[DigitalToday reporter Chi-gyu Hwang] Concerns that AI could threaten the business models of established tech companies are increasingly becoming reality in some areas. Beyond the so-called “SaaSpocalypse” in which AI can replace existing software, search and community service companies have recently come within the direct impact zone of AI-driven disruption.

Community service Reddit saw its share price plunge after issuing weaker-than-expected fourth-quarter revenue guidance in its latest quarterly results. A drop in traffic coming from Google Search, driven by Google AI Overviews, stood out. Reddit suffered a nightmare day, with shares falling nearly 30 percent in a single day.

Large enterprise software company ServiceNow also saw its shares fall 24 percent after its third-quarter results missed expectations.

• Reddit shares plunge 30 percent on weak fourth-quarter outlook • Alphabet’s Google shares slide 8 percent as search advertising growth slows; cloud grows more than twofold • Weak Alphabet results, a sign AI is encroaching on search? • ServiceNow shares fall 24 percent after results; SaaSpocalypse fears reignite

A potential Anthropic IPO valued at up to $2 trillion briefly acted as a positive factor, but in the bigger picture concerns about an AI bubble are growing after third-quarter tech earnings. AI infrastructure-related stocks, including those of big tech firms, also plunged. Gartner warned the AI bubble could burst and projected that if AI infrastructure companies keep investing at the current pace, they may have to book more than $350 billion in losses by the end of 2030. OpenAI lowered its fundraising target for a new investment round to as much as $20 billion from an initial target of up to $30 billion. A decline in tech shares is also standing out in Chinese markets.

• Intel shares slide despite solid third-quarter results; dark clouds over fourth-quarter outlook • Gartner: $350 billion in AI infrastructure investment at risk of being booked as losses by 2030 • OpenAI cuts new funding target to $20 billion from $30 billion amid AI bubble worries • Unitree halves, CXMT plunges: “China’s AI stock bubble has already burst”

The global top three cloud providers—Amazon Web Services (AWS), Microsoft Azure and Google Cloud—posted what the article calls record growth last quarter on the back of demand for AI infrastructure, but that did not reverse concerns about the AI infrastructure market.

• Global cloud “top three” tout record growth rates as the business rises as a core revenue driver

Moves by leading tech companies to actively cooperate even with rivals to expand their stakes in AI are also drawing attention.

OpenAI is buying TPU AI chips from Google, a rival in AI models. Snowflake is partnering with Oracle to offer Snowflake AI Data Cloud on Oracle Cloud Infrastructure (OCI).

• OpenAI to buy Google’s TPU AI chips • Snowflake to support Oracle Cloud as well, linking with Oracle app and database data

It also compiled moves by companies at home and abroad surrounding AI.

Anthropic on Oct. 26 (local time) released an S-1 registration statement for an initial public offering. According to The Information, Anthropic will begin an investor roadshow two weeks later and is seeking a Nasdaq listing in the week of Nov. 16.

• [Tech Inside] Is a $2 trillion market cap really possible? Anthropic’s IPO on the test stand

French AI company Mistral released the weights for its open-source AI model “Mistral Large 4 (ML4)” with 1 trillion parameters. Browser company Opera unveiled a new web standard, “WebAI,” that can run AI models directly in the browser without the cloud. Nvidia will invest $3 billion in Meta’s planned paid-in capital increase. Nvidia and Meta will expand cooperation centered on Meta’s AI service “Muse.”

• Mistral releases weights for 1 trillion-parameter AI model “Large 4,” targeting cybersecurity • Opera unveils new web standard “WebAI”; runs AI in-browser without the cloud • Nvidia to invest $3 billion in Meta capital increase, expanding AI agent cooperation

Global HR and payroll platform Deel unveiled its in-house LLM product lineup “Pangaea,” specialised for global workforce operations, and its AI lab “Emet.” Cadence Design Systems unveiled its AI model lineup “Cadence Maestro” to support semiconductor design. Global AI audio company ElevenLabs launched “Instant Soundtracks,” which generates original music and sound effects matched to uploaded videos.

• Deel unveils “Pangaea” LLM for global workforce operations and introduces AI lab “Emet” • Cadence unveils “Maestro” AI model for chip design, using Nvidia Nemotron • ElevenLabs launches Instant Soundtracks; creates original music when users upload videos

Starbucks is pushing a plan to show personalised digital menus for each customer at drive-through stores.

• Starbucks pushes plan to introduce AI personalised menu boards at drive-throughs

A tussle is also intensifying between the credit card industry and digital payment platform companies over AI agent payment technology. Stripe has recently accelerated efforts to target AI agent-based shopping, drawing attention as it threatens the standing of Visa and Mastercard, the credit card networks that have dominated the global payments market.

• [Tech Inside] The opening of a new digital payments war driven by AI agents • Shopify adopts Visa, Mastercard and AmEx token technology with AI agent tech: “Different from Stripe”

Hancom set out to target global markets with AI-native SaaS and put forward ambitious numerical targets. Hancom CEO Yeon-su Kim (김연수) said, “Nomadian’s 2028 paid customer target is 250,000,” adding, “The United States is only a starting point, and the stage is the global market, so it is a conservatively set number.” SK Networks subsidiary En-core, an AI and data specialist, will work with AI services company Bespin Global to expand the public-sector AI market. SK AX launched “G-Fit Studio,” which analyses applicants’ problem-solving skills, communication ability and AI use capabilities through real work-based AI simulations and supports HR decision-making.

• Hancom challenges global AI-native SaaS market: “Differentiate from big tech through personalisation” • En-core partners with Bespin Global to jointly target public-sector AX market • SK AX launches AI-based competency assessment solution G-Fit Studio

SNS data analytics company Phaetoring introduced “Phaetoring AI Agent,” which helps automate hands-on work for influencer marketing campaigns. AI and data specialist WISEiTECH entered the YouTube AI analysis service market as part of a strategy to expand subscription-based services. Jobis&Villains, which operates tax refund platform Samjjeom Sam, built an in-house platform called “Carter” to centrally manage AI agents that had been scattered across the company and operated separately.

• Phaetoring launches vertical AI agent for SNS marketing • WISEiTECH launches YouTube AI analysis service “Tubmit,” accelerating expansion into subscriptions • Samjjeom Sam builds in-house AI agent integration platform “Carter”