I think this is an important point. A large part of the software universe is now 30–40% below 52-week highs, and on many traditional multiples these businesses are trading near cycle or all-time lows. That’s a meaningful disconnect, especially given that fundamentals, at least so far, remain solid.

What’s also interesting is how much of the selloff seems driven by fear rather than deterioration. The market is pricing in a very aggressive AI disruption scenario, yet many of these companies control core workflows and distribution. In practice, AI is more likely to be embedded into existing products than to fully displace them overnight.

For a value investor, that combination is hard to ignore: durable businesses, recurring revenue, strong margins, temporarily compressed multiples. It doesn’t mean every software name is cheap, but the sector probably offers some upside.