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The software sector has underperformed the broader market this year, and Okta’s CEO thinks that reflects some investor misunderstandings around two key areas.
One narrative weighing on software stocks lately has been the idea that artificial intelligence will “eat” traditional software, meaning that AI services like ChatGPT and Google’s
GOOGL GOOG Gemini will dampen the need for legacy applications. It’s a play on the classic Marc Andreessen mantra that software would eat “everything,” a saying that emerged in 2011 as companies like Amazon AMZN grew more dominant.
