US software stocks were hit with a fresh burst of selling on Monday as investors fretted that AI will upend the industry, in a sell-off that cascaded to private capital groups that have lent heavily to tech companies.
Wall Street’s S&P 500 index ended the session down 1 per cent. The tech-heavy Nasdaq Composite lost 1.1 per cent.
Software stocks that have been hit hard in recent weeks by fears around AI disruption were among the worst performers on Monday, with Workday, CrowdStrike and Datadog down 6 per cent, 10 per cent and 11 per cent, respectively.
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