Enterprise software stocks spent much of 2025 and the first half of 2026 under a cloud of skepticism. Instead of hurting established software companies, AI may help firms like Atlassian improve products that are already part of daily business operations. Is this simply a one-day fireworks display, or the moment investors begin rewriting the entire narrative around enterprise software stocks? Atlassian's Earnings Reset Software ExpectationsAtlassian is a Sydney-based collaboration software company with a $37.83 billion market capitalization. They still command a premium, trading at 110.17 times trailing price-to-earnings and 163.62 times forward earnings, versus sector medians of 36.31 times and 31.11 times, respectively.