Salesforce and UiPath Lead Stock Market Plunge Amid AI Concerns
TL;DR
Software stocks plummeted due to disappointing quarterly reports from Salesforce and UiPath, with Salesforce dropping 19.7% and UiPath 34%. The decline is attributed to massive AI spending by customers, which is straining budgets for other software services. UiPath's CEO chaos and consistent losses further exacerbated its stock collapse, now down 85% from its peak. Other major software companies also saw significant declines.
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