Tech has been clobbered by a broad rotation taking place in 2026, and the latest sell-off in software stocks has only added to the pain. Yet, on the other end of that pain has been a $24 billion gain for short-sellers. The software rout took off this week, but some of the biggest names in tech have been struggling all year, battling both micro and macro forces that have hurt demand for high-flying AI plays. For short-sellers betting against these stocks, the last six weeks have been a windfall.