Valuations have compressed quite a bit. Here's a look at forward P/E based on 2027 estimates for a few software names.
$Salesforce.com(CRM)$ at 11.9x, $Oracle(ORCL)$ at 12.2x, $Microsoft(MSFT)$ at 18.7x, $ServiceNow(NOW)$ at 22.0x, and $Palantir Technologies Inc.(PLTR)$ at 58.6x.
The really interesting part is that memory still looks like the cheapest segment in AI, even with some of the strongest earnings leverage in the space.
Curious which sector people think offers the best risk/reward from here.
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