4/20/2026
By Charles Payne, CEO & Principal Analyst

Divergence

There has never been a greater divergence between semiconductors and software stocks. Even hardware enjoys its largest margin of strength against software, which was famously supposed to make hardware obsolete.

We will keep an eye on the situation, but are confused about why we don't know the answer. It seems that software that best incorporates AI will survive and perhaps thrive, but at what cost to margins?

The other battle is for dominance in AI platforms.

OpenAI continues to bleed market share, Anthropic continues to garner all the headlines and a stronger presence in Enterprise, but Gemini is looking much better than what I’ve been reading.

Have You Tried It Yet?

Lately, friends in a variety of industries have told me they are going to take the AI plunge. We are considering this option, especially for streamlining the research process, but I still prefer the human touch for now. Most users aren’t paying for the versions they are using, but that will change, and “adoption will become a hockey stick” when rivals start to win or lose shares for lack of speed, efficiency, or better products and services.

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Charles Payne
Wall Street Strategies