AI spending fears trigger software stock selloff; Cloudflare, MongoDB, Datadog plunge

Software stocks extended a selloff as investors worried about AI capital spending and slowing software bookings. Oracle filed to raise $20 billion in debt and equity, fueling concerns over AI spending and cash burn. Alphabet and Amazon earnings showed surging data-center outlays compressing free cash flow, and the Nasdaq posted its steepest monthly decline in over a year. Cloudflare fell 4.4%, MongoDB 3.5%, Datadog 4.4%, and JFrog 5.7%.

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