‘Get Me Out’: Traders Dump Software Stocks as AI Fears Take Hold

(Bloomberg) — Wall Street has been skeptical about software stocks for a while, but sentiment has gone from bearish to doomsday lately with traders gripped by fears about the destruction to be wrought by artificial intelligence. “We call it the ‘SaaSpocalypse,’ an apocalypse for software-as-a-service stocks,” said Jeffrey Favuzza, who works on the equity trading desk at Jefferies. “Trading is very much ‘get me out’ style selling.” Most Read from Bloomberg The issue was underscored last week, when a his ...