Last week it was software stocks, Monday hit insurance brokers, Tuesday hit wealth management. Altruist launched an AI tool on Tuesday for tax strategy planning, directly targeting the core business of traditional wealth management firms, causing a sharp drop in Charles Schwab. Insurance broker stocks also took a similar hit on Monday after Insurify launched a new tool, with the S&P 500 Insurance Index dropping nearly 4%. Last week, Anthropic’s tool triggered a sell-off in software stocks. Who’s the next AI victim? The market is always like this—when a new trend emerges, there’s an extremely pessimistic outlook on older products. First, there’s a retreat, then people stop to think: which ones are truly impacted? How big will the impact be? And which ones might have been wrongly punished?