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Investing.com -- Shares of Salesforce (NYSE:CRM) and ServiceNow (NYSE:NOW) stood out with gains of 2.6% and 2.3% respectively, despite a broader tech selloff that saw the Nasdaq 100 tumble by 3.1%. The resilience of these stocks can be attributed to a note from Barclays (LON:BARC), highlighting that companies offering advanced AI services, such as AI copilots or agents, are poised to benefit from the availability of more cost-efficient and accessible AI models.
Barclays analyst Raimo Lenschow pointed out that while Salesforce and ServiceNow are likely to gain from these developments, tech giants such as Oracle (NYSE:ORCL) and Microsoft (NASDAQ:MSFT) might face near-term challenges as their capital expenditure investments come under scrutiny.
The overall tech sector faced headwinds as investors reacted to the introduction of a Chinese discount AI model by startup DeepSeek, which claims to use cheaper chips and less data. This revelation has raised questions about the previously anticipated high demand for AI-related hardware and services.
Despite the market downturn, Salesforce and ServiceNow's positive movement reflects investor confidence in their AI offerings. The broader tech market, however, experienced significant losses, with major companies like Nvidia (NASDAQ:NVDA) and Microsoft experiencing sharp declines.
This divergence in performance underscores the market's selective response to AI capabilities and the potential for certain firms to capitalize on the shift towards more cost-effective AI solutions. Salesforce and ServiceNow's ability to adapt and offer valuable AI services seems to be a key factor in their resilience amidst broader market volatility.
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