Big Tech CEOs seek to quell AI worries hammering software stocks

Big Tech CEOs, including those from Nvidia, Alphabet, and Arm, have dismissed concerns that AI could harm the software industry, despite a recent sell-off in software stocks. Speaking at the Cisco AI Summit, CEOs argued that AI will not replace existing tools but will instead enhance them. The sell-off was led by Palantir and Oracle, with other major software companies also experiencing declines. However, Alphabet's Sundar Pichai and Arm's Rene Haas echoed the sentiment that AI presents opportunities for established firms, with Google Cloud's revenues surging 48% to $17.7 billion. Some analysts believe the market's fears are overblown, citing the complexities and costs of developing enterprise software.