SaaS Stocks Under Pressure Amid Renewed AI Concerns Following Overnight US Software Selloff

Stock News04-24 10:18

Hong Kong's SaaS sector faced widespread pressure during the morning trading session. At the time of writing, MING YUAN CLOUD (00909) fell 3.21% to HK$2.11, CHINASOFT INT'L (00354) declined 2.79% to HK$3.49, and KINGSOFT (03888) dropped 2.22% to HK$23.74. The downturn follows a significant selloff in U.S. software stocks overnight, driven by renewed AI-related concerns. IBM's shares plummeted over 8% on Thursday, while ServiceNow witnessed a sharp decline exceeding 17%. IBM's latest earnings report revealed that its software business growth merely met expectations, with consulting services growing only 1% at constant exchange rates, raising market worries about AI's disruptive impact on traditional operations. Additionally, ServiceNow projected its full-year 2026 subscription gross margin at 81.5%, below the previous forecast of 82.1%. Analysts suggest these corporate results have reignited investor concerns about AI-induced disruption across the software sector.

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