US stocks saw multiple sectors plunge intraday as a wave of selling was triggered by a fabricated AI report.

Citrini Research recently released a report providing a detailed analysis of the potential risks that artificial intelligence (AI) may bring to various sectors of the global economy, leading to significant declines in delivery, payment, and software stocks on Monday. DoorDash, American Express, KKR & Co Inc., and Blackstone shares all fell more than 8% during Monday’s trading. Other companies mentioned in the article, including Uber, Mastercard, Visa, Capital One, and Apollo Global Management Inc., also saw their stock prices drop by at least 3%. The report, published on Sunday, begins with a preface stating: "The sole purpose of this article is to model a scenario that has previously lacked in-depth discussion. After reading, we hope you will be prepared for the potential tail risks brought about by artificial intelligence making the economy increasingly 'strange.'" Citrini Research was founded by James van Geelen. The report sets up a hypothetical scenario with a timeline of June 2028. In this scenario, the disruptive impact of AI leads to mass unemployment among white-collar workers, a decrease in consumer spending, defaults on loans supported by software, and an economic contraction. However, the report clearly emphasizes: "The following content is merely a scenario assumption, not a prediction." In this "thought experiment," Citrini outlines various possible outcomes, including one scenario where the dominance of delivery apps like DoorDash and Uber Eats is replaced by so-called "vibe-coded" alternatives. Andy Fang, co-founder of DoorDash, responded to the Citrini report on the X platform: "We do believe agent-based commerce will bring disruptive changes to the industry. The ground is shifting, and we have to adapt." The report also describes another future scenario: AI agents help users save money by eliminating transaction fees charged by payment processing companies such as Mastercard and Visa. The report states: "We are certain some of these scenarios will never actually happen. As investors, we still have time to assess how much of our portfolio is built on assumptions that may not survive the next decade." AI panic has previously led to sell-offs across multiple sectors The media notes that the gloomy depiction in the report has made the stock market, already shaken by AI disruption risks and geopolitical turmoil, even more anxious. Thomas George, portfolio manager at Grizzle Investment Management, said: "This report does raise real concerns about disruption risks, even if things ultimately may not develop in the worst-case direction. After reading, you definitely don’t feel great. I believe anyone holding these stocks will feel less confident." In recent weeks, industries from software and wealth management to logistics have experienced sell-offs. Investors are nervous about the shock that new AI tools may bring, entering a "shoot first, ask questions later" mode. While software companies have been hit hardest, insurance brokers, private credit firms, cybersecurity companies, and even real estate service stocks have become embroiled in the so-called "AI panic trading." However, some analysts, strategists, and investors warn that many of the market's reactions are exaggerated, and current risks related to artificial intelligence may be overestimated. Michael O’Rourke, Chief Market Strategist at Jonestrading, said: "This is a very astonishing market reaction. I’ve seen markets show remarkable resilience when facing truly negative news. Today, a completely fictional piece has sent the market into uncontrolled decline." Risk warning and disclaimer The market involves risks, and investment needs to be cautious. This article does not constitute personal investment advice, nor does it take into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their individual circumstances. Investing accordingly is at your own risk.