2026년 2월 27일 · Unknown · financial · 출처 Yahoo Finance
Investors have been favoring artificial intelligence (AI) infrastructure while pulling back from software (IGV), as US stocks (^DJI, ^IXIC, ^GSPC) navigate renewed volatility.
Yahoo Finance Senior Reporter Ines Ferré chats with Market Domination host Josh Lipton about what's driving the AI "scare trade" and which sectors are and aren't benefiting from it.
To watch more expert insights and analysis on the latest market action, check out more Market Domination.
Video Transcript
00:00 Speaker A
The theme is is that there's still uneasiness in the market about what's happening with the software stocks, but the AI investing cycle, that's still intact and strategist are now separating the winners from the losers. Nvidia remains at the top of the winner's list even though the stock is pulling back today. The company is still viewed as the bellweather for the AI trade and its results really reinforce that infrastructure spending hasn't rolled over. Hyperscalers are expected to pour roughly 650 billion into infrastructure this year, and strategists agree that the pace of spending will slow eventually, yes, but not yet. And it's not just Nvidia, you're seeing the memory chip stocks, those have surged 55% year to date. Another sign that infrastructure plays are still seeing strong momentum. So the backbone of the AI buildout remains very much in place. Software though, that's a different story. The software ETF is down roughly 24% year to date. Salesforce is rebounding today after their earnings, but the stock is still down about uh 24% year to date, and Workday also was hit this week to a 5-year low. Uh that's following its results. So the concern is that AI could pressure traditional software or pricing models, especially those that are tied to what's called seat counts. That's if automation reduces head count, that will be a headwind for the industry.
01:32 Speaker B
Is Wall Street saying, okay, you know what? Enough, the bottom's in?
01:37 Speaker A
They're not saying that just yet, even though you do have Wall Street that's saying, yes, this sell off is overblown. But what Goldman Sachs actually commented on in a recent note is that near term, it's going to be very difficult to take the these concerns out of the market for software about AI disruption. But they are saying that investors will need to see multiple quarters of resilience, business resilience, defending margins, uh or much lower valuations before you're going to start seeing a lot of buying or a big rebound, a recovery, so to speak in the sector.
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