Citi Cuts Six Software Stocks Over AI Fears

Citi Research has downgraded six application software stocks from Buy to Neutral, citing expectations that AI-related concerns will intensify in the coming months. The affected companies include Similarweb, Docusign, Autodesk, Nice, Veeva Systems, and CCC Intelligent Solutions. The move reflects growing analyst caution around traditional software firms facing disruption from artificial intelligence advancements. Citi's downgrades signal a broader reassessment of the sector's near-term outlook as AI competition pressures established software business models.