AI Disruption Triggers Software Stock Crash: Bear Market Deepens
Software stocks experienced a brutal two-day sell-off, with the iShares Expanded Tech-Software Sector ETF losing 2% on Wednesday following an even more severe decline on Tuesday. The catalyst for this market turmoil was Anthropic’s announcement of a new AI tool capable of performing clerical and administrative tasks for legal professionals, sparking fears about AI’s disruptive potential across the software industry.
Major software companies saw devastating losses: AppLovin plummeted …