It's worth noting that software sales cycles can take time, and analysts expect headwinds will stretch into 2025. Revenue estimates for next year have fallen about 5.5%. One noteworthy headline is that archrival SentinelOne recently won a deal with PC manufacturer Lenovo to include its security software in new devices.

Artificial Intelligence (AI) stocks were battered over the summer. The VanEck Semiconductor ETF, which is chock-full of semiconductor stocks that are tied to the AI sector, fell as much as 25% from the all-time high it set in July.