A Message From Weiss Ratings

Dear Reader,

Several AI-linked stocks have been minting fortunes lately.

Micron has surged over 500% in the past year.

Intel is up more than 250%.

AMD has soared over 250%.

But while investors are busy celebrating the AI boom, a scary new development is taking shape behind the scenes.

You see, the flagbearers of the AI boom have been pumping billions into new AI infrastructure buildout increasingly through debt.

In fact, Amazon, Google, Meta and Oracle issued roughly $194 billion in bonds through early July alone.

And now, the first cracks may be appearing.

According to a recent report, $18 billion in loans tied to a massive Oracle-leased AI data center are already under pressure.

So, what happens if this is just the start? If these enormous AI bets don’t pay off?

And if cracks in the AI debt market begin to spread to other sectors of the market and the economy?

Weiss Ratings Analyst Nilus Mattive believes the consequences could reach far beyond Silicon Valley …

And threaten the wealth and livelihood of millions of ordinary Americans.

See his urgent warning about the coming “American AI Apocalypse” here.

Eliza Lasky
Weiss Advocate

3 Software Stocks Rebounding as AI Fears Give Way to Growth

Authored by Leo Miller. Published: 9/21/2026.

Early in 2026, markets viewed software stocks as among the biggest losers from AI adoption. The advent of “vibe coding” largely drove this sentiment, as it significantly increased software development productivity. This led to fears that traditional software companies would face intense competition, eroding their businesses.

While this view is neither entirely correct nor entirely incorrect, many key software companies are demonstrating their ability to benefit from enterprise AI adoption rather than suffer from it. Several have rebounded sharply as investors reassess those risks.

Atlassian Rises From the Ashes

Productivity software company Atlassian (NASDAQ: TEAM) has arguably seen the most dramatic shift in sentiment among software stocks. Notably, through mid-April 2026, shares were down more than 60% year to date (YTD).

One factor behind this decline was the idea that AI coding tools would reduce employment among software engineers. This could hurt demand for Atlassian’s key products, such as Jira, which helps manage software development and charges based on the number of licenses a company buys.

However, it appears that AI adoption is actually increasing demand for Atlassian’s products, as companies need more help coordinating across teams as they implement AI. In its latest quarter, the company signed a record number of $1 million, $3 million and $5 million deals.

Its Rovo AI assistant is also gaining significant traction. The company notes that more than 80% of Fortune 500 companies use Rovo. Additionally, Rovo-assisted actions increased by 50% in just one quarter, while Rovo adopters increased their annual recurring revenue (ARR) commitments more than twice as quickly as non-Rovo adopters. Amid this success, shares have rebounded sharply from their spring lows.

Salesforce New Order Value Growth Hits a Four-Year High

The tide has also turned in a big way for software giant Salesforce (NYSE: CRM). Through June 2026, Salesforce shares were down approximately 40%, driven by fears that AI would disrupt its seat-based model. However, Salesforce’s latest earnings strongly pushed back against this idea, and shares have recovered much of their earlier 2026 losses.

Last quarter, the company noted that its net new annual order value (NNAOV) growth was the strongest it had seen in four years. NNAOV measures the annual contract value from customers who entered subscriptions during the period. Thus, the company is saying that the size of new commitments is rising at a pace not seen in years. This contradicts the idea that AI would hurt demand for Salesforce’s products.

Meanwhile, the company is finding ways to drive AI growth. Notably, its Agentforce offering reached $1.5 billion in ARR last quarter, up 240% year over year (YOY). The company also announced Claudeforce, its product collaboration with Anthropic, indicating that AI models and Salesforce’s products can be complementary.

Dynatrace Is Winning on AI Observability Demand

Last up is Dynatrace (NYSE: DT). The stock fell considerably less than TEAM and CRM earlier in 2026, declining around 25% through mid-April. However, shares have rallied sharply from their mid-April lows.

Dynatrace is a key player in the observability market, which is rapidly expanding as enterprises implement AI. Using AI agents means enterprises must be able to monitor and correct their performance—a need that Dynatrace’s observability platform addresses. Dynatrace says that 1,000 customers used its platform to observe AI and LLM workloads in production last quarter, up 17.6% in one quarter.

Amid this demand, the company achieved record new customer growth, also called logo growth, of 160% last quarter. Looking ahead, Dynatrace expects the AI observability market to exceed $10 billion by 2030, growing by more than 50% annually. This represents just a portion of the $92 billion total addressable market Dynatrace sees, which includes core observability and application security.

Watch Items Across Atlassian, Salesforce and Dynatrace

Increased adoption of Rovo will be an important indicator for Atlassian going forward. Given that Rovo adopters are increasing their spending more than twice as quickly as non-adopters, further adoption would reflect favorably on Atlassian’s future growth potential.

For Salesforce, a key watch item will be how Claudeforce adoption affects the company’s growth, as it is unclear how Salesforce and Anthropic will share the resulting revenue. If user growth is strong but Salesforce’s revenue receives a limited uplift, it would suggest that Anthropic is benefiting disproportionately.

Dynatrace’s net revenue retention rate (NRR) is another key metric to watch. It stood at 110% last quarter, meaning existing customers spent 10% more year over year. Management expects NRR to improve in the second half of fiscal year 2027. If it does, that would signal stronger expansion among existing customers as Dynatrace capitalizes on rising AI observability demand.