U.S. software stocks fell sharply in premarket trading after results from IBM and ServiceNow reignited concerns about how artificial intelligence could disrupt the sector.
IBM reported slower revenue growth in the first quarter, weighed down by weakness in its software division, particularly its Red Hat cloud unit. Growth in that segment slowed to 11.3%, sending the company’s shares down more than 7% before the opening bell, News.Az reports, citing Reuters.
ServiceNow also flagged challenges, saying its subscription revenue was affected by delays in deals in the Middle East linked to ongoing geopolitical tensions. Despite both companies beating analyst expectations on revenue and profit, the results failed to reassure investors.
Analysts say the focus is shifting from simply having an AI strategy to proving that it can generate real returns and integrate effectively into products and workflows. Concerns have been building since Anthropic introduced new AI tools earlier this year capable of automating tasks across industries such as marketing and data analytics.
The broader selloff extended across major software names. Shares of Microsoft, Adobe, CrowdStrike, Intuit, and Datadog all declined in premarket trading.
In contrast, semiconductor stocks moved higher, highlighting a widening gap in tech sector performance. Texas Instruments surged after issuing a strong forecast, while ON Semiconductor, Microchip Technology, NXP Semiconductors, and Analog Devices also posted gains.
The divergence reflects a broader trend in markets this year, as investors increasingly favor chipmakers benefiting directly from the AI boom, while software companies face pressure to demonstrate how AI will support, rather than disrupt, their business models.
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