Snowflake's stock surged 11.01% during intraday trading on Monday, leading a broad rally in software and cybersecurity names.
The surge comes as investors are beginning to see opportunity in software stocks following a weekslong sell-off. Wedbush analyst Dan Ives noted that fears about artificial intelligence displacing software companies are overblown, creating a value opportunity. "They're painting the whole sector with the same brush, and I think that's been the opportunity to buy some of the winners at garage sale prices," Ives said, adding that value investors are now picking up software stocks.
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