Bloomberg: Fund Beating 99% of Peers Sees "Existential Threat" to Application Software from AI

Summary

Bloomberg reported on February 16, 2026, that a $12 billion global technology fund that has beaten 99% of its peers over one year and 97% over five years has taken the position that "application software faces an existential threat from AI." The fund manager predicts few software firms will survive the AI transition, marking one of the strongest institutional investor statements on AI-driven disruption in the enterprise software sector. This assessment comes as AI risk mentions on corporate ear