Software stocks in Europe fall on concerns over AI pitfalls
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FILE PHOTO: A logo on the SAP exhibition space at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. REUTERS/Benoit Tessier/File Photo
MILAN (Reuters) -Software stocks in Europe fell sharply on Tuesday, with heavyweight SAP sliding more than 6% amid concerns over the risks that artificial intelligence could pose to this part of the technology sector.
SAP was briefly set for its biggest one-day drop since October 2020 and was last down 5.5%. Meanwhile, Dassault Systemes, Sage and Nemetschek fell between 4% and 10%, making tech the worst-performing sector in Europe.
One trader said the selloff mirrored declines among U.S. peers such as Adobe, Salesforce, Intuit and Workday on Monday, following a MarketWatch article that looked into the potential impact of AI on software companies, in particular.
On Monday, Melius Research downgraded Adobe to sell.
(Reporting by Danilo Masoni; Editing by Amanda Cooper)
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