00:00It's Benzinga bringing Wall Street to Main Street.
00:02Mistral AI CEO Arthur Minch said more than 50% of enterprise software could be replaced by
00:08artificial intelligence, adding to investor concerns over software stocks, according to
00:13CNBC. His comments followed a sell-off in major software stocks that was partly sparked by
00:18Anthropik's co-op product as investors worry AI can replace current enterprise software functions.
00:24The iShares expanded tech software sector ETF is down more than 20% this year,
00:28and Indian software stocks have fallen. Minch said enterprises can build custom AI applications
00:34in days if they have the right infrastructure. He said a replatforming is underway as companies
00:39replace older SaaS tools with AI. Minch told CNBC that Mistral plans to open its first office in
00:45India this year as it expands into the market. For all things money, visit benzinga.com.
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