Few software names have been hit as hard by the market's artificial intelligence (AI) anxiety this year as Atlassian Corporation (NASDAQ: TEAM). The company behind popular workplace tools Jira and Confluence has seen its shares fall roughly 45% year to date, dragged down by fears that AI coding tools will make much of what it does redundant.
But that story is starting to look increasingly at odds with what the business is actually doing. Like many of its peers, far from being disrupted, Atlassian has actually been quietly repositioning itself at the center of how AI gets used inside software teams, and the stock has been grinding higher since April as a result.
