---
title: "從 “稻草人” 到 “鋼鐵人”，高盛列出了 7 個關於軟件的空頭案例辯論"
description: "相較於之前的軟件行業調整，2026 年迄今的調整明顯與終端價值的討論緊密相關：市場並不是在分析短期需求趨勢的變化或更高利率的數學影響，而是在質疑軟件的護城河和商業模式"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/276520404.md"
published_at: "2026-02-21T21:57:18.000Z"
---

# 從 “稻草人” 到 “鋼鐵人”，高盛列出了 7 個關於軟件的空頭案例辯論

> 相較於之前的軟件行業調整，2026 年迄今的調整明顯與終端價值的討論緊密相關：市場並不是在分析短期需求趨勢的變化或更高利率的數學影響，而是在質疑軟件的護城河和商業模式

**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.

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