Amazon's AI Tool Development Sparks Software Stocks Decline

Amazon's cloud arm is developing an AI agent to automate tasks for sales, business development, and other groups, according to a report. This has caused a decline in software stocks, with the iShares Expanded Tech-Software Sector ETF down 23% since the end of 2022. UiPath, HubSpot, and Atlassian are among the biggest decliners, falling more than 9%. The report has reignited disruption fears in the sector, which has already been pummeled this year by new AI tool releases from startups.