Saxo Market Call The AI apocalypse trade - when does it stop?
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Feb 24, 2026 A market sell-off fueled by an AI disruption narrative and a viral research report that questions which companies will survive. IBM and several SaaS names face sharp declines as new AI tools threaten legacy software. Earnings from major tech names could reshape sentiment. Broader market moves in bonds, crypto and FX are also discussed alongside geopolitical and policy risks.
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AI Apocalypse Overlay Is Driving Tech Selloff
- Markets are pricing an "AI apocalypse" overlay that fears broad white‑collar disruption and is driving sharp selloffs in software and platform stocks.
- John Hardy points to big moves like IBM -13% after Anthropic's COBOL tool and widespread 30–50%+ drawdowns in software names as evidence.
Private Equity And Credit Are Second‑Order Risks
- Private equity and lenders are exposed because they've financed and invested heavily into software and data centre assets now seen as vulnerable to AI disruption.
- John Hardy highlights firms like Blue Owl as examples that financed data centres and software investments at risk.
Anthropic COBOL Tool Spooked IBM Shares
- Anthropic announced a tool to update COBOL mainframe code and the market viewed this as an IBM disruption catalyst.
- IBM fell from $320 in late January to $223 after the news, dropping ~13% in one session amid consultancy disruption fears.