On October 27th, venture capitalist Christoph Janz posted on social media that since 2026, the performance of application-layer Software as a Service (SaaS) stocks and AI-related stocks has diverged significantly. The correlation coefficient between the two types of stocks decreased from +0.25 in the fourth quarter of 2025 to -0.51 in the third quarter of 2026, indicating that the previously mild co-directional fluctuations have turned into significant inverse fluctuations. In the 64 trading days tracked in the third quarter, the two types of stocks moved in opposite directions on 42 trading days, accounting for approximately 65.6%. This change reflects a divergence in market pricing within the AI industry chain: the stock prices of application-layer software companies and AI-related enterprises are no longer generally synchronized, and investors are showing a clearer distinction regarding the growth prospects and profit logic of different business segments.
