Nvidia’s blowout results and Salesforce’s Agentforce progress signal the AI software selloff has gone too far, says Wedbush

Jensen Huang’s $78 billion April guidance number and Marc Benioff’s AI monetisation roadmap have given tech bulls their first clean arguments against the doomsday narrative that has hammered software stocks all year

It has been a rough start to 2026 for tech investors. A creeping fear that AI models from Anthropic, OpenAI and others would hollow out existing enterprise software has weighed on names from Salesforce to Microsoft to CrowdStrike, creating what Wedbush analysts call the “AI Ghost Trade,” a wave of selling built on the premise that the software layer is about to be disintermediated by foundation models. This week, the broker argues that the narrative took two serious hits.

What Nvidia’s numbers actually said

The first came from Nvidia Corp’s (NASDAQ:NVDA, XETRA:NVD) earnings, which arrived well above even the most optimistic whisper numbers. Blackwell and Rubin demand is now forecast to exceed $500 billion for 2026, and Jensen Huang guided to $78 billion in the April-quarter revenue.

For Wedbush, the significance goes beyond Nvidia’s own stock. The numbers confirm that AI infrastructure spending is accelerating, not plateauing, which matters for the entire data centre supply chain, from memory to components to Asia-based chip plays.

Equally important was what Huang…