Software investors are growing increasingly anxious as artificial intelligence threatens to upend established companies, forcing them to confront a stark choice: adapt swiftly to AI agents or risk being marginalized. The Financial Times reports markets are now weighing whether traditional software giants can evolve their business models to incorporate generative AI technologies before they become obsolete. This shift poses existential questions for investors who have long relied on the steady growth of established players. AI agents represent a potential existential threat to incumbents, demanding rapid strategic pivots that many may not execute successfully.