US software stocks hit by Anthropic wake-up call on AI disruption
The Hindu
The declines came even as Nvidia CEO Jensen Huang played down fears AI would replace software and related tools, calling the idea “illogical” and saying “time will prove itself.”
U.S. software stocks extended their slide on Wednesday, driven by fears of disruption caused by artificial intelligence, with some analysts warning of more volatility as investors assess whether the challenge is existential for the sector.
The selloff was triggered by a new legal tool from Anthropic, which showed the AI industry’s growing push into industries that can unlock lucrative enterprise revenue needed to fund massive investments in the technology.
That push has sparked fears of disruption in industries ranging from finance to law and coding.
Grappling with slower progress in the development of the AI models that power their technology, startups such as OpenAI and Anthropic are under pressure to justify their steep valuations.
Their strategy is reminiscent of how Amazon disrupted several industries by first winning a niche online book market and then using that foothold to build a business that now spans retail, cloud and logistics.
Some analysts said the success of AI startups was, however, far from guaranteed, given that they lack the specialized data that is crucial to businesses in the industries.
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