AI Fears Drag Asia Software Stocks Lower After US Tech Rout

Asian software stocks slid, extending a global selloff as investors fret that rapid advances in artificial intelligence could upend traditional business models.

Cloud-based accounting software maker Xero Ltd. slid 16% in Sydney, the most since 2013. Japan’s TIS Inc. and Hong Kong-listed Kingdee International Software Group Co. slumped as much as 16%. Among larger names, Indian information technology firms Tata Consultancy Services Ltd. and Infosys Ltd. dropped at least 7% each.