저자: DanIves · 외국인
요약 보기
AI 혁명의 핵심은 소프트웨어이며, 소프트웨어 섹터는 SaaS 우려로 고점 대비 최대 50% 급락해 세대적 저점 매수 기회다. Oracle(OCL), Salesforce(CRM), ServiceNow(NOW) 3종목을 바닥권 유망주로 제시. Oracle은 RPO 5,235억 달러, 2026년 2분기 클라우드 인프라 매출 66% 증가, PER 20배 미만. Salesforce는 Agentforce ARR 5.4억 달러, 영업이익률 34.1%, P/CF 약 13배. ServiceNow는 구독 매출 21% 성장, RPO 25% 성장, Now Assist ACV 6억 달러 돌파, 고점 대비 49% 하락.
다듬은 글
It's a generational type of opportunity in terms of what's happening to software. I think the hearts and lungs of the AI revolution will be in software. Now look, right now it's data center buildout, GPUs. I mean, you're still in the early days of this what what's going to be a 10-year buildout, but software is going to be key to the use case.
In my career, it's I think it's the most disconnected call that I've ever seen. Investors thinking that software is not going to play a huge part of the AI revolution given how integrated they are in enterprises in the stack. You look at the hundred thousands of customers as these use cases play. You haven't seen it today, but in the next 6 9 12 18 months, I think what Jensen talked about is exactly right.
You cannot paint all of them with the same brush. The software sector is currently witnessing what Wedbush's Dan Ies describes as a generational dislocation. A brutal sell-off that has seen several enterprise giants tumble as much as 50% from their 2025 highs. While the broader market remains obsessed with the shovels of the AI revolution, the GPUs and data centers, the hearts and lungs of this 10-year buildout are being discarded.
Investors are panic selling on fears of SAS disintermediation. But the data suggests a massive disconnect between price and fundamental reality. We are seeing high conviction market leaders now trading at staggering valuations as low as 15 times forward earnings despite maintaining robust double-digit growth in their multi-billion dollar backlogs.
This isn't a death sentence for software. It's a guilty until proven innocent phase that creates a rare entry point for disciplined investors. Ives argues this is a godscent dip because the enterprise stack is not being replaced. It is being supercharged. With recurring revenue streams and current remaining performance obligations consistently showing doubledigit momentum, these valuation multiples are expected to compress even further once these companies report their next cycles of AI monetization.
Today we break down three perfect AI software stocks, including a dominant cloud provider and the operating system for enterprise workflows that are the best bargains in this new era. Let's begin our deep dive with the first stock on our list, Oracle Corporation, ticker symbol OCL. A titan that has recently undergone what can only be described as an unbelievable roundtrip in price action.
After hitting stratospheric highs in September 2025, the stock endured a brutal 52% haircut through early 2026, essentially returning to its previous year's lows and forming what looks like a rockolid long-term bottom near the $156 mark. This capitulation has compressed Oracle's valuation to under 20 times forward earnings, the lowest multiple seen since early 2025, creating a massive disconnect between the stock price and the underlying fundamental explosion in AI demand.
The narrative driving this sell-off was largely centered on funding fears, but those concerns were effectively silenced recently. Oracle's record- setting $25 billion bond sale was met with a staggering $129 billion in orders, proving that institutional appetite for Oracle's credit remains insatiable, even as it navigates a highly leveraged balance sheet with over $110 billion in net debt.
This capital is the vital fuel for Oracle's gargantuan $523 billion backlog in remaining performance obligations, which has skyrocketed over 430% year-over-year. Crucially, $300 billion of that backlog is tied directly to OpenAI, positioning Oracle as a premier infrastructure provider for the world's most consequential AI models.
Beyond just being a landlord for GPUs, Oracle is successfully transforming into a full stack AI juggernaut. In the second quarter of 2026, cloud infrastructure revenue surged 66% to 4.1 billion while GPU related revenue exploded by a mind-blowing 177%. By architecting Agentic AI directly into their core database 26 AI, Oracle is enabling customers to run complex AI workflows without ever moving their data.
a massive competitive advantage in security and efficiency when you add the potential upside from the Tik Tok USA devestature where Oracle leads a consortium for a 15% stake and the anticipated $4 billion in incremental revenue from backlog conversion in fiscal 2027. The growth trajectory becomes clear.
Oracle is resting just above its 50-month moving average, signaling that for patient investors, the riskreward profile has shifted heavily in favor of the bulls as the AI eats software era truly begins. Moving right along to the second heavyweight on our list, Salesforce, ticker symbol CRM, we find perhaps the most misunderstood name in the current software sector.
While the market has hammered the stock, witnessing a brutal 40.7% decline over the past year, the underlying data tells a story of an AI giant that is just beginning to flex its muscles. The core of our bullish thesis here is what analysts call the revenue lag. Currently, Salesforce is seeing a massive surge in AI adoption that has not yet translated into the headline revenue growth that Wall Street craves.
Consider the sheer momentum. Their Agent Force AI solutions saw a staggering 330% , reaching 540 million last quarter. They closed over 18,500 Agent Force deals in just one year. Yet, because this high growth segment currently accounts for only about 1.3% of their massive 41.5 billion total revenue base, the broader market is looking right past it.
This is exactly where the opportunity lies for retail investors. Salesforce isn't just an AI story. It's a masterclass in financial discipline. The company is expected to maintain an impressive 34.1% operating margin for fiscal year 2026. Driven by a sharp focus on cost control and operating leverage.
With 95% of their revenue coming from high margin subscription and support services, the business model remains incredibly resilient and sticky. We are seeing a consumption flywheel start to spin where existing customers are already refilling their tanks. In fact, over 50% of agent force bookings are coming from their established install base.
This deep integration into the enterprise workflow creates a massive moat that competitors find difficult to bridge. From a valuation perspective, Salesforce is flashing deep oversold signals with an RSI sitting near 25. The stock is trading at a price to cash flow ratio of roughly 13 times, a historical low that suggests the market is pricing in a SAS apocalypse that the numbers simply don't support.
Meanwhile, free cash flow is projected to grow by a robust 13% to 14% in the final quarter of fiscal 2026. Management remains committed to a $60 billion revenue target by fiscal 2030. And as that AI revenue lag eventually narrows, the potential for a major rerating is significant. This is a highquality market leader with stable growth and a valuation that finally reflects a bargain entry point.
Finally, shifting our focus to the third powerhouse on our list, Service Now, ticker symbol now, we see a company that isn't just surviving the AI transition, it is architecting it. Unlike legacy competitors that often feel like a patchwork of acquired apps, Service Now's massive advantage is its unified cloudnative architecture.
This single platform approach allows their AI engine, now Assist, to draw from a single source of truth, delivering a level of efficiency that siloed systems simply cannot match. This is exactly why high conviction analysts are now calling it the operating system for enterprise AI. The numbers from their latest Q4 2025 results are nothing short of spectacular.
Subscription revenue grew 21% year-over-year, while their current remaining performance obligation, which is their contractually locked in pipeline, surged by 25%. Even more impressive is the expansion within their elite customer base. The number of clients generating over $20 million in annual contract value rose by more than 30% year-over-year.
But the real star is now Assist, which has already surpassed $600 million in annual contract value and is tracking toward a billion target for 2026. This isn't just marketing hype. We are seeing staggering realworld ROI with success stories like Southeastern reporting that their AI agents are 825% more cost-effective than traditional methods.
Investors often fret over seat-based revenue shrinking as AI automates tasks. But Service Now has neutralized this risk with a clever hybrid pricing model. By layering usage based premiums on top of traditional licenses, they are transferring potential seat losses into much higher average revenue per user.
Furthermore, with the recent 5:1 stock split and strategic acquisitions like Move Works, they are rapidly expanding their moat into autonomous orchestration. With the stock sitting roughly 49% below its highs despite a fortress balance sheet and an incredible 57% free cash flow margin in the fourth quarter, the valuation disconnect is hard to ignore.
This represents a rare window to accumulate a generational platform at a steep discount, offering investors a compelling potential upside as the company's AIdriven growth trajectory continues to unfold.
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