Good morning from the Financial Times.
Today is Wednesday, February 4th.
This is your FT News Briefing.
US tech stocks took a tumble, and Elon Musk's cadre of companies is gearing up for an AI future.
Plus, domestic energy companies in Argentina still have the upper hand for now.
I'm Mark Filipino, and here's the news you need to start your day.
The tech-heavy Nasdaq composite ended the day down a little shy of 1.5% on Tuesday,
and the broader S&P 500 was nearly 1% lower.
And at one point yesterday, Bitcoin hit its lowest point since U.S.
President Donald Trump's election in 2024.
Investors are worried about the impact of AI on software businesses.
A bunch of analytics groups saw their shares tank after the AI Group Anthropic launched productivity tools that can help automate legal work.
The sell-off had a bunch of companies on both sides of the Atlantic.
Analytics groups like S&P Global and Relics,
the latter is known for owning the legal information platform LexisNexus,
private equity groups that have piled into the software space also got hit,
and even European advertising companies.
Now here's a quote that really sums up the fears driving the wider sell-off.
It's from Michael Rourke at Jones Trading.
He told the FT, if legal can be disrupted by Anthropics' new tool,