AI Disruption

Not a Goldman Sachs research paper. Not a Fortune 500 earnings miss. A speculative thought experiment on a blogging platform — written by a firm most people had never heard of — just erased billions in market cap. DoorDash dropped 7%. American Express fell 7.2%, its worst day since April. IBM cratered 13% — worst since 2000. MongoDB and AppLovin slid 8%. The Dow shed 823 points. All because people read a scary story on the internet and two famous contrarians hit “share.” ...

Remember when “AI-powered” was the magic phrase that made stock prices go up? Those days are over. In the first seven weeks of 2026, enterprise software has experienced what might be its worst bloodbath in history. The iShares Expanded Tech-Software Sector ETF (IGV) has plunged over 23% year-to-date, officially entering bear market territory. Salesforce down 28%. ServiceNow down 30%. Adobe’s market cap has cratered from $350 billion to roughly $107 billion. Figma, which IPO’d to fanfare last summer, has collapsed 85% from its 52-week high. ...