It's no secret that software exposures are historically low while semi exposures are elevated, and this extreme move shows the pain of this unwind, write the analysts.
The idea of investors now rotating out of hardware in order to buy beaten down software names is an intriguing one. With some hardware names, such as ARM Holdings, having elevated valuations, to say the least, why not swap them for software.
The Jefferies software and services people also unleashed two large reports on the effects of artificial intelligence on the payments business-Visa, Mastercard, etc.-and the IT services field.
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