Some AI application software shares jumped on Monday. C3.ai up over 5%; Snap up over 3%; Shopify, Salesforce, ServiceNow up over 2%.

BofA Global Research double-upgrades Salesforce to "buy" from "underperform"; hikes price objective to $285 from $160.

BofA says concerns about AI-driven disintermediation are easing, adding that large enterprises are unlikely to replace platforms that house their business logic, data, workflows and compliance frameworks.