Shares of major enterprise software companies rallied on Thursday, with ServiceNow and Salesforce leading the advance as market sentiment shifted regarding the competitive threat posed by OpenAI.
The price action reflects a broader reassessment of the sector, with investors moving past earlier concerns that artificial intelligence disruptors would erode the market share of established software giants.
An analyst cited by MarketWatch described the recent pessimism as "Armageddon" fears that were too extreme, arguing that the shares of both ServiceNow and Salesforce now present attractive buying opportunities.
The commentary suggests that the market has overcorrected on the downside, pricing in a level of existential risk that does not align with the fundamental resilience of these platforms.
The upgrade comes as Salesforce has actively strengthened its position in the AI landscape.
The company intensified its acquisition strategy in June, announcing three separate deals within the month.