Salesforce, Adobe, ServiceNow sink over 30% as AI upends software sector

Major software names have slumped: Salesforce, Adobe and ServiceNow have each fallen more than 30% since early last year, and an index of smaller software firms is down over 20%. The selloff intensified this month after Anthropic launched Claude Code, fueling concerns about AI-driven "vibe coding" and shifting investor attention toward AI infrastructure and power providers.