Sydney-based hedge fund GCQ Funds Management says the recent software stock selloff has likely bottomed and is positioning for a rebound, according to Bloomberg.
The fund has deployed about A$200 million into beaten-down technology names after cutting exposure to top-performing luxury stocks.
GCQ has recently bought shares in Microsoft, Intuit, and SAP, citing what it views as an overreaction tied to AI-related fears. The slump intensified after a speculative report from Citrini Research raised concerns about rapid AI disruption.
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Chief Investment Officer Doug Tynan said the market reaction marked a turning point. US software stocks have since rebounded, helped by renewed confidence in firms embracing artificial intelligence.
Despite earlier underperformance in some holdings, GCQ is seeing strong investor inflows as it urges clients to take advantage of discounted tech valuations.
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