Software and communications stocks fell as investors fear AI agents will erode the subscription-based business model that underpins enterprise software.

Why it matters

The market has been compounding concerns all year that AI agents—software systems that make decisions and take actions autonomously—will erode the traditional subscription model. This concern intensified after Accenture, the largest IT services firm, cut its growth outlook and explicitly cited AI compressing demand for traditional IT services, which investors extended to the software vendors whose products configure those services. Even strong performers like Salesforce—a Rule-of-40 company with the largest AI revenue line in its category, retiring 10% of its shares through a $25 billion（約4兆円） buyback—are being sold down on cannibalization fears.