25th February 2026 – Software and Tech rout finally take a breather

MPC Markets’ Morning Call for 25 February 2026 covers a much‑needed rebound in battered software and tech, growing scepticism around the “Anthropic kills SaaS” narrative, and why AI advances should still fuel data‑centre and chip demand, alongside strong Fortescue numbers, WiseTech’s AI‑driven restructuring, and upcoming MPC AI/structured strategy updates.​Software and tech finally bounced, led by AMD, dragging the S&P and Nasdaq higher and offering some relief in the most beaten‑up parts of the market.​The Anthropic “SaaSpocalypse” story is increasingly being challenged, with key “research” shown to be low‑quality and many agentic‑AI claims still unverified.​MPC’s AI Threat Heat Map highlights likely software winners and practical “buy the dip without bag‑holding” tactics, and will be expanded as a live, updated tool.​Advances in agentic AI are seen as increasing, not reducing, demand for compute, memory and chips, echoing history where tech demand was consistently underestimated.​Commodities were mixed: gold, silver and crude eased, while copper, lithium and uranium continued to firm on improving stability and structural demand.​Fortescue delivered record iron ore shipments and industry‑low costs, beating expectations despite lingering analyst pessimism and a lag versus BHP and Rio.​WiseTech will cut 2,000 of 7,000 staff as it pivots harder into AI, against a backdrop of surging revenue but weaker headline profit, and MPC is preparing an updated AI Heat Map plus a capital‑protected, leveraged “software survivors” structured strategy and webinar.​