US software stocks slammed on mounting fears over AI disruption, lose $1 trillion in week

FILE PHOTO: AI (Artificial Intelligence) letters and robot hand are placed on computer motherboard in this illustration created on June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Feb 5 (Reuters) - Shares of U.S. software ‌and data services companies extended their tumble for a seventh straight session on Thursday as investors worried that fast-advancing artificial intelligence tools could upend the sector.

The S&P 500 software ‌and services index dropped 4.6%, having shed about $1 trillion in market value since January 28, in a selloff dubbed "software-mageddon."