To The Moon

Goldman Sachs has likened the current software sector to the newspaper industry upended by the internet in the early 2000s and the tobacco industry hit with stringent regulatory crackdowns in the late 1990s in its analysis. The firm argues that the ongoing valuation decline reflects not short-term earnings volatility, but a fundamental doubt over the sustainability of the software industry’s long-term growth and profit margins. Only when earnings expectations truly stabilize can stock prices complete the bottoming process. When Wall Street starts referring to software stocks as "the newspaper industry", the market’s fear of the AI impact has reached an extreme phase. According to the Zhuifeng Trading Desk, Goldman Sachs analyst Ben Snider and his team made a rare comparison in their newly