How AI and rates combined to hurt software

After years of fighting for legal sports betting, FanDuel and DraftKings are now facing unforeseen competition in the form of prediction markets—platforms that let users bet on the outcome of a plethora of events. WSJ sports reporter Jared Diamond explains how that’s led to a bitter rivalry ahead of the Super Bowl. Plus, WSJ markets reporter Sam Goldfarb explains why software stocks are declining in an AI-dominated tech market.

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