Hedge fund GCQ claims that the Citrini event marks the bottom of the software stocks. Selling is illogical and it is recommended to buy on the dip.

Hedge fund GCQ Funds Management, headquartered in Sydney, indicated that the sell-off in software stocks has bottomed out, and took advantage of the pullback to buy approximately 200 million Australian dollars worth of technology stocks. The fund sold off some of the best-performing stocks, including European luxury goods companies, in order to pivot towards heavily beaten down software stocks. Chief Investment Officer Doug Tynan stated that in recent weeks, the fund has been focusing on buying Microsoft, accounting software company Intuit Inc, and industry giant SAP SE. Technology companies have recently been caught up in what is being called "AI panic trading." After some startups, including Anthropic PBC, made successive moves, the market once again began to have doubts about the short-term prospects of the industry. Earlier this week, the relatively unknown Citrini Research outlined in a blog post the scenario of the rapid progress of AI potentially causing drastic impacts, causing further concerns about the vulnerability of the software industry in the face of fast AI development, further deepening the decline.