Delivery, payment, and software stocks tumbled sharply on Monday after Citrini Research released a report outlining potential risks that artificial intelligence could pose to various sectors of the global economy. DoorDash, Inc., American Express, KKR & Co LP, and Blackstone Group LP each fell more than 8%. Other companies mentioned in the article, including Uber, MasterCard, Visa, Capital One Financial, and Apollo Global Management, saw their shares decline by at least 3%.

The report, published on Sunday, stated in its introduction: "The sole purpose of this article is to simulate a relatively under-researched scenario." The preface also noted: "We hope that after reading it, you will be better prepared for potential left-tail risks as AI makes the economy increasingly unpredictable."

Citrini Research, founded by James van Geelen, presented a hypothetical situation set in June 2028, where AI-driven disruptions lead to mass unemployment among white-collar workers, reduced consumer spending, software-related loan defaults, and an economic contraction. However, the report clearly emphasized: "The following is a scenario, not a forecast."

Among the various outcomes discussed in this "thought experiment," Citrini described a situation in which the dominance of delivery apps like DoorDash, Inc. and Uber Eats is replaced by alternatives based on "ambient programming." "We do believe that agent-based commerce will have a transformative impact on the industry," said Andy Fang, co-founder of DoorDash, Inc., in a response on X. "The ground beneath us is shifting, and the entire industry will need to adapt."

The report then outlined another future scenario: AI agents could help users save money by eliminating transaction fees charged by payment processors such as MasterCard and Visa. The report added: "We are confident that some of these scenarios will not occur," and stated: "As investors, we still have time to assess how much of our portfolios are built on assumptions that may not hold over the next decade."

This bleak outlook further intensified anxiety in the stock market. In recent weeks, markets have repeatedly been shaken by concerns over AI's disruptive potential and geopolitical instability. Thomas George, a portfolio manager at Grizzle Investment Management, commented: "The report raises legitimate concerns about AI disruption, even if the worst-case scenarios do not materialize." He added: "Reading it certainly doesn't leave you feeling optimistic, and I believe it undermines confidence for anyone holding these stocks."

Multiple sectors, from software to wealth management and logistics, have been caught up in a selling frenzy in recent weeks, as investors nervous about the impact of new AI tools have adopted a "shoot first, ask questions later" approach. While software companies were among the hardest hit, insurance brokerage, private credit firms, cybersecurity, and even real estate services stocks have been swept up in what is being called the "AI panic trade."

However, analysts, strategists, and investors have cautioned that many market reactions are exaggerated and likely overestimate AI-related risks at this stage. Michael O’Rourke, chief market strategist at Jonestrading, remarked: "This is a very significant reaction." He said: "I have seen this market demonstrate remarkable resilience in the face of real negative news. Yet now, a fictional work has sent it into a tailspin."