Anthropic and JPMorgan Seem to Agree That AI Isn’t Eating Enterprise Apps Yet

AI has been a frequent bogeyman to software stocks in the past year, with investors worried that AI agents could erode seat-based subscription pricing models and long-term growth. 

Shares of big incumbents such as Salesforce, Workday, Hubspot, ServiceNow and Adobe are down anywhere from 29% to 58% in that time frame, prompting some analysts and executives (at those companies) to argue that investors have overreacted. New posts and comments from people at JPMorgan Chase, the world’s biggest bank, and Anthropic, the AI juggernaut, agree.