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It is about time:
US tech stocks fell sharply on Tuesday as fresh concerns about the impact of AI on software businesses swept across Wall Street.
The tech-heavy Nasdaq Composite fell 1.4 per cent, while the broader S&P 500 was down 0.8 per cent. Markets were dragged lower by large declines for a host of analytics groups following AI company Anthropic’s launch of productivity tools for its Claude Cowork platform that can help automate legal work.
Analytics groups Gartner and S&P Global fell 21 per cent and 11 per cent, respectively, while Intuit and Equifax both declined more than 10 per cent. Moody’s fell 9 per cent and FactSet lost 11 per cent.
A JPMorgan index tracking US software stocks fell 7 per cent, taking its loss this year to 18 per cent.
Here is more from the FT.
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