The market's relationship with artificial intelligence has undergone a sharp reversal, morphing from enthusiastic embrace to anxious recalibration. Software stocks have suffered the largest non-recessionary 12-month drawdown in more than 30 years, with the sector losing $2 trillion of market capitalization from its peak, reducing its weight in the S&P 500 to 8.4% from 12%. LPL Financial closed 8.31% lower on February 10th after tumbling 11% in midday trading, while Charles Schwab fell 7.42% and Raymond James Financial lost 8.75%.
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