Lates News

The panic caused by artificial intelligence on Wall Street is spreading from small software companies to large wealth management giants. Investors are stuck in a collective anxiety of "sell first, ask questions later" due to concerns that these companies will be left behind by the times. On Tuesday, a startup called Altruist launched a tax strategy tool called Hazel, triggering tremors in the wealth management industry, leading to drops of 7% or more in the stock prices of firms such as Janney Montgomery Scott, Raymond James, and LPL Financial. This is just a glimpse of the recent massive shift in market sentiment: as billions of dollars in AI investments begin to commercial products, the market is no longer focused solely on finding "winners" but is quickly avoiding any potential "losers" at risk of being replaced. John Belton, a fund manager at Gabelli Funds, said, "Any company with potential disruption risks is being sold off indiscriminately."