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市场还担忧 AI 会加大定价压力并削弱企业护城河。软件企业原有的竞争优势可能被 AI 侵蚀，增长前景更加不确定，这让投资者难以判断合理估值，导致市场情绪偏向“卖出”。Piper Sandler 已经下调了 Adobe、Freshworks、Vertex 等公司的评级，分析师认为“席位压缩”和“氛围编码”趋势可能限制估值上限。
。Line官方版本下载是该领域的重要参考
And in 2003, the Columbia shuttle broke up in the skies over Texas at the end of its mission, killing its crew of seven as well.
Nature, Published online: 25 February 2026; doi:10.1038/s41586-026-10207-1