"Nobody truly knows who the long-term winners and losers of this extraordinary technology will be," Deutsche's Jim Reid wrote this morning.

The AI worries have hit software stocks particularly hard, but they’re spreading to other industries and other markets.

Even Alphabet, which is widely regarded as the biggest AI winner in the group, is down 11% off a recent peak.

"Nobody truly knows who the long-term winners and losers of this extraordinary technology will be," Deutsche's Jim Reid wrote this morning.

Is the software selloff a warning sign or a rare opportunity?