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📉 Wall Street is selling off software stocks sharply because of concerns that AI will disrupt traditional business models.
ServiceNow, despite reporting good results, still plunged -12%, SAP fell -14% after lower-than-expected cloud backlog growth, and Microsoft fell -10% due to slowing cloud growth.
This shows that businesses are delaying signing long-term software contracts because AI can directly automate many processes. As a result, the entire software industry fell into a bear market, reflecting concerns about the industry's long-term structural change under the increasingly strong impact of AI.#GoldBreaks$5,500 #GateLiveMiningProgramPublicBeta $BTC $ETH $