Crypto: Citrini’s AI Doom Report Prompts Software, Payment Stocks Tumble

Computing and AI company IBM saw its largest single-day drop in 25 years on Monday, tumbling 13.1% to $223.35.

A Citrini Research report that warned of a doomed economy due to AI has been partially blamed for a sell-off in software and payments stocks on Monday.

Citrini's “Global Intelligence Crisis” report has amassed over 22 million views on X alone, discussing how AI agents could drive corporate profits so high that human labor could become increasingly redundant, triggering a recession.

It also outlines a chilling June 2028 scenario, in which the Standard & Poor's 500 is down 38% from its all-time high, unemployment is over 10%, private credit is unraveling and prime mortgages are cracking — all while AI didn’t disappoint, exceeding every expectation.

Computing and AI company IBM saw its largest single-day drop in 25 years on Monday, tumbling 13.1% to $223.35, while Microsoft, Oracle and Accenture fell 3.21%, 4.57% and 6.58%, Google Finance data shows.

Credit card platforms Visa, Mastercard, and American Express also fell 4.5%, 5.77%, and 7.2%, as Citrini said private credit and software-backed loans would face cascading defaults.

Investor anxiety was compounded by warnings from renowned risk theorist Nassim Taleb, who said AI could make some software companies bankrupt, while Anthropic said its Claude Code tool can modernize software written in the COBOL language, which handles large transactions for many governments, banks and airlines.

Related: How SocialFi, memecoins and AI pushed Base to the top of the L2 ladder

Anthropic’s findings appeared to affect IBM’s share price directly, as COBOL is mostly run on IBM’s systems.

Citrini said the rise in agentic AI tools like Anthropic’s Claude Code or OpenAI’s Codex will drive the broader economic shift, reducing the need for human labor and forcing companies to reinvest savings into ever-more capable AI, essentially creating a feedback loop that accelerates workforce displacement and a decline in consumer spending.

Source: CoinTelegraph