1330 ET - There's some truth to the artificial-intelligence displacement thesis that has weighed on software stocks this year, UBS analysts Karl Keirstead and Dean Marriott write, citing customer checks at the HumanX AI conference in San Francisco. One consistent theme in their discussions was a focus on custom-built or DIY artificial-intelligence solutions among enterprise customers. "Customers were clear that they are still reliant on 3P software firms, especially for core systems of records (SoR) but they were very willing to harness Claude/GPT, GPU compute as well as their proprietary data to build where they might have otherwise bought," the analysts write. Firms that deal with corporate data, including Palantir, Databricks, and Snowflake, are at less risk than other software-as-a-service or application stocks, the analysts write. (elias.schisgall@wsj.com)

(END) Dow Jones Newswires

April 14, 2026 13:30 ET (17:30 GMT)

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