For some companies, the sell-off in recent weeks reflects nebulous fears of AI disruption rather than actual present-day profitability problems. Shares in customer-relations giant ServiceNow have fallen almost one-third this year, despite it producing better fourth-quarter results than it had previously predicted. Project management software maker Monday.com’s shares fell more than 20 per cent on Monday when the group issued its 2026 guidance, despite it forecasting 18 to 19 per cent revenue growth.