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The launch of Anthropic's AI tool Claude has impacted software and IT business models, with companies like Relx seeing a 14.4% decline in shares, according to the Financial Times, and wiping out hundreds of billions of dollars in value.
Aditya Agarwal, a well-known American software engineer, stated that "we will never ever write code by hand again" due to AI advancements, indicating a significant shift in the industry, with companies like Atlassian seeing a 70% decline in stock value over the past 12 months.
The "tech wreck" caused by AI's success has led to a market reset, with concerns over the debt market and the potential for a broader crisis, as major companies like Amazon, Microsoft, and Oracle see significant declines in their stock prices, down 20%, 27%, and 60% respectively.
