Software Short Sellers Mint $24 Billion Profit as Stocks Tumble

A brutal rout in software stocks has rattled investors across Wall Street, but it’s provided a boon to those betting against the group.

Worries that advancements in artificial intelligence technology will disrupt traditional software business models have sent shares of software and artificial intelligence-linked names down 20% this year. For short sellers betting against the group, that’s meant $24 billion in paper gains, according to data from S3 Partners LLC.