Aug 26 : U.S. software shares have been on a roller coaster and more wild rides likely lie ahead, thanks to AI-driven uncertainty and the rise of trading strategies that investors say are accentuating the swings in popular technology sectors. After hitting a record high on October 28, the S&P 500 software and services index lost more than 33 per cent of its value by April 10, with selling accelerating following a January product release by Anthropic that some portfolio managers worried would make many of these firms' products obsolete. The index then bounced 33 per cent during a mostly solid first-quarter earnings season, before selling off again and then partly recovering once more during a largely healthy second-quarter earnings season. The index is down more than 3 per cent for the year and is more than 12 per cent below its October record. Software investors will tune in next for quarterly reports from Salesforce and CrowdStrike on Wednesday afternoon, followed by Oracle in mid-September.Even for an industry under threat from the rise of AI, the intense swings in software are testament to the power of popular strategies such as momentum trading, buying shares that are rising and selling those that are falling, and the rise of leveraged funds that can double or triple daily moves.