Shares of IBM Corp. and DoorDash Inc. closed lower today, continuing a broad decline across the technology sector.
This selloff follows recent developments in artificial intelligence. Anthropic PBC's introduction of Claude Workspace plugins, designed to customize AI behavior for tasks like sales and marketing, has put pressure on enterprise software companies. Similarly, Anthropic's new Claude Code Security tool, which scans application code for vulnerabilities, led to declines in cybersecurity firms.
A blog post from Anthropic detailing AI's capabilities in modernizing COBOL applications also contributed to the market movement. IBM, a major mainframe supplier, saw its shares fall 13.1%. Technology service providers like Accenture and Cognizant, which offer COBOL modernization services, also experienced notable drops, as investors anticipate potential disruption from AI.
Broader market concerns also played a role. Following a Supreme Court decision, President Trump announced plans for new import tariffs, prompting retaliatory reactions from the European Union and India, suspending trade agreement discussions.
Additionally, a report from Citrini Research explored the hypothetical market impact of AI, suggesting increased layoffs and reduced consumer spending. While framed as a "thought exercise," the analysis contributed to investor caution, with companies potentially affected by AI seeing their stock prices decrease. DoorDash closed 6.6% lower, and other firms like Visa and American Express also logged declines.
The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all fell more than 1% in today's trading.