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00:02Real estate services stocks fell on Wednesday as investors weighed the potential impact of
00:07artificial intelligence tools on labor-intensive business models, according to Bloomberg.
00:11Shares of CBRE Group and Jones-Lang LaSalle dropped 12 percent,
00:15while Cushman and Wakefield declined 14 percent,
00:19marking the biggest drop since 2020 for CBRE and Cushman and Wakefield.
00:23Keith, Briette and Wits analyst Jade Romani said investors are rotating out of high-fee
00:28models viewed as vulnerable to AI disruption, but added the sell-off may overstate near-term risk.
00:34Barclays analyst Brendan Lynch called the decline excessive given limited news.
00:38The moves followed new automation tools from Anthropic and broader selling across software,
00:43private credit, wealth management, and insurance stocks.
00:46For all things money, visit Benzinga.com.
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