Constellation Software faces potential share pressure after founder Mark Leonard steps down from the board, according to TD Cowen analyst David Kwan. Leonard, who formally left his executive role in September for health reasons, will no longer stand for reelection while remaining as an advisor focused on minority investments. The move comes amid AI-driven market volatility affecting software stocks.

Dutch investor Prosus is likely to divest its 10% stake in Delivery Hero, with talks underway to sell to Aspex Management. Bank of America analysts note the $8 billion earmarked for mergers and acquisitions may go unused as Prosus focuses on its food delivery portfolio. Prosus shares edged up 0.2% while Delivery Hero fell 1.4%, reflecting market uncertainty around the potential sale.

China's AI sector offers better value than U.S. counterparts, Jefferies analysts say, citing lower market capitalization relative to capital expenditure. The firm notes China's AI market cap represents just 8% of U.S. levels despite 14% of the capital spending, suggesting upside potential. However, U.S. de-rating could narrow the gap, while OpenAI and Anthropic IPO valuations may widen sector disparities in the near term.