Traders dump software stocks
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Nvidia CEO Jensen Huang dismissed fears that AI will replace software as tech stocks were rattled by new tools from Anthropic this week.
Since ChatGPT arrived on the scene some three years ago, analysts have been warning that entire industries, including software programming, legal services and film production, are at risk of being disrupted by artificial intelligence.
Select Wall Street analysts think shares of Datadog and Atlassian are headed much higher in the next year.
Software stocks entered a bear market last week. The latest bout of selling was brought on by Anthropic's unveiling of a new plugin for its Cowork agent.
Having skin in the game has never hurt so much, at least for some of the software industry’s wealthy founders and executives. This month’s selloff in software has shaved billions of dollars from the value of the shares held by Oracle Chairman Larry Ellison and AppLovin CEO Adam Foroughi.
After falling 26% in three months, Microsoft looks oversold.
Software stocks are in a freefall. Adobe stock price continued its freefall this week, reaching its lowest level since April 2020.