The development of artificial intelligence could undermine the business models of the largest American corporations. Cryptalist analyzed which companies in the S&P 500 index are at greatest risk from the expansion of generative neural networks and AI agents.

The S&P 500 index includes the 500 largest public companies in the US. While some players benefit directly from the adoption of AI, for others it becomes a direct threat to their revenue.

Maximum risk: five companies in the red zone

Five corporations received a "very high risk" rating:

  • Adobe — neural networks generate images and videos on their own, which reduces demand for conventional design tools;
  • Salesforce — AI takes over part of the customer work, whereas the company charges for each employee using its service;
  • ServiceNow — AI agents perform tasks for which expensive software platforms are currently purchased;
  • Intuit — tax reporting and accounting become easier to handle automatically;
  • Gartner — AI assistants can replace part of the analysts' work.

Another nine companies received a "high risk" rating:

  • Accenture (ACN) — AI may reduce demand for labor-intensive consulting and implementation;
  • Cognizant (CTSH) — automation of code writing threatens the classic IT outsourcing model;
  • EPAM Systems (EPAM) — AI-assisted development reduces the number of billable engineering hours;
  • Thomson Reuters (TRI) — legal research and document preparation face competition from AI services;
  • Autodesk (ADSK) — generative design changes the economics of software for engineers and designers;
  • Workday (WDAY) — AI agents automate HR and financial processes;
  • Expedia (EXPE) — AI travel agents bypass conventional booking interfaces;
  • Booking Holdings (BKNG) — AI assistants divert search and booking away from existing platforms;
  • Alphabet (GOOGL) — AI assistants threaten the traditional model of earning from search advertising.

Both specialized software developers and IT service providers and travel platforms have come under pressure. The common denominator is revenue dependence on routine operations that AI takes over.

Cryptalist analysis: The market is gradually reassessing the risk of revenue cannibalization for software and service companies under pressure from AI, and this factor is already being priced into multiples. Investors should closely monitor how quickly corporations in the "red zone" can monetize their own AI products and protect their margins. The winners will be those who turn the threat into a source of new revenue, not those who try to preserve an outdated model.