Capgemini bore the brunt of the market reaction, with shares sliding 7.8% following the announcement. The downward pressure rippled across the continent, dragging German giant SAP down 3.1%, while the London Stock Exchange Group dropped 5.2%. Sage and Dutch software firm Wolters Kluwer also saw significant declines of 4.1% and 3.4% respectively.

Accenture’s revised forecast anticipates revenue growth between 3% and 4% in local currency, down from its previous target of 3% to 5%. This adjustment follows a 3% contraction in third-quarter new bookings, which fell to $19.32 billion. For many firms, these numbers confirm a broader malaise: Capgemini and Wolters Kluwer have already shed roughly 35% of their value this year, while SAP has declined by 34%.

Market sentiment remains fragile as companies struggle to reconcile their business models with the rise of autonomous AI agents. Craig Cameron, a portfolio manager at Franklin Templeton, noted that software leaders are finding it difficult to reassure investors that their platforms will remain relevant in a five-year horizon. This existential uncertainty, once absent from the sector, now defines the current trading climate.