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Palantir Technologies (NASDAQ:PLTR) shares fell 7% in the afternoon session alongside a broader decline in software and communication-services stocks. Alphabet fell roughly 6%, and Microsoft slipped as well. The previous week, Accenture experienced a near-20% single-day drop after cutting its growth outlook and citing AI compressing demand for traditional IT services.
Why it matters
The market is concerned that AI agents—software that can autonomously complete tasks—will erode the subscription model that underpins enterprise software economics. This fear has compounded throughout the year: Salesforce trades around $152, down roughly 43% year-to-date and near its 52-week low, and Adobe fell approximately 49% over the past year. When the largest IT services firm signals that AI is eating its billable hours, investors extend the same logic to the software vendors whose products those hours configure.
What to watch
Despite the selling pressure, some analysts see value in the pullback. Salesforce is a Rule-of-40 company retiring 10% of its shares through a $25 billion（約4兆円） buyback and carries the largest AI revenue line in its category, while actively acquiring usage-based billing platforms like m3ter to monetize AI agent actions. Monness upgraded Salesforce to Buy the previous week on valuation. The key question is whether these companies can prove that AI revenue scales faster than it erodes the legacy subscription base.
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