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CNBC’s Jim Cramer said Thursday that investors need to tread carefully in the wake of another brutal day of selling in software stocks.
The market’s fear around artificial intelligence-driven disruption to their business models is driving indiscriminate selling, Cramer said, making it difficult to know where valuations ultimately settle. While the cohort has been under pressure for months, the latest leg lower Tuesday is being chalked up to Anthropic rolling out new legal tools for its Cowork product.
Wall Street has decided that “everything software must be thrown away, anything remotely connected to software is suspect, including companies that just collect data,” Cramer said Tuesday on “Mad Money.” “But any client — a bank, a consumer-packaged goods company, an industrial company — is golden, at least for now.”
On Tuesday, shares of ServiceNow
