저자: 미상 · 외국인
요약 보기
클라우드·AI 수요는 가속 중이며 기업 AI 도입은 아직 5% 미만의 초기 단계라는 주장. 시장은 AI 관련 소프트웨어주 패닉 매도 중이나, MS(Azure 43% 성장, 연매출 1,000억달러 돌파), ServiceNow(매출 +24%, 연간 AI 계약매출 10억달러 돌파), Salesforce(매출 +13%, 주당순이익 +50%, Agent Force 200% 성장) 등 실적은 견조하다고 강조. 주가 하락은 과도한 공포이며 세 종목 매수 기회라고 주장. 다만 포지션 크기는 개인 위험 감내도에 맞추라는 유보 발언 포함.
다듬은 글
It's about the tremendous growth of cloud technologies: from Alphabet to Microsoft and what we're seeing, especially with all the hyperscalers. And I think it just shows that enterprise use cases are accelerating. Why do I say we are just at the beginning—less than 5% of companies have started implementing AI.
And this shows that we are still in the early stages of the AI revolution. I think the reporting season proves it. The market is in panic. Shares of software and AI companies are falling. Hedge funds suffered huge losses in July after a painful sell-off in AI assets. Microsoft, ServiceNow, Salesforce have fallen by double-digit percentages since the beginning of the year, while the broader market is slowly growing.
Wall Street treats these giants as loss-making companies. Dan Ives has a different opinion . This is the most fundamental sell-off he has seen since the late 1990s. And if he's right, the panic gives us one of the most profitable buying opportunities of this entire AI cycle. Ives doesn't embellish the situation.
He called the current weakness in the software sector a "twilight zone market." Hyperscalers and software platforms are being penalized for the costs needed to win in the next decade, even as their performance continues to grow . In his opinion, AI spending has only been 15% completed. We are still in the early stages, perhaps only the third inning of the multi-year Fourth Industrial Revolution.
This gap between expectations and reality is where serious capital is invested. Today I'm betting on three companies that underpin Ives' thesis. These are not speculative ventures. These are platforms that enterprises already trust, the ones that customers turn to for real-world implementation of AI, security, and workflow automation.
The sale created a rare pricing error. Let's start with Microsoft. Microsoft just closed the fourth quarter of fiscal 2026 with revenue of $90 billion, up 18% year over year . Operating profit increased by 18%, to $40.6 billion . Annual revenue reached $331.8 billion, also up 18%. Azure growth accelerated to 43% in the last quarter and exceeded the annual figure of $ 100 billion for the first time.
Commercial obligations under contracts increased rapidly. Recent data shows that commercial ARPU has exceeded $600 billion with huge annual growth. The number of paid subscriptions to Microsoft 365 Copilot has now exceeded 30 million. This is not the company that has problems. This is a company that is at the center of a structural surge in demand.
The market was obsessed with the capital expenditures required to build AI capabilities. Ives and the facts say otherwise. Expenses are already being transformed into income. Azure is the clearest barometer of enterprise demand for AI, and it is accelerating, not slowing down. Microsoft is monetizing infrastructure development faster than almost any other Big Tech company.
The company's shares have been little changed this year , while the Nasdaq has risen—a classic gap. When the narrative finally catches up with the metrics, the expansion of multipliers can be powerful. Moving from the hyperscaler level to purely enterprise workflows, next on the list is ServiceNow. ServiceNow reported second- quarter 2026 results that exceeded all major expectations.
Total revenue was $3.99 billion , up 24% . Subscription revenue reached $3.877 billion, up 23% in constant currency, above the upper end of the forecast. Current contract liabilities reached $13.2 billion, up 21.5% in constant currency. The total average revenue per user (ARPU) was 29 billion . The company closed 123 deals worth over $1 million in net new annual contract, representing nearly 40% year-over-year growth .
ServiceNow's annual AI contract revenue exceeded $1 billion in a quarter, and agent AI adoption grew ninefold in just 9 months. Management raised its full-year 2026 subscription revenue forecast. The company's shares are still down about 24% since the beginning of the year. This is the gap that Ives constantly points out.
Corporations are not abandoning ServiceNow because of AI. They use ServiceNow as a control center to regulate, secure, and implement AI into business processes. The AI command center narrative is gaining real support, especially in the areas of security and risk. The contract renewal rate remains extremely high.
The dynamics of large deals are accelerating. This is not a business that is going to be disrupted . This is a business that is becoming increasingly important. And finally , Salesforce. Salesforce has reported record-breaking results for the first quarter of fiscal 2027. Revenue reached $11.1 billion, up 13% from last year.
Subscription and support revenue increased by 14%. Current contract commitments reached $33.6 billion , an increase of 14%. Total contract commitments amounted to $67.9 billion. Non-GAAP earnings per share increased by 50% to $3.88. The company signed a record 98 deals worth more than $1 million in new annual contracts.
Annual AI and data revenue reached $3.4 billion, and Agent Force revenue grew by more than 200%. Salesforce returned $27.5 billion, including a massive accelerated share buyback. However, the company's shares have been among the hardest hit among software companies this year, falling by 29-34% at some points.
Ives openly states that the fear of AI replacing traditional software providers is greatly exaggerated . Customers are not abandoning Salesforce. They are adding Agent Force and Data Cloud on top of their existing base of 150,000 customers. The "moat structure" of data and the agent platform are precisely the sustainable advantages that become more valuable as AI scales.
The company's valuation has fallen to levels more consistent with a mature, slow- growing company, rather than a platform that is still in the early stages of AI monetization. These three stocks have one thing in common: strong and accelerating fundamentals, clear success of AI products, customer retention, and a steady stream of large deals .
And a market narrative that broke away from the numbers more than anything Ives had seen in his 25-plus year career in the tech sector. The panic is real. Hedge funds suffered in July. The concern over capital expenditures is loud. Competition concerns are constant . But the real demand signals—the growth of Azure, ServiceNow AI XC, Salesforce Agent Force, and expanding ARPU in the commercial sector— point to the opposite.
Ives sees this as the third year of a ten-year cycle of AI development. Monetization begins to show in the numbers just when investors' patience is running out. This is usually the same moment when the next stage of growth begins. I'm going all-in on this situation . It's not that stocks can't fall in the short term—they can.
Volatility is part of the game in a market that is still trying to distinguish temporary dips from structural problems. I'm going all in because the companies themselves look better than the prices suggest, AI spending is still in its infancy, and platforms that already have corporate relationships are most likely to capture the next wave of spending.
Microsoft provides you with the infrastructure and the level of performance. ServiceNow gives you a layer of workflows and management. Salesforce gives you a layer of customer data and agents. Together, they create confidence in the corporate sector’s ownership of the AI revolution at a valuation that has been constrained by fear.
The market is panicking. These actions are just beginning their journey. Determine the position size according to your risk tolerance, conduct your own analysis, and remember that even the strongest thesis can take longer to materialize than expected. But when one of Wall Street's most outspoken and consistent bulls calls the current sell-off the most out of touch with reality in a generation, and the latest quarterly reports back up that claim.
This is worth paying attention to. The opportunity is already here. The question is whether you are willing to buy in a panic while everyone else continues to sell.
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