Solid earnings beats, healthy margins and early signs of AI monetization through consumption growth and product up-tiering are easing investor concerns about software companies' long-term value, the analysts said. Since an April 10 low, the iShares Expanded Tech-Software ETF has outperformed the VanEck Semiconductor ETF by four percentage points. Atlassian (NASDAQ:TEAM) shares have surged more than 160% since the April low, while HubSpot has gained less than 10% over the same period. Demand continues to outpace supply, with power, labor and permitting now the primary bottlenecks rather than chip availability. Jefferies said its thesis remains that AI represents an infrastructure and monetization race, and that Google's scale, accelerating Gemini adoption, Cloud profitability and continued AI investment position it to remain a long-term winner.