.<\/p>\n In recent months, tech executives have been quick to dismiss the concerns, calling them “overblown<\/a>.”<\/p>\n That’s done little to quell the sell-off.<\/p>\n So far this year, HubSpot has shed nearly half its market value, while Atlassian has slumped more than 60%. Several companies, including Atlassian<\/a>, have also cut employees<\/a> to fuel AI projects. <\/p>\n Oracle has lost more than a fifth of its value and ServiceNow has plummeted more than 40%.<\/p>\n The selloff is also contributing to panic in the private credit market, where software is a major borrower. Investors worry the selloff could lift default risks across the sector.<\/p>\n
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