ADBE is trading at $270.57 (-3.27%) today, extending losses as software stocks face SaaSpocalypse fears following the release of Anthropic's AI automation tools.
- The decline follows a sharp tech sector sell-off driven by Alphabet's AI spending concerns and a 17% plunge in AMD on weak guidance.
- Despite no company-specific news, Adobe is under pressure from investor rotation out of growth tech as the NASDAQ drops 0.92% and the S&P 500 falls 0.78%.