Enterprise software staged a violent rebound on July 27, and it settles nothing.

24/7 Wall St. tracked Workday +10%, ServiceNow +8%, Salesforce +7%, Adobe and Palantir each +7%, triggered by 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% YTD, Workday down 30%, ServiceNow off 45% over the past year, compression driven by the thesis that agents destroy per-seat licensing. One rotation day doesn't resolve that, and the same coverage warns the bounce reverses if chip sentiment recovers.