Stocks and bitcoin sink as investors dump software company shares

Market Overview - Stocks broadly declined, particularly in the technology sector, with the S&P 500 falling by 0.8% and the Nasdaq Composite dropping 1.4% [1] AI Impact on Software Companies - Concerns arose after AI startup Anthropic announced an automated agent capable of performing various tasks, leading to fears that AI tools could disrupt software companies [2] - Analysts noted that Anthropic's AI agent, Claude Code, transitioned from a research preview to a billion-dollar product in just six months, highlighting the rapid pace of AI development [3] Company Performance - Salesforce.com shares fell nearly 7%, while Thomson Reuters dropped 16%, CoStar declined 15%, and the London Stock Exchange Group plunged 12% [3] - Other data-related companies, including Intuit, S&P Global, Equifax, Workday, and Atlassian, experienced declines of around 10% [4] PayPal and Cryptocurrency - PayPal's lackluster earnings and CEO change contributed to a more than 20% drop in its shares [5] - Bitcoin faced significant selling pressure, dropping as much as 6.7% to its lowest level since November 2024, ultimately down more than 2% to around $76,600 [5][6] - Bitcoin has lost over 24% in value over the past year and more than 12% since January 1, reflecting a broader shift away from riskier assets [6] Positive Developments - Palantir shares rose over 6% after reporting earnings that exceeded expectations, indicating continued investor interest in AI-related companies [7] - Energy stocks and consumer staples also saw positive trading activity [7]