Editorial companion

What stands out

Caleb Silver reports Investopedia survey data showing a clear drop in investor confidence and a rotation out of large software names, Palantir, Microsoft, and ServiceNow, driven by rising oil, higher interest rates and Treasury yields, and growing worry the AI trade is getting frothy. Those concrete reasons matter because they explain not just a mood shift but why money might be leaving specific software benches now, not later: survey respondents are trimming exposure to names tied directly to the AI narrative even as headline confidence remains positive.