AI is coming for the software giants and Australia is not a safe haven

Daniel Petre has invested millions of dollars in software companies over the years. Now, as markets fear that rapid advances in artificial intelligence will all but wipe out their growth, the veteran venture capitalist is the first to warn that there will be plenty of losses.

Or, as he describes it, “roadkill.” With each new announcement detailing new tasks that AI platforms can automate – the latest being Anthropic’s Claude, which appears to be able to replicate the work of specialized legal software – tech stocks are staring deeper into the abyss.

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