Software stocks rebounded sharply on Friday, with ServiceNow rising nearly 10%, Workday gaining 9.2%, and Microsoft, Salesforce, and Adobe up 5.8%, 5.5%, and 4.8% respectively. The New York Times reported that OpenAI may delay its initial public offering until next year, partly due to financial challenges, easing concerns about AI-driven competition for specialized software providers.
Investors rotated profits from chip stocks following strong semiconductor gains earlier in the week. The iShares Semiconductor ETF declined 5.6% Friday, while the iShares Expanded Tech-Software ETF recovered from a 16.5% year-to-date decline.
