Editorial companion

What stands out

On Fox Business' Making Money, D.A. Davidson managing partner Gil Luria highlighted why software stocks have been under pressure. His point matters because software was often priced like a perpetual motion machine: subscription growth and durable margins justified sky-high multiples, so when signs of slowing or execution hiccups show up markets punish quickly. Investors need to focus on the underlying signals, Annual Recurring Revenue (ARR), retention, and free cash flow conversion, rather than headlines about AI alone.