Shares of software companies fell on Thursday, in the latest example of the group slumping amid concerns about disruption from artificial intelligence services.
The iShares Expanded Tech-Software Sector ETF, ticker IGV, fell 3.9%, closing at its lowest level since November 2023. It has dropped more than 27% this year. An index of software-as-a-service stocks shed 4.8%, bringing its week-to-date decline to 9% and its 2026 drop to almost 40%.
The year’s selloff stems from investor concern that AI offerings will sap demand for services from legacy providers, weighing on their growth and pricing power going forward. The proliferation of ...
