Markets
Goldman Sachs Survey: 49% of Institutional Allocators Plan to Increase Software Exposure — Highest Since 2017
A February 2026 Goldman Sachs survey found 49% of institutional allocators planned to increase exposure to software, the highest net figure since 2017. This return of 'smart money' is providing a floor for valuations after the SaaSpocalypse. The survey coincides with massive buyback authorizations: Salesforce $50B and ServiceNow $5B. Goldman's buy list for AI software includes Microsoft and Oracle. The signal: institutional investors have concluded the pricing model transition is accretive, not destructive.
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