Real estate services stocks sank on Wednesday as investors assessed the companies’ vulnerability to the newest crop of artificial intelligence applications and tools that threatens to disrupt several industries.
Shares of CBRE Group Inc. and Jones Lang LaSalle Inc. plunged 12%, and Cushman & Wakefield Ltd. dropped 14%. For CBRE and Cushman & Wakefield, the moves marked the biggest drop since 2020 in the midst of the Covid-driven market selloff.
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