Software stocks keep on sliding as AIs rapidly evolving capabilities rattle investors,
plus shares of Novo Nordisk plummet as price competition reshapes the market for weight loss drugs,
and China flexes its regulatory muscle, banning retractable door handles on electric vehicles.
It really shows how China has become not only a leader in these but also a laboratory of experimentation when it comes to dealing with associated technologies.
It's Wednesday, February 4th.
I'm Luke Vargas for the Wall Street Journal, and here is the AM edition of What's News,
the top headlines and business stories moving your world today.
Software stocks in Asia and Europe are sliding today,
following a rough day on Wall Street that saw the rise of new AI tools shave more than $300 billion off of companies that sell or invest in software.
Yesterday's big losers included Adobe, Salesforce, LegalZoom.com, PayPal, Expedia,
and Equifax, as traders called into question the competitive modes those businesses had built up.
And with more on this software sell-off, I'm joined by reporter Henna Miao.
Hannah, what triggered this?
I kind of thought AI was a potential benefit for some of these companies,
enabling them to kind of power up their professional offerings.
And yet the thinking seems to be they could just get bypassed completely.
Is that right?
Yeah,
we've seen anthropic and open AI release new models and updates recently that have shown a pretty big advancement in just how much these AI tools can do.
Anthropics cloud code has really taken off.