As the world is all gung-ho about the new revolution spurred by ChatGPT, the new AI chatbot from OpenAI, new investments are flowing in the industry. Furthermore, the application development software market is estimated to grow at a CAGR of 23.5% until 2031.
However, despite the rosy long-term prospects, the industry is expected to remain under pressure in the near term due to the macroeconomic headwinds. While I think well-established industry players like Salesforce, Inc. (CRM) will be worth betting on, Robinhood Markets, Inc. (HOOD) and Matterport, Inc. (MTTR) could be best avoided considering their weak fundamentals.
