Been watching this bear market unfold and honestly, some of the panic feels overblown. Software stocks have gotten absolutely hammered this year—the tech-software ETF is down 24% year-to-date as everyone freaks out about AI disruption. But here's the thing: not all the selling makes sense.

I've been looking at two names that actually look pretty compelling right now, especially after their latest earnings. Figma is down 74% from its IPO peak, which sounds brutal until you actually dig into what's happening. The company just posted 40% revenue growth to $303.8 million last quarter, and they're actually profitable. More interesting is how aggressively they're moving on AI—their AI features like Figma Make are seeing 70% quarter-over-quarter user growth. They're partnering with Anthropic and integrating with Claude and ChatGPT. The bear market has crushed the stock, but the business fundamentals don't match the pessimism.

Then there's Axon Enterprise, down 40%. This is the law enforcement tech company everyone knows for TASERs and body cameras, but they've quietly built a dominant software business. Revenue jumped 39% to $797 million with EBITDA up 46%. They're not sitting around hoping AI goes away—they launched Draft One, an AI tool that auto-generates police reports from video footage. They're forecasting $8 billion in revenue by 2028, which implies 30% annual growth. Even with the recent pullback, it's not cheap, but the competitive moat is real.

The broader bear market in software is creating opportunities if you're willing to look past the noise. Both of these companies are growing fast, investing in AI, and actually profitable. That's not the profile of companies that should be getting destroyed like this.