Markets: AI Breaks Old Software

On February 9, 2026, US software stocks tumbled again. Investors call this the "AI trade": capital is fleeing from companies selling "tools" (SaaS) to companies selling "results" (agents).

The market realized that adding a chatbot to an old program does not make it competitive. The future belongs to those who own the infrastructure (chips, cloud) or create fully autonomous agents. Traditional software is becoming "legacy" before our eyes.

Source: Reuters