Workday, Inc. (NASDAQ:WDAY) was among the stocks Jim Cramer looked at as he explained the need for a tame bond market for the stock market to go higher. Cramer addressed the AI worries affecting the stock, as he remarked:
We also get numbers from Workday. Alright, now this once beloved software as a service company, it’s become a poster boy for the displacement, yes, AI displacement. I don’t expect bad numbers, but the long knives are out for the company. Now, Workday stock rallied 5% today as part of a rotation into the software stocks led by Microsoft. The group had a bunch of outsized gain. Microsoft up 3%, Salesforce up 3.5%, ServiceNow jumping 5%, Adobe gaining 4.5%.
Now, to me, it felt more like a giant, you know, short squeeze because they all traded together. I don’t know if this move can be maintained. All the other enterprise software rallies have been met with torrential selling after a couple of days of strong performance. Maybe this one will be different, but I don’t know how that’s going to happen. I mean, look, maybe the heads of Anthropic and OpenAI will come out and say, you know what, we’re not planning to eat these companies a lot. But nah, that’s unlikely.
Stock market data. Photo by Jakub Zerdzicki on Pexels
Workday, Inc. (NASDAQ:WDAY) provides cloud-based applications designed to help organizations manage financial processes, human resources, and business planning.
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