A year ago, the market rewarded the big technology names for every dollar they spent on artificial intelligence. Last week, the biggest spender of the lot, Alphabet, reported a record quarter and the market sold the stock anyway. But that wariness from investors expands beyond just AI spending, with Aitken saying that software supports had been too hasty. The most out-of-favour corner of the ASX, he says, is large software, sold down as a presumed loser to AI. What has fallen is the multiple investors will pay, cut for AI risk, rather than the business underneath.