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Procore shares fall as AI disruption worries hit software stocks
Wasatch’s Small Cap Growth Strategy said Procore Technologies detracted in Q2 2026, with the stock down 44.1% over the past 52 weeks.
Wasatch Global Investors said its Small Cap Growth Strategy underperformed the Russell 2000 Growth Index in Q2 2026, as gains in small-cap equities were concentrated in AI-linked companies.
In its Q2 2026 investor letter, the firm highlighted Procore Technologies, Inc. (NYSE: PCOR) as a detractor from the fund’s performance, pointing to ongoing market concerns that AI could disrupt software business models.
Wasatch noted that many software stocks have sold off in 2026 over those AI disruption worries, while it said the strategy has limited exposure to the software sector. It added that, for the software companies it does hold, it believes investors have underestimated the competitive moats that help protect businesses from AI disruption.
As of July 24, 2026, Procore Technologies closed at $42.83 per share. The stock had a one-month return of 9.1% and was down 44.1% over the past 52 weeks, for a market capitalization of $6.46 billion, according to the investor update shared by Yahoo Finance.
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