Julie Chang

I'm Julie Chang for The Wall Street Journal.

The weeks-long sell-off in software stocks deepened today amid general unease about the threat posed by AI.

Software makers Applovin, CrowdStrike, Datadog, Workday, Expedia, and Intuit were all among the S&P 500's worst 10 performers around midday.

dropping at least 7%.

Rapid advancements in AI's ability to write code have spooked investors this year.

Several of the day's biggest decliners were discussed in a now-viral Sunday night post from Citrini Research.

The post outlined a hypothetical scenario where AI profoundly impacts the economy in the near future.

also taking a hit, shares in big banks and other financial services firms.

Investors are parsing through the possible impacts of AI on the payment processing fees that bring in billions of dollars to the industry every year.

American Express's stock was down over 7% as of this afternoon, while JP Morgan, Citigroup, and Morgan Stanley were all down 4% or more.

MasterCard was down roughly 6%, and Visa was down about 4%.

And Anthropic accused three Chinese AI companies of creating over 24,000 fraudulent accounts to siphon data from its Claude model and improve their own products.

In a blog post today, Anthropic said the three companies, DeepSeek, Moonshot AI, and Minimax, prompted Claude more than 16 million times.

Here's your morning TNB Tech Minute for Monday, February 23rd.

I'm Julie Chang for The Wall Street Journal.

Gilead Sciences has agreed to buy the rest of development partner Arcelix in a deal that values the biotech company at about $7.8 billion at closing.

Gilead said it will pay an initial $115 a share in cash for the 88.5% of Arcelix it doesn't already own, a 79% premium to Friday's closing price.

Biopharmaceutical company Gilead and Arcelix struck a deal in 2022 to co-develop and co-commercialize AnitoCell, an investigational CAR T-cell therapy for patients with the blood cancer multiple myeloma.

Gilead said the acquisition of Arcelix gives it full control of AnitoCell and said it expects to complete the acquisition during the second quarter.

Renault said it would acquire Volvo Groups and CMA CGM's remaining stake in electric van Flexus for an undisclosed sum.