‘Claude fear’ hits U.S. stocks… real estate, wealth management and logistics firms tumble
Summary
- It reported that amid widening AI-driven concerns, shares of real estate services firm CBRE have plunged about 20% over two days.
- It reported that on expectations AI could replace commercial real estate demand and existing logistics-sector business models, C.H. Robinson Worldwide and RXO fell sharply.
- It reported an analysis that following Anthropic’s launch of Claude for Work, capital outflows are emerging across software, legal services, and data analytics and research firms.
Forecast Trend Report by Period
Concerns grow that AI could replace business models
Real estate services firm CBRE down 9%
Concerns that artificial intelligence (AI) could threaten business models are spreading beyond software to real estate, wealth management and logistics. The spillover triggered a wave of selling in related stocks on the New York Stock Exchange on the 12th (local time).
Real estate services companies were among the hardest hit. Shares of CBRE, the world’s largest real estate services firm, sank 8.8%. Jones Lang LaSalle fell more than 7%, while Hudson Pacific Properties, Newmark, SL Green Realty and BXP each slid more than 4%. CBRE has plunged roughly 20% over the past two sessions. Fears that AI-driven displacement of white-collar jobs could reduce demand for offices and other commercial properties fueled broad selling across real estate services firms.
The logistics sector was also caught in the downdraft. As expectations grew that AI could rapidly replace existing business models in supply-chain management and transport optimization, U.S. logistics company C.H. Robinson Worldwide dropped more than 14%, and RXO fell over 20%.
The selloff is being attributed to Anthropic’s launch last month of its enterprise AI service, “Claude for Work.” With concerns mounting that the spread of AI coding tools could undermine enterprise software, major software names came under heavy selling. Shares of Intuit, ServiceNow, Salesforce and Adobe all fell sharply.
After Anthropic said it would add features to automate legal work such as contract review to Claude for Work, Thomson Reuters and LegalZoom.com—a legal services-related company—have fallen more than 20% so far this month. Data analytics and research firms FactSet Research and S&P Global also struggled to find support.
Jade Rahmani, an analyst at KBW, wrote in an investor note: “We are seeing outflows from high-fee, labor-intensive business models that could be potentially vulnerable to AI-driven disruptive innovation.”
Reporter Lim Da-yeon allopen@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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