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U.S. equities spent most of last week trending lower, ultimately rebounding in a major way last Friday to close the week higher.

Several industries, led by software, have sold off significantly year to date, as investors assess the impact of artificial intelligence on established business models. While some companies will face genuine pressure, the initial market response is often indiscriminate—pricing in disruption broadly before fully understanding the scope and timing of new innovations. Over time, the market will distinguish between structural losers and firms that successfully adapt and continue