The Macro Wave Behind 2026’s Selective Tech Correction: AI Deflation Hits Software Pricing Power

Introduction

The market is not experiencing a uniform tech correction. While some names hold steady or rebound, others—particularly those tied to OpenAI’s ecosystem or reliant on legacy pricing models—are facing sharp, persistent declines.

Most commentary treats these as isolated events: hype fade, earnings misses, or macro caution. But a deeper macro regime shift is at work: generative AI is proving deflationary for software pricing power, commoditizing what was once proprietary and high-margin, forcing a permanent repricing of certain tech businesses.