Asian software and platform stocks have rapidly become investors' top AI trade, jumping from near the bottom just a month prior. According to a Bank of America Corp. survey of 87 investors managing $211 billion, a quarter of respondents selected software and platforms as their preferred AI trade over the next 12 months, the highest share among all categories. Strategists Kaspar Lam noted this shift reflects the category now offering the best perceived risk-reward, overtaking Power & Energy.

The survey, conducted Sept. 4-10, highlights a broader investor pivot from building computing capacity toward companies that can prove AI drives profitability. This trend may particularly benefit AI-exposed software names in India and cheaper-valued platform and hyperscaler stocks in China. Furthermore, monetization has become a critical factor, with 80% of respondents citing it as key to increasing conviction, up from 64% in August, signaling a maturing AI investment landscape in the region.