Software Stocks Slide as OpenAI Unveils Presence, Sending HubSpot Down 12.7%
Updated
Updated · Business Insider · Jul 23
Software Stocks Slide as OpenAI Unveils Presence, Sending HubSpot Down 12.7%
3 articles · Updated · Business Insider · Jul 23
Summary
HubSpot fell 12.7%, Atlassian 11.8% and Workday 9.9% after OpenAI introduced Presence, an enterprise product that deepens its push into software sold to business customers.
Presence lets companies set guardrails, permissions and policies for AI agents using corporate data, targeting customer support, sales and internal workflows that overlap with SaaS vendors' offerings.
TD Cowen said the launch was likely a major driver of Wednesday's 3% drop in the IGV software index, with losses extending Thursday during an already weak stretch for the sector.
Analyst Derrick Wood flagged customer service and sales software as especially exposed, reviving investor fears that AI agents and governance tools could let OpenAI capture more of the SaaS stack.