Software stocks crash, storage crisis, Apple hits new high: Has the AI investment logic changed at the beginning of 2026?

Last night, the U.S. stock market experienced a major earthquake. It wasn't just Microsoft—the entire software sector (SaaS) is undergoing a brutal "repricing." Here are the key takeaways for your reference:

The Twilight of SaaS?

Software used to rely on "selling seats" for revenue. Now, AI agents can do the work of ten people, completely undermining the seat-based pricing model. The sharp drops in ServiceNow and Salesforce aren't due to poor performance—it's the market doubting whether their business models can survive the AI Agent revolution.

The Tyranny of Memory Chips:

Samsung and SK Hynix have shifted all their production capacity to HBM for AI, causing a surge in prices for mobile and PC memory. Lenovo and Dell have already raised prices, and the Nintendo Switch 2 is likely to be more expensive too. Memory is at the peak of this cycle, but cyclical stocks have no bottom—stay cautious even in times of greed.

Apple’s Cook-Style Earnings:

Record revenue, with Greater China shining! Cook remains the king of supply chains. But concerns linger: AI phones haven’t shown a qualitative leap yet, and with Cook’s retirement looming, how long can Apple’s "peak efficiency" last?

Macro Noise:

Government shutdowns are an old script for U.S. stocks. This time, the dispute is over Homeland Security funding. If Trump offers some compromise on immigration, it’ll likely be a false alarm—no need to panic.

Bottom Line:

In the second half of AI investing, focus on production capacity for hardware and moats for software. Avoid SaaS companies with weak competitive advantages for now.

$Microsoft(MSFT.US) $Apple(AAPL.US) $NVIDIA(NVDA.US) $ServiceNow(NOW.US)