OpenAI COO Says 'Be Long On Legacy Software' As It Could Benefit From AI

OpenAI COO Brad Lightcap suggested that legacy software companies could benefit from AI advancements, presenting a contrarian view amidst a selloff in software stocks. He emphasized that these companies have advantages such as established teams and customer relationships that could facilitate their adaptation to AI. This perspective comes as major software stocks like Microsoft, Snowflake, and Salesforce have experienced significant declines, with a 1-month stock dip of 7.32%, 10.10%, and 3.48% respectively. Lightcap also noted that global software penetration remains low at around 1%, indicating potential for growth through AI-driven modernization.