Been watching this software bear market pretty closely, and honestly I think Wall Street's panic over AI is way overblown. The selling pressure has created some genuinely interesting opportunities in quality names that haven't actually broken down operationally.

Take Wix for example. The stock got absolutely hammered—down something like 70% over the past year. But here's the thing: their actual business is still firing. Website-building platform, no-code development, all that stuff. They just dropped a Base44 acquisition that's already tracking toward $50 million in annual recurring revenue. Meanwhile, revenue growth actually accelerated last quarter to 14%, up from 13% year-over-year. That's not the pattern of a company getting disrupted. It's the pattern of a company growing through a bear market while everyone else is panicking.

Wall Street's sitting on a $151 price target for Wix while it's trading around $72. The market cap is under $4 billion on $570 million in free cash flow. For a durable growth story, that's just cheap.

Adobe's another one. Down 45% in twelve months, and the narrative is basically the same—AI is going to replace their entire creative suite. Except it's not happening. Last quarter they posted record revenue at $6.2 billion. They've got a massive backlog, they're buying back stock at discount prices, and they're raising subscription prices while adding customers. That's not disruption, that's pricing power.

The stock trades at 12.5x trailing operating earnings. Wall Street's average target is $429 versus the current $258 price. Yeah, Figma and Canva are real competitive threats, but Adobe's proven it can grow through that pressure. Ten years of consistent revenue growth doesn't just disappear because ChatGPT exists.

Look, I get why the bear market narrative is compelling. AI tools are getting better, competition might be easier to build now. But there's a massive gap between "easier to build" and "customers will actually switch." Nobody's going to port their entire workflow to some AI-generated software replacement when Adobe or Wix already handles everything they need. That's not how enterprise or SMB software decisions work.

The real opportunity right now is that fear has priced these companies as if they're actually dying. They're not. This bear market is creating a buying window for software businesses with real moats and real growth trajectories. If you've been sitting on the sidelines waiting for a better entry, this might be it.