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Barchart
Barchart
Anushka Dutta

Can a New CEO Save Workday Stock from the Software Apocalypse?

Workday WDAY Aneel Bhusri Carl Eschenbach RBC Capital

Wall Street is concerned that artificial intelligence (AI) will affect software stocks, leading to a selloff in some major names, with the latest drop coming after Anthropic rolled out new legal tools for its Cowork product. Software application company Workday (WDAY) also saw shares slip amid AI-related fears. 

Although CEO Carl Eschenbach had previously brushed off “overblown” concerns about AI-driven disruption to software business models, Workday has had to cut jobs to bolster investments in AI technology. Recently, the company announced that Eschenbach would step down and that co-founder Aneel Bhusri will assume leadership as CEO, effective immediately. In a statement, Bhusri highlighted the transformation of AI as greater than that of Software-as-a-Service (Saas). 

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