From Atlassian to Private Equity to Canva, this selloff spares no one

Renowned venture capitalist Marc Andreessen once declared that software is eating the world. Could it also swallow up the bullish rally that has been going on for more than three years?

Of course, technology companies were the focus of the rally that began in October 2022. But concerns have been building for months about how artificial intelligence giants like OpenAI and Anthropic could displace traditional software providers, analytics firms, financial services firms and consulting firms by replicating their core functions.

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