Bridgewater Associates: Artificial intelligence is posing an existential threat to traditional software companies.

Bridgewater Fund, the world's largest hedge fund, released a report on Monday comparing the current situation to the industry upheaval of the 1990s, stating that old software companies are now facing similar survival threats. The report said, "With the launch of the new Claude Code model, emerging competitors in the industry have brought survival crises to leading companies, similar to the impact Amazon had on Barnes & Noble back in the day." So far this year, the S&P 500 Software and Services Index has fallen by around 17%.