Markets
Enterprise Software Staged a Violent Rebound on July 27: Workday +10%, ServiceNow +8%, Salesforce +7%
Money rotated out of AI chips and into oversold software on Monday July 27, with Workday up 10% to $149, ServiceNow up 8% to $107, Salesforce up 7% to $176, and Adobe and Palantir each up 7%. The trigger was NVIDIA and AMD dropping 5-7% on a report that NVIDIA is guaranteeing OpenAI data-center financing. The context matters more than the day: Salesforce is still down 33% year to date, Workday down 30% YTD, and ServiceNow off 45% over the past year, compression driven by the 'SaaSpocalypse' thesis that agents destroy per-seat licensing. A single rotation day does not settle that argument, and the same coverage warns the bounce reverses if chip sentiment recovers.
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