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It has been quite the ride for investors in a range of software stocks lately. The rise of artificial intelligence (AI) is starting to have some negative consequences for a handful of companies that are now looking disruptable for the first time ever. To be honest, this wasn't the turn I expected to see — but this is where we're at during this point in the market cycle.
Indeed, I'm getting reminders of what the dot-com boom entailed. The recent decline in a range of previously high-flying growth stocks is notable and concerning, with some key names in the sector still down significantly from their recent peaks near the end of 2025.
