Procore Technologies detracted from the Wasatch Small Cap Growth Strategy in the second quarter of 2026 as software stocks sold off on fears that artificial intelligence could disrupt business models. The strategy noted that Procore's competitive advantage lies in its extensive contractor network and proprietary project data, which are difficult to replicate and could actually benefit from AI. Procore shares lost 44.12% over the past 52 weeks and closed at $42.83 on July 24, 2026, with a market capitalization of $6.46 billion. The company reported first-quarter 2026 revenue of $359 million, up 15.7% year-over-year, and was held by 35 hedge funds at the end of the first quarter, down from 45 in the prior quarter.
Procore Technologies IncAI disruption fears causing software sell-off, though strategy notes AI could benefit Procore's data advantage
MicroStrategy Incorporated