Artificial intelligence (AI) may be reshaping the tech world, but in 2026, it’s also shaking confidence in software stocks. Despite the AI boom, the software industry has had a rough ride, especially after AI startup Anthropic rolled out its Claude Cowork plugins earlier this year. The launch sparked fresh fears that AI agents could disrupt traditional SaaS models by replacing, rather than enhancing, existing software platforms.
That uncertainty has weighed heavily on legacy names like Salesforce (CRM) and ServiceNow (NOW) both of which have seen double-digit declines so far this year as investors question their long-term relevance in an AI-driven world. But not everyone on Wall Street is convinced the threat is real. For instance, analysts at Wedbush believe the sell-off is overdone. After recent conversations with CIOs across the industry, the investment firm argues that fears of OpenAI or Anthropic evolving into full-scale enterprise software giants are a stretch.
