Software stocks got pummeled this week after a cluster of troubling earnings reports

Many other enterprise technology companies offered similarly troubling commentary.Marc Benioff, co-founder and CEO of Salesforce, speaks at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2023.CEO said on his company's earnings call that generative artificial intelligence has been "a competing priority" for customers.

The WisdomTree Cloud Computing Fund, an exchange-traded fund that tracks cloud stocks, slid 5% this week, the sharpest decline since January., which sells PCs and data center hardware to businesses, bumped up its full-year forecast on Thursday and said its backlog for AI servers had grown to $3.8 billion from $2.9 billion three months ago.

Okta's stock price fell almost 9% for the week. Analysts cited weaker-than-expected subscription backlog. The company said economic conditions are hurting the identity software maker's ability to sign up new customers and get existing ones to expand purchases.

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