<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1779198592.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1672" height="941" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1779198592.png"/></p>
<p>周二，软件股大幅反弹，延续了在今年因担忧人工智能代理可能威胁传统企业软件提供商而受到强烈压力的行业复苏。</p>
<p>在美国，企业软件公司的股票普遍上涨，ServiceNow (NOW) 在前一交易日强劲反弹后领涨。</p>
<p>该股在周一上涨 8% 后，涨幅超过 5.6%，创下超过一年来的最佳单日表现。</p>
<p>Salesforce 上涨超过 3.6%，而 Workday 上涨约 4.75%。</p>
<p>Intuit 的股价也上涨了超过 4%。</p>
<p>这些涨幅出现在投资者转向软件公司之际，之前推动技术股反弹的半导体和硬件股票则受到抛售，软件公司的估值在最近几个月遭受重创。</p>
<h2>欧洲软件公司加入反弹行列</h2>
<p>在欧洲，软件股的复苏也十分明显，表现优于大盘。</p>
<p>德国软件巨头 SAP 上涨 6.2%，法国 IT 咨询集团 Capgemini 上涨 5%。</p>
<p>荷兰信息服务提供商 Wolters Kluwer 上涨 3.8%，德国建筑软件专家 Nemetschek 飙升 11%。</p>
<p>此次反弹标志着市场情绪的显著转变，之前投资者质疑生成性 AI 工具和自主代理是否会减少对传统企业软件的需求，导致该行业遭到大幅抛售。</p>
<h2>华尔街对 ServiceNow 持乐观态度</h2>
<p>然而，华尔街的重新乐观情绪帮助点燃了最新的反弹。</p>
<p>美国银行的分析师在周一重新覆盖 ServiceNow，并给予买入评级和 130 美元的目标价，认为该公司可能成为 AI 转型的受益者，而非受害者。</p>
<p>ServiceNow 此前因一份令人失望的财报而导致该行业疲软，报告引发了对客户支出放缓和软件需求整体前景的担忧。</p>
<p>自年初以来，其股价仍然下跌了大约 34%。</p>
<p>美国银行分析师 Tal Liani 表示，ServiceNow 在企业工作流程中的角色使其能够帮助公司管理和监控在组织内运行的 AI 代理。</p>
<p>他形容该公司在为 AI 驱动系统提供合规控制和业务规则方面发挥着 “关键任务” 的功能。</p>
<p>Liani 还指出，该公司正在从传统的基于座位的定价结构转向部分与 AI 消费挂钩的混合模式。</p>
<p>根据分析师的说法，管理层预计，转向更高层次 AI 套餐的客户将面临 20% 到 30% 的平均价格上涨。</p>
<p>最近的收购，包括网络安全公司 Armis 和 Veza，也被认为增强了 ServiceNow 的 AI 相关产品，并扩大了其市场机会。</p>
<h2>投资者减少对芯片制造商的投资</h2>
<p>与此同时，投资者继续减少对半导体股票的投资，此前这些股票在今年早些时候表现强劲。</p>
<p>iShares 半导体 ETF 在过去两个交易日下跌了 7.2%，创下自 2025 年 4 月以来的最差两日跌幅。</p>
<p>Janus Henderson 的投资组合经理 Ana Chkhikvadze 表示，半导体和硬件的回调帮助软件股票在相对基础上表现优异。</p>
<p>Tikehau Capital 的 Raphael Thuin 补充说，早期抛售后的低估值使软件公司变得越来越有吸引力，特别是许多公司似乎正在更积极地适应 AI 技术的快速崛起。</p>
<p>来自 ServiceNow 到 Salesforce：今天软件股为何反弹？的文章首发于 Invezz。</p>

工时公司

现在服务

赛富时

北美科技软件股指数 ETF - iShares

标普软件与服务 ETF - SPDR

<p>软件股在周二经历了显著反弹，ServiceNow 上涨超过 5.6%，此前一天上涨了 8%。其他公司如 Salesforce 和 Workday 也有所上涨。这一反弹发生在投资者将关注点从半导体股票转向软件公司之际，后者在人工智能担忧中被低估。美国银行的分析师重新给予 ServiceNow 买入评级，强调其在人工智能整合中的潜在收益。欧洲软件股也表现优于大盘，显示出该行业的更广泛复苏</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1779198592.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1779198592.png"/></p>
<p>Software stocks rallied sharply on Tuesday, extending a rebound in a sector that had come under intense pressure this year amid concerns that artificial-intelligence agents could threaten traditional enterprise software providers.</p>
<div class="lb-trans"><p>周二，软件股大幅反弹，延续了在今年因担忧人工智能代理可能威胁传统企业软件提供商而受到强烈压力的行业复苏。</p>
</div><p>In US, shares of enterprise software companies moved broadly higher, with ServiceNow (NOW) leading gains after a strong rally in the previous session.</p>
<div class="lb-trans"><p>在美国，企业软件公司的股票普遍上涨，ServiceNow (NOW) 在前一交易日强劲反弹后领涨。</p>
</div><p>The stock rose more than 5.6% after climbing 8% on Monday, marking its strongest one-day performance in over a year.</p>
<div class="lb-trans"><p>该股在周一上涨 8% 后，涨幅超过 5.6%，创下超过一年来的最佳单日表现。</p>
</div><p>Salesforce gained over 3.6%, while Workday advanced about 4.75%.</p>
<div class="lb-trans"><p>Salesforce 上涨超过 3.6%，而 Workday 上涨约 4.75%。</p>
</div><p>Intuit also traded more than 4% higher.</p>
<div class="lb-trans"><p>Intuit 的股价也上涨了超过 4%。</p>
</div><p>The gains came as investors shifted away from semiconductor and hardware stocks that had driven much of the technology rally earlier this year, instead rotating into software companies whose valuations had been battered in recent months.</p>
<div class="lb-trans"><p>这些涨幅出现在投资者转向软件公司之际，之前推动技术股反弹的半导体和硬件股票则受到抛售，软件公司的估值在最近几个月遭受重创。</p>
</div><h2>European software firms join the rally</h2>
<div class="lb-trans"><h2>欧洲软件公司加入反弹行列</h2>
</div><p>The recovery was also visible in Europe, where software shares outperformed the broader market.</p>
<div class="lb-trans"><p>在欧洲，软件股的复苏也十分明显，表现优于大盘。</p>
</div><p>German software giant SAP climbed 6.2%, while French IT consulting group Capgemini gained 5%.</p>
<div class="lb-trans"><p>德国软件巨头 SAP 上涨 6.2%，法国 IT 咨询集团 Capgemini 上涨 5%。</p>
</div><p>Dutch information-services provider Wolters Kluwer rose 3.8%, and German construction-software specialist Nemetschek surged 11%.</p>
<div class="lb-trans"><p>荷兰信息服务提供商 Wolters Kluwer 上涨 3.8%，德国建筑软件专家 Nemetschek 飙升 11%。</p>
</div><p>The latest rally marked a notable shift in sentiment for a sector that had been heavily sold off earlier this year as investors questioned whether generative AI tools and autonomous agents would reduce the need for conventional enterprise software.</p>
<div class="lb-trans"><p>此次反弹标志着市场情绪的显著转变，之前投资者质疑生成性 AI 工具和自主代理是否会减少对传统企业软件的需求，导致该行业遭到大幅抛售。</p>
</div><h2>Wall Street turns optimistic on ServiceNow</h2>
<div class="lb-trans"><h2>华尔街对 ServiceNow 持乐观态度</h2>
</div><p>However, renewed optimism from Wall Street helped spark the latest rebound.</p>
<div class="lb-trans"><p>然而，华尔街的重新乐观情绪帮助点燃了最新的反弹。</p>
</div><p>Analysts at Bank of America on Monday reinstated coverage of ServiceNow with a buy rating and a $130 price target, arguing that the company could emerge as a beneficiary of the AI transition rather than a casualty of it.</p>
<div class="lb-trans"><p>美国银行的分析师在周一重新覆盖 ServiceNow，并给予买入评级和 130 美元的目标价，认为该公司可能成为 AI 转型的受益者，而非受害者。</p>
</div><p>ServiceNow had previously contributed to the weakness in the sector after a disappointing earnings report raised concerns about slowing customer spending and the broader outlook for software demand.</p>
<div class="lb-trans"><p>ServiceNow 此前因一份令人失望的财报而导致该行业疲软，报告引发了对客户支出放缓和软件需求整体前景的担忧。</p>
</div><p>Its shares have still fallen roughly 34% since the start of the year.</p>
<div class="lb-trans"><p>自年初以来，其股价仍然下跌了大约 34%。</p>
</div><p>Bank of America analyst Tal Liani said ServiceNow’s role inside corporate workflows positions it to help companies govern and monitor AI agents operating across organizations.</p>
<div class="lb-trans"><p>美国银行分析师 Tal Liani 表示，ServiceNow 在企业工作流程中的角色使其能够帮助公司管理和监控在组织内运行的 AI 代理。</p>
</div><p>He described the company as serving a “mission-critical” function in providing compliance controls and business rules for AI-driven systems.</p>
<div class="lb-trans"><p>他形容该公司在为 AI 驱动系统提供合规控制和业务规则方面发挥着 “关键任务” 的功能。</p>
</div><p>Liani also pointed to the company’s transition from a traditional seat-based pricing structure to a hybrid model linked partly to AI consumption.</p>
<div class="lb-trans"><p>Liani 还指出，该公司正在从传统的基于座位的定价结构转向部分与 AI 消费挂钩的混合模式。</p>
</div><p>According to the analyst, executives expect customers moving into higher-tier AI bundles to face average price increases of 20% to 30%.</p>
<div class="lb-trans"><p>根据分析师的说法，管理层预计，转向更高层次 AI 套餐的客户将面临 20% 到 30% 的平均价格上涨。</p>
</div><p>Recent acquisitions, including cybersecurity companies Armis and Veza, were also cited as strengthening ServiceNow’s AI-focused offerings and expanding its market opportunity.</p>
<div class="lb-trans"><p>最近的收购，包括网络安全公司 Armis 和 Veza，也被认为增强了 ServiceNow 的 AI 相关产品，并扩大了其市场机会。</p>
</div><h2>Investors rotate away from chipmakers</h2>
<div class="lb-trans"><h2>投资者减少对芯片制造商的投资</h2>
</div><p>Investors meanwhile continued to trim exposure to semiconductor shares following a strong run earlier this year.</p>
<div class="lb-trans"><p>与此同时，投资者继续减少对半导体股票的投资，此前这些股票在今年早些时候表现强劲。</p>
</div><p>The iShares Semiconductor ETF has fallen 7.2% over the last two sessions, marking its worst two-day decline since April 2025.</p>
<div class="lb-trans"><p>iShares 半导体 ETF 在过去两个交易日下跌了 7.2%，创下自 2025 年 4 月以来的最差两日跌幅。</p>
</div><p>Janus Henderson portfolio manager Ana Chkhikvadze said the pullback in semiconductors and hardware was helping software stocks outperform on a relative basis.</p>
<div class="lb-trans"><p>Janus Henderson 的投资组合经理 Ana Chkhikvadze 表示，半导体和硬件的回调帮助软件股票在相对基础上表现优异。</p>
</div><p>Tikehau Capital’s Raphael Thuin added that lower valuations following the earlier selloff had made software companies increasingly attractive, particularly as many firms appeared to be adapting more aggressively to the rapid rise of AI technologies.</p>
<div class="lb-trans"><p>Tikehau Capital 的 Raphael Thuin 补充说，早期抛售后的低估值使软件公司变得越来越有吸引力，特别是许多公司似乎正在更积极地适应 AI 技术的快速崛起。</p>
</div><p>The post From ServiceNow to Salesforce: why are software stocks rallying today? appeared first on Invezz</p>
<div class="lb-trans"><p>来自 ServiceNow 到 Salesforce：今天软件股为何反弹？的文章首发于 Invezz。</p>
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从 ServiceNow 到 Salesforce：为什么软件股今天上涨？