Software stocks plunged for an eighth straight session on Thursday, putting the sector on track for its longest losing streak since May 2021, as investors grow increasingly concerned that artificial intelligence could undermine demand across the SaaS economy.
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The iShares Expanded Tech-Software Sector ETF (NYSE:IGV) fell 1.9%, extending its drawdown from late-October highs to roughly 30%.
Palantir Technologies Inc. (NASDAQ:PLTR) — long viewed as the poster child of the AI-driven software rally — dropped 4.4%, following an 11% slump on Wednesday.
The biggest software decliners were tied to crypto markets, as Bitcoin (CRYPTO: BTC) slid 9% to $66,000, hitting levels last seen in October 2024.
Shares of Strategy Inc. (NASDAQ:MSTR), Mara Holdings Inc. (NASDAQ:MARA) and CleanSpark Inc. (NASDAQ:CLSK) each fell about 12%.
Commodities also suffered broad-based declines, with silver plunging …Full story available on Benzinga.com
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