Marketplace Morning Report: “AI comes for software companies”
Date: February 6, 2026
Host: Sabri Benashore (in for David Brancaccio)
Length: ~10 minutes
Overview
This episode delivers a brisk, insightful look at turmoil in software stocks as AI tools threaten legacy business models, with a specific focus on Anthropic's new automation offerings. The episode also checks in on the latest cryptocurrency rout and gauges how a weak labor market is playing out for small businesses, all while keeping a distinctive Marketplace blend of sharp analysis and on-the-ground voices.
1. The AI Disruption Hitting Software Companies
(Main segment begins ~01:12)
Key Discussion Points
- Software Sector Stock Drop: Major software companies are seeing precipitous stock price declines just weeks into 2026.
- Salesforce down 25% this year (as of February)
- Intuit down 31%
- Overall S&P software index down 17%
- AI as the Main Cause: Startups, most notably Anthropic, are rolling out AI tools that investors fear could render traditional enterprise software redundant.
- Anthropic’s new “Claude Co-Work” plugins automate core business functions (sales, legal, finance)—domains long dominated by giants like Salesforce, Workday, ServiceNow.
- Investor Fears: Some are worried the value of software companies will “go to zero.”
Expert Insight & Notable Quotes
-
Rishi Jaluria (RBC, managing director of software research):
“These are companies that are just at the heart of every business worldwide today.”
[02:06]
(On how vital enterprise software is to most organizations.) -
Brent Thill (Jefferies):
“You’re not going to see massive banks that are regulated... insurance companies that have the data and process workflows... are unlikely to fully rip out these systems going forward.”
[02:42]
(Downplaying the idea that disruption will be immediate or total.) -
Arun Chandrasekharan (Gartner, tech analyst):
“I think people are just surprised by the sheer pace of innovation... I thought this was going to happen in 2027, and I can’t believe that it’s happening in 2025 or 2026.”
[03:10]
(Expressing amazement at how quickly agentic AI is developing.)
Themes
- Market volatility driven by “agentic AI” and automation fears.
- Tension between current utility of enterprise systems and future uncertainty.
- The challenge: How long do legacy companies have to adapt before full disruption sets in?
2. Crypto Market Turmoil
Segment begins ~04:03
Key Points
- Bitcoin Falls Under $70,000: After peaking last year, Bitcoin has lost nearly half its value since October 2025.
- Other Cryptocurrencies Following: Ethereum (Ether), Solana, and others have also plummeted.
- Crypto Safe Haven Narrative in Doubt: Instead of fleeing to crypto during market turbulence, investors are turning back to gold.
- Rise of Competing Gambles: Sports betting and prediction platforms now compete directly with speculative crypto trading.
- Link to Tech Decline: Crypto traders were spooked by the downturn in tech and software stocks.
Memorable Quote
-
Nancy Marshall Genser (Marketplace reporter):
“Bitcoin and other cryptocurrencies were supposed to be a safe haven investors turn to during turbulent times, but instead traders are flocking to old standbys like gold.”
[04:20]“Crypto trades remain speculative, more like a gamble. And they have competition from sports gambling platforms and prediction gambling sites.”
[04:39]
3. Labor Market Check-in for Small/Mid-sized Employers
Segment begins ~06:28
Key Points
- Government Data Delays: Due to a partial shutdown, official data on jobs is sparse.
- What We Know:
- Job openings fell sharply in December.
- Layoffs rose in January.
- ADP reports show weak job growth.
- Interviews With Small Business Owners:
- Jim Piper, metal shop owner (Chicago): Worries more about a lack of orders than about hiring.
“Hiring is not an issue that I’m deeply worried about right now. Unfortunately, [I’m] more worried about bringing in enough work. It’s been a tough start to the year.”
[07:10] - Tariffs and falling demand are squeezing margins; positions are only replaced if truly needed.
- Chris Knudsen, restaurant owner (Olympia, WA):
“Not awesome. It’s always a little bit slow in January, especially on the brewery side. Blame Dry January for that, but this January’s been slower than last.”
[08:10]- Inflation means diners are spending less; staff levels kept minimal.
- Emily Bordner, jewelry store owner (Kansas City, MO): Saw 2024 boom from “going viral,” but now is expanding cautiously.
“We’re definitely doing it as bare bones and as minimally as possible.”
[08:55] - Owners across sectors agree: No longer a scramble for workers, as in past years. Trouble is sluggish demand, not staffing.
- Jim Piper, metal shop owner (Chicago): Worries more about a lack of orders than about hiring.
Broader Insight
- Small business priorities have gradually shifted from “how do I find enough workers?” to “how do I drum up enough business to justify even the current staff?”
- Tariffs, inflation, and regulatory rollbacks are shaping 2026’s labor landscape.
Notable Quotes & Timestamps
- Rishi Jaluria (RBC):
“These are companies that are just at the heart of every business worldwide today.”
[02:06] - Brent Thill (Jefferies):
“...Software companies have time to integrate AI into their offerings.”
[02:55] - Arun Chandrasekharan (Gartner):
“I thought this was going to happen in 2027, and I can't believe it's happening in 2025 or 2026.”
[03:12] - Nancy Marshall Genser (Marketplace):
“Crypto trades remain speculative, more like a gamble. And they have competition from sports gambling platforms and prediction gambling sites.”
[04:39] - Jim Piper (Illinois small business owner):
“Hiring is not an issue that I'm deeply worried about right now. Unfortunately, [I'm] more worried about bringing in enough work.”
[07:10] - Chris Knudsen (WA restaurant owner):
“Not awesome. ...This January's been slower than last.”
[08:10] - Emily Bordner (MO jewelry store owner):
“We’re definitely doing it as bare bones and as minimally as possible.”
[08:55]
Conclusion
This Marketplace Morning Report spotlights how rapidly advancing AI is unsettling investors and legacy tech firms, even as crypto markets tumble and America’s small businesses face a new, more complicated labor and demand landscape. The episode captures a moment of economic uncertainty, technological acceleration, and business adaptation in early 2026.