AI will send most software companies the way of print media in the 2000s, a top fund manager said.
Software stocks have plunged in recent weeks following the release of AI tools that promise to automate tasks like writing documents and managing payrolls.
Nick Evans, a Polar Capital fund manager, whose global tech fund beat 99% of peers in the last year, told Bloomberg that apart from infrastructure and cybersecurity, few software sectors will survive AI’s existential threat.
The software selloff is among several event-driven swings traders have contended with recently, thanks to AI, tariffs, and geopolitical turmoil, prompting investors to increase exposure in Europe and emerging markets.
“You almost get desensitized to it,” one Wall Street investment chief said.
