What happened? We spent last week and this week meeting with investors in New York, San Francisco, London and Paris (including our usual US holiday lunch in London). Below, please find feedback on what ''you'' the investor is thinking as summarise views we hear across our US Software Largecap coverage. BNPP Exane View: Accenture - Investors are either not interested in IT services or believe Accenture needs to bring down FY''26 consensus. The only question is: will it be tomorrow, or in September?'' - Sentiment long only: bearish - Sentiment hedge fund: bearish Adobe - We were surprised how many investors have said they have given up on Adobe altogether, with many investors telling us they have even taken Adobe off of their Bloomberg screens! - Sentiment long only: bearish - Sentiment hedge fund: bullish (before results, now likely less so on lack of ARR growth upgrade) Alphabet - Many investors believe the stock is too cheap, Gemini 2.5 is impressive, and the product cadence has improved, BUT are worried about (take your pick) Search Chat GPT disruption, Chrome sale, Apple default loss, Regulatory uncertainty. - Sentiment long only: bearish - Sentiment hedge fund: bullish (on near term revenues and a window where Google may still have strong Search and also start monetising AI search before the competition) Amazon - This was an investor darling last year on margin improvements. While still positive, investors are frustrated that tariff noise has interrupted the margin story, for now. - Sentiment long only: bullish - Sentiment hedge fund: bullish (but not as much as last year) IBM - With the stock ticking higher seemingly every day, without earnings revisions, investors keep asking what is driving the re-rating. - Sentiment long only: bearish - Sentiment hedge fund: bullish Intuit - Investors find Intuit a complicated story. It was nice to see the Turbo Tax Live perf in Q3, but where does the stock go from here. ''What is the story?'' - Sentiment long...