A research report from Citrini Research, a firm focused on thematic equity investing, has gone viral and spooked investors, contributing to fresh volatility in software stocks on Monday. The Dow was down by more than 800 points around midday, and the Nasdaq fell more than 1%, with software stocks including AppLovin, Asana, DocuSign, and Zscaler among the biggest losers. Citrini’s hypothetical scenario, written as a look back from 2028, theorizes that the AI boom continues but ultimately proves detrimental to the broader economy. The scenario begins with the question: "What if our AI bullishness continues to be right...and what if that's actually bearish?" It assumes the rise of AI drives white-collar layoffs, severely reducing spending power and lowering economic growth. Citrini stated, "By the end of 2027, it threatened every business model predicated on intermediation." The scenario leads to a stock market crash, with the S&P 500 cratering by 38% from its October 2026 peak. "The November 2027 crash only served to accelerate all of the negative feedback loops already in place," the note said.