---
title: "从 “稻草人” 到 “钢铁人”，高盛列出了 7 个关于软件的空头案例辩论"
description: "相较于之前的软件行业调整，2026 年迄今的调整明显与终端价值的讨论紧密相关：市场并不是在分析短期需求趋势的变化或更高利率的数学影响，而是在质疑软件的护城河和商业模式"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/276520404.md"
published_at: "2026-02-21T21:57:18.000Z"
---

# 从 “稻草人” 到 “钢铁人”，高盛列出了 7 个关于软件的空头案例辩论

> 相较于之前的软件行业调整，2026 年迄今的调整明显与终端价值的讨论紧密相关：市场并不是在分析短期需求趋势的变化或更高利率的数学影响，而是在质疑软件的护城河和商业模式

**Relative to prior Software sector corrections, the 2026 YTD one is squarely anchored to terminal value debates**: instead of analyzing a change in near-term demand trendline or the mathematical impact of higher interest rates, the market is questioning software moats and business models.

### Related Stocks

- [GS-A.US - GOLDMAN SACHS GROUP INC DEP SHR REP 1/1000TH PFD SER A](https://longbridge.com/zh-CN/quote/GS-A.US.md)
- [GS-D.US - GOLDMAN SACHS GROUP INC DEP REP 1/1000TH PRF D](https://longbridge.com/zh-CN/quote/GS-D.US.md)
- [GS-C.US - GOLDMAN SACHS GROUP INC DEP SHS REPSTG 1/1000TH PRF SER C](https://longbridge.com/zh-CN/quote/GS-C.US.md)
- [GS.US - 高盛](https://longbridge.com/zh-CN/quote/GS.US.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| Goldman Sachs plans to drop diversity factors from board candidate criteria, WSJ reports | Feb 16 (Reuters) - Goldman Sachsis preparing to remove race, gender identity, sexual orientation, and other diversity fa | [Link](https://longbridge.com/zh-CN/news/276088526.md) |
| Raksul raises Goldman-backed MBO bid 11%, extends tender period | Raksul has increased its buyout offer to 1,900 yen per share from 1,710 yen and extended the tender period to March 9. T | [Link](https://longbridge.com/zh-CN/news/276301837.md) |
| JP Morgan Research says: 'Broken logic' is driving this software stock sell-off | The market might be overreacting to AI-driven fears about software stocks. | [Link](https://longbridge.com/zh-CN/news/276119883.md) |
| REG - Goldman Sachs (EPT) Wood Group (John) PLC - Form 8.5 (EPT/RI) - WOOD GROUP (JOHN) PLC | Goldman Sachs International disclosed its dealings in Wood Group (John) PLC under Rule 8.5 of the Takeover Code. On Febr | [Link](https://longbridge.com/zh-CN/news/275913601.md) |
| Goldman Sachs to remove DEI board hiring standards amid policy shift | Goldman Sachs is set to eliminate DEI (Diversity, Equity, and Inclusion) hiring standards for its board of directors, as | [Link](https://longbridge.com/zh-CN/news/276120632.md) |

---

> **免责声明**：本文内容仅供参考，不构成任何投资建议。