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A selloff in software and data company stocks that began in Europe yesterday has spread to Asia-Pacific markets, via the US, today.
Software stocks slid from India to Japan, following losses on Wall Street overnight, on growing concerns that their business models will be devoured by AI.
The trigger for the selloff appears to be an updated chatbot release from AI developer Anthropic, the company behind the chatbot Claude, designed to automate legal work such as contract reviewing, non-disclosure agreement triage, compliance workflows, legal briefings and templated responses.
