CNBC主持人吉姆·克雷默周四表示，企业软件板块的反弹是第三季度股市最具标志性的故事。
CNBC's Jim Cramer said Thursday that enterprise software's comeback was the defining stock market story of the third quarter.
主要股指在周三结束的第三季度录得温和涨幅，但表象之下发生了更大幅度的变动，市场龙头发生了轮换。软件股从由人工智能引发的抛售中强劲反弹，而芯片股在上半年大涨后降温。iShares扩大科技软件板块ETF（IGV）本季度上涨17%，而iShares半导体ETF（SOXX）下跌11%。
The major averages posted modest gains in the third quarter, which ended Wednesday, but there were much bigger moves beneath the surface as market leadership shifted. Software stocks roared back from their artificial intelligence-driven sell off, while chip names cooled after a massive first-half run. The iShares Expanded Tech-Software Sector ETF (IGV) rose 17% during the quarter, compared with an 11% decline for the iShares Semiconductor ETF (SOXX).
“Mad Money”节目主持人表示：“归根结底，我认为我们会把第三季度记住为软件板块反弹、一些令人惊叹的数据中心概念股屈服于获利回吐的时刻。”
"Ultimately, I think we'll remember the third quarter as the moment when software bounced back and some amazing data center plays succumbed to profit taking," the "Mad Money" host said.
Salesforce本季度飙升46%，因为投资者越来越确信AI可能成为增长动力，而非对其业务的威胁。该公司推出了Claudeforce，其中包含一个插件，允许客户使用Anthropic的Claude访问存储在Salesforce中的数据，并执行起草邮件和更新记录等任务。Salesforce还交出了强劲的季度业绩，并利用较低的股价回购股票。克雷默表示，该股仍有上涨空间。他对微软同样看好，后者本季度上涨37%。
Salesforce rallied 46% during the quarter as investors grew more confident that AI could be a growth driver rather than a threat to its business. The company unveiled Claudeforce, which includes a plugin that lets customers use Anthropic's Claude to access data stored in Salesforce and perform tasks such as drafting emails and updating records. Salesforce also delivered a strong quarter and took advantage of its lower share price to buy back stock. Cramer said the shares can still go higher. He's similarly bullish on Microsoft, which gained 37% during the quarter.
克雷默表示：“微软的反弹才刚刚开始，”他指出Copilot需求强劲、Azure增长加速，以及数据中心投资开始产生回报的迹象。
"Microsoft's rally is just beginning," Cramer said, pointing to strong demand for Copilot, accelerating growth at Azure and signs that its data center investments are beginning to generate returns.
随着对AI颠覆的担忧缓解，Workday和Veeva分别上涨55%和60%。网络安全仍是另一亮点，CrowdStrike上涨39%，因为日益强大的AI强化了保护企业免受新威胁的重要性。
Workday and Veeva also rallied 55% and 60%, respectively, as fears of AI disruption eased. Cybersecurity remained another bright spot, with CrowdStrike gaining 39% as increasingly powerful AI reinforced the importance of protecting companies from new threats.
与此同时，一些此前的数据中心赢家股价降温。康宁股价在大涨后下跌近40%，但克拉默将此归因于获利了结，并表示“如果它再次回调，我会很乐意买回”。卡特彼勒同样下跌24%，克拉默认为这可能是一个机会，因为其发动机正成为数据中心电力的一个不断增长的来源。
Meanwhile, some previous data center winners cooled off. Corning fell nearly 40% after a massive run, but Cramer characterized the decline as profit-taking and said he would "happily buy this one back if it dips again." Caterpillar similarly dropped 24%, which he said could present an opportunity, as its engines are becoming a growing source of data center power. Heading into the new quarter, however, Cramer's biggest concern is whether the Federal Reserve will continue raising interest rates.
进入新季度，克拉默最大的担忧是美联储是否会继续加息。美联储在9月将基准利率上调了25个基点，给家得宝等利率敏感型股票带来了压力。
The Fed raised its benchmark rate by a quarter percentage point in September, putting pressure on rate-sensitive stocks such as Home Depot. "My big fear right now is the impact of higher interest rates on the stock market," Cramer said, adding that the upcoming earnings season should provide a clearer picture of how higher borrowing costs are affecting companies.
克拉默表示：“我现在最大的担忧是较高利率对股市的影响。”他补充说，即将到来的财报季应该能更清晰地展示较高借贷成本如何影响企业。
Cramer's Charitable Trust, the portfolio run by CNBC's Investing Club, owns shares of CRM, MSFT, and CRWD. Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market. Questions for Cramer?
克拉默的慈善信托基金（由CNBC投资俱乐部管理的投资组合）持有CRM、MSFT和CRWD的股份。
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