Materne’s Software Catalyst: Father’s Day Musings On The Recent Pullback In Soft

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Materne’s Software Catalyst: Father’s Day Musings On The Recent Pullback In Soft

Technology | Software

June 20, 2026

Kirk Materne, CFA Materne’s Software Catalyst: Father’s Day

212 497 0873 Musings On The Recent Pullback In kirk.materne@evercoreisi.com

Peter Levine Software

212 497 0833 Happy Father’s Day to those celebrating! I got to spend Friday with my

peter.levine@evercoreisi.com

son at the US Open which was a nice change of pace vs. watching

Peter Burkly

software continue to drift lower. And Accenture’s earnings on Thursday 212 497 0831

peter.burkly@evercoreisi.com is only going to fuel the anti-apps positioning. While our recent

Vinod Srinivasaraghavan, CFA CIO/CTO survey noted that IT services is at a higher risk to spending

646-551-8831 cuts, enterprise apps names are likely to remain guilty by association.

Vinod.Srinivas@evercoreisi.com The ironic part about the recent pullback in software is that there has

Bill McNamara not been a ton of new news at an industry level, and in our view, the

212 446 5626 recent pullback feels more like a continuation of the semis >

bill.mcnamara@evercoreisi.com software/internet trade vs. any new negative data points. We don’t have

Charlie Zhou a lot of answers as to what shifts the view in the near-term but thought

646-551-8513 we’d offer up a few high-level observations: 1) Price action and

charlie.zhou@evercoreisi.com technical support matters (a lot) in a debate over the long-term

durability of software businesses in an AI world. Once names like CRM

and MSFT broke technical support last week, there were no incremental Guilty Until Proven Durable Series:

buyers. Did SpaceX’s IPO potentially fuel some of this as money flow

Part 1: Harness Engineering as a New Moat went elsewhere? Maybe.