$285B Software Wipeout, Mandelson Police Investigation, More
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Traders have dumped stocks from across the software financial services and asset management sectors after a new AI automation tool from Anthropic sparked a massive sell-off. The latest release has supercharged disruption fears that have been simmering across the software industry for months. Jeffrey Favuzza, who works on the equity trading desk at Jefferies, summed up the $285 billion route as an apocalypse for software-as-a-service stocks. He added that trading is very much get-me-out style selling. Mandeep Singh, Bloomberg Intelligence's Senior Global Head of Technology Research, isn't quite so severe in his assessment.
Right now, what we are seeing is, you know, the power of these large language models in coming up with a new interface, a chatbot or some sort of a simple interface where you can throw in data, you can automate, you know, steps of your workflow. But generalizing that everything, you know, will be fully automated is a stretch.
Mandeep Singh speaking there as software stocks slid from India to Japan following similar declines among their US and European peers.
Almost half a trillion dollars has been wiped off cryptocurrencies in less than a week as the sell-off accelerated. Bitcoin dropped as much as 7%, falling to just under $73,000 on Tuesday, its lowest level since early November. Famed big short investor Michael Burry is now warning that the plunge could deepen. into a self-reinforcing death spiral, in his words, inflicting lasting damage on companies that have spent the past year stockpiling the token.
The European Union is preparing to pitch the United States on a critical minerals partnership to curb the influence of China. Bloomberg understands the Memorandum of Understanding will look at several ways to cut dependencies through joint projects and export restrictions. Bloomberg's Freddie Fulston has more.
Key pillars of the EU proposal will look at price support mechanisms and plans to jointly source the minerals, which are crucial for modern technology. It also recommends ways to shield both markets from an oversupply of outside minerals and suggests the two sides build supply chains with each other. Crucially, the EU plan also insists both sides respect each other's territorial integrity following US threats to seize the Danish territory of Greenland. In London, Freddie Fulston, Bloomberg Radio.
London's Metropolitan Police have started a criminal probe into politician Peter Mandelson over his ties to Jeffrey Epstein. Authorities are investigating the former minister over alleged misconduct in public office. The news follows Mandelson's resignation from the House of Lords after the Prime Minister Keir Starmer called his actions disgusting. But the leader of the opposition, Kemi Badenock, questioned Mandelson's previous appointment as the UK ambassador to the United States.
I think that the Prime Minister has to take full responsibility, but there are a lot of questions that his Chief of Staff needs to answer. Who knew what and when? Why did the vetting go wrong?
What triggered the $285 billion software sell-off?
Why did they skip over lots of better qualified people and allow our country to be embarrassed in this way?
Conservative Party leader Kemi Badenoch speaking there. They're following the release of US Justice Department files, which appear to show Mandelson forwarding internal Downing Street emails to Epstein. The European Commission is also assessing whether the former Labour peer breached its code of conduct through contact with Epstein, given that Mandelson was the EU's trade commissioner from 2004 to 2008.
Novo Nordisk has warned of a steep decline in sales of its drugs and a move that shocked investors.
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