The U.S. software stocks were a bit scattered today. $Snowflake(SNOW.US) and $Accenture(ACN.US) both fell 2-3 points, $Adobe(ADBE.US) was basically flat, and $Figma(FIG.US) rose slightly. All are in SaaS/software services, so why are the ones with louder AI stories not rising, while traditional software consulting is falling? It seems more like the market is re-evaluating "whose AI revenue can truly land on the financial statements"—those like $Figma(FIG.US) with clear AI integration on the product side can still hold up, while those like $Accenture(ACN.US) relying on AI consulting for transformation are being questioned about their short-term monetization pace. Within the Fed's hawkish window, the valuation digestion for high-multiple software stocks may not be over yet.