[zipy124]

This is because the stock market valuation of a company isn't nearly as simple as a revenue/cash-flow multiple. It also accounts for predicted growth in the stock, and it's return over the risk-free rate. As interest rates are staying high, and inflation is stickier than expected, one would expect stocks to get cheaper as the risk-free rate is higher and investors lean more towards gilts/bonds/bills/commodities.

In addition people are betting that AI is going to reduce the growth in software stocks. If this is true or not is another thing, but that is the current majority opinion amongst large-scale investors.