00:00So markets have seen plenty of AI-driven selloffs since ChadGPT launched, but this week's meltdown feels different.
00:07In just two days, hundreds of billions of dollars were wiped out across stocks, bonds, and loans tied to tech companies.
00:14Software took the hardest hit, with nearly one trillion erased from the iShare software ETF just in the past week.
00:21What's spooking investors isn't talk of a bubble.
00:25It's the idea that AI is starting to reshape the way that some work is done and displace the companies that benefited from that old order, like ServiceNow or Salesforce.
00:35And the trigger was pretty innocuous.
00:37Anthropic announced a new AI tool for legal tax, like Contract Review.
00:41It was just a four-paragraph announcement.
00:44But coming after a year where Anthropic's coding tools had reshaped software development, the market really latched on.
00:51So far, a lot of the anxiety is still theoretical.
00:54Major companies haven't really missed their earnings numbers or said that AI is eating into their customer base.
01:00Most of them are still spending like crazy to push their own AI tools.
01:04But the worry is growing that these established firms are just no longer the home of innovation.
01:10And maybe they won't be able to grow the way they have over the past decade.
01:14Okay.
01:14So wait.
01:15Let's use this.
01:15Let's look at this.
01:17I'll find this.
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