The founder of Citrini Research published “The 2028 Global Intelligence Crisis” on Sunday, outlining a hypothetical scenario in which accelerating AI adoption leads to widespread white-collar job losses, weaker consumption and mounting financial strain.

The essay describes a “deflationary cascade” in which AI doesn’t just augment workers, it replaces them so efficiently that it destabilises the broader economy.

In a market already jittery about rapid AI developments and heavily concentrated in tech stocks, the scenario struck a nerve. By Monday morning, the post had gone viral across trading desks.

What does the post say?

Citrini’s thesis imagines a near future in which rapidly improving AI agents hollow out software companies,displace white-collar workers, destabilise credit and housing markets, and inadvertently bankrupt the middle class.

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It stresses that the scenario is a “thought exercise, not a prediction.” Still, its chain-reaction logic alarmed investors.
The post is written as a retrospective from 2028. In its version of events, AI first drives a surge in productivity and profits before job losses start to weigh on spending and credit.

Here are the key triggers from the post that spooked the market:

1) Death of the middleman

At the heart of Citrini’s thesis is a sharp leap in AI capability. It points to increasingly autonomous tools such as Anthropic’s Claude Code and OpenAI’s Codex as early signs of systems able to execute complex business tasks with minimal human input.

The impact would extend beyond software to travel booking, insurance, real estate commissions, and other industries built on transaction “friction.”
If such agents scale, they could undercut demand for platforms such as Monday.com, Zapier and Asana by allowing companies to manage workflows internally at lower cost. That, in turn, could push vendors like Oracle into sharper price competition.

Nor would it stop there. In Citrini’s framework, personal AI agents transact directly for consumers, bypassing intermediaries such as Uber and DoorDash. Payment networks, including Visa and Mastercard, could face pressure if transactions shift to lower-cost crypto rails.

The common thread: when machines optimise every transaction for efficiency, habitual app loyalty—a cornerstone of many digital business models–begins to erode.

Historically, technologies have created more jobs than they destroyed. Citrini argues AI could prove to be the exception.

“AI is now a general intelligence that improves at the very tasks humans would redeploy to. Displaced coders cannot simply move to ‘AI management’ because AI is already capable of that,” the report states.

In this scenario, layoffs in software and other white-collar sectors accelerate, and workers cannot easily transition into higher-value roles. Many shift into lower-paying or less stable jobs, putting pressure on wages and weakening consumer spending.

That softer demand then feeds back into corporate decisions. Instead of hiring, companies double down on automation to cut costs, reinforcing what Citrini describes as a cycle with no natural brake.

3) Financial spillovers

The report extends the shock into the private credit and housing sectors.

Many software firms have been financed by private-credit lenders based on assumptions of steady long-term revenue. If AI undermines those assumptions, defaults could surge. Asset managers such as Hellman & Friedman and Permira, cited in the report, could face pressure if software-backed loans sour.

At the same time, laid-off white-collar workers struggle to service mortgages, triggering housing stress. Combined credit tightening and falling consumer confidence could amplify the downturn.

Citrini ultimately sketches a late-2027 crash that wipes out 57% of the S&P 500.

4) The paradox of “ghost GDP”

Citrini flags what it sees as a growing imbalance: the economy looks healthy on paper, but many households are under strain.

In one scenario, large AI companies continue to post strong profits and productivity gains. Given their heavyweight in stock indices and overall output, headline GDP and market indicators remain resilient.

The problem, the firm argues, is that machines don’t spend. They don’t buy homes, cars or everyday services.

The result is what Citrini calls “ghost GDP” – economic output that shows up in the data but doesn’t filter through to the wider population.

That gap between rising corporate profits and squeezed household finances, the firm warns, could heighten social and political tensions, with anger directed less at Wall Street and more at Silicon Valley.

Investors were already uneasy about AI disruption. The Substack post sharpened those fears.

US software stocks led the slide. Shares of Datadog, CrowdStrike and Zscaler fell sharply, while International Business Machines suffered its worst one-day drop in decades. Private-equity groups KKR and Blackstone, both cited in the report, also declined.

The broader selloff, which coincided with renewed trade-policy uncertainty in Washington, pushed the Dow Jones Industrial Average down 1.7%, or 822 points, on Monday.

Shares of DoorDash fell about 7% after the note called it a “poster child” for businesses that monetise friction between buyers and sellers. In the scenario, AI agents enable customers and drivers to transact more directly, squeezing margins. On social media, co-founder Andy Fang said the rise of “agentic commerce” would force the company to adapt. “The ground is shifting underneath our feet,” he wrote.

“So far this year, the stock market has been discounting a scenario in which AI is our Frankenstein monster,” said Ed Yardeni of Yardeni Research. His base case is less dire: “We continue to believe that AI is augmenting workers’ productivity rather than making them extinct.”

Also read: IT stock crash wipes out Rs 1.2 lakh crore for LIC & mutual funds in bloodbath not seen since 2008

After the selloff, van Geelen said the report was a scenario, not a forecast. Speaking to Bloomberg, he described it as an attempt to “start a conversation” about a world in which human intelligence is no longer the scarcest resource.

Whether that future materialises is unclear. But the episode shows how quickly AI enthusiasm can turn into market anxiety.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

UiPath Inc.’s stock has shown resilience in late February 2026, closing at $10.10 on February 24 after a 0.69% decline, as the robotic process automation leader leverages its agentic AI advancements and partnerships to counter broader software sector pressures and position for growth in enterprise automation.

As of February 24, 2026, UiPath (NYSE: PATH) traded in a session range of $9.92 to $10.43 with volume of about 32 million shares. The shares have recovered modestly from recent lows but remain down significantly year-to-date in 2026, reflecting volatility in the automation and AI software space. The 52-week range spans a low near $9.38 to a high of $19.84, with the stock trading at a forward P/S ratio around 3.5 and a forward P/E below 15—levels some analysts view as attractive given the company’s pivot to agentic AI orchestration.

The recent performance follows UiPath’s emphasis on agentic AI, where autonomous agents handle complex workflows beyond traditional RPA bots. On February 23, 2026, UiPath joined the Agentic AI Foundation as a Gold Member, gaining influence in working groups on governance, security, and observability to help shape open standards for interoperable AI agents. This move complements earlier initiatives, including a partnership with OpenAI to integrate frontier models into enterprise workflows via a ChatGPT connector and launches of agentic solutions for healthcare administrative bottlenecks.

UiPath’s latest quarterly results, for fiscal Q3 2026 ended October 31, 2025, reported December 3, 2025, showed revenue of $411.11 million—up 15.9% year-over-year—and EPS of $0.16, beating estimates of $0.15. Annualized recurring revenue reached $1.782 billion, growing 11%, with dollar-based net retention at 107%. The quarter marked UiPath’s first GAAP operating income of $13 million, highlighting improving profitability amid investments in AI-enhanced automation.

Management highlighted alliances with Microsoft, Amazon, Salesforce, and others to expand reach and scalability. Recent recognitions include inclusion in G2’s 2026 Best Software Awards across five categories, underscoring strong user adoption. The company also acquired WorkFusion to bolster capabilities in healthcare AI and other verticals.

Analysts remain divided but generally constructive on the long-term outlook. Consensus among 13-17 firms rates PATH a Hold to Moderate Buy, with average 12-month price targets around $15.62 to $15.77—implying 54-56% upside from current levels. High targets reach $19, while lows sit at $10-$14. RBC Capital recently lowered its target to $14 from $17 on February 23, 2026, maintaining Sector Perform amid software sector concerns and investor sentiment, though earlier adjustments reflected optimism around AI positioning.

Institutional interest persists, with Vanguard Group increasing its stake by 4.9% in Q3 2025, adding over 2.25 million shares to hold nearly 48 million—about 9% ownership valued around $641 million. This supports views of undervaluation, with some models suggesting PATH trades 38% below fair value estimates around $16.19.

Challenges include competition in RPA and AI automation from players like ServiceNow, as well as cautious enterprise spending in some segments. The software sector faces divergence in 2026, with AI leaders potentially gaining while others lag. UiPath’s forward guidance and ARR trends will be key in proving sustained momentum.

The next major catalyst arrives March 11, 2026, when UiPath reports fiscal Q4 and full-year 2026 results after market close, followed by a 5:00 p.m. ET conference call. Consensus expects EPS around $0.20-$0.25 and revenue near $465 million, up about 10% year-over-year. Investors will scrutinize ARR growth, margin expansion, agentic AI adoption metrics, and full-year guidance amid the platform’s evolution.

UiPath, a pioneer in RPA now transitioning to comprehensive agentic automation, benefits from its end-to-end platform and enterprise focus. With AI agents poised as a major 2026 trend for workflow orchestration, the company’s scale, partnerships, and improving profitability position it to capture demand in digital transformation. While near-term volatility persists from sector dynamics, the low valuation and AI tailwinds offer potential for recovery if execution continues.

As the March earnings approach, UiPath’s ability to demonstrate accelerating growth in agentic solutions and sustained enterprise traction will determine whether the current levels prove a buying opportunity or reflect ongoing caution in automation software.

Bitmine Immersion Technologies Inc. shares have experienced sharp swings in February 2026, closing at $19.44 on February 24 after rising 1.14%, as the Ethereum-focused treasury company continues aggressive accumulation of ETH tokens, reporting holdings of 4.423 million ETH and total crypto, cash, and “moonshot” assets reaching $9.6 billion.

As of February 24, 2026, Bitmine Immersion (NYSE American: BMNR) traded in a session range of $18.65 to $19.60 with volume exceeding 30 million shares. The stock has declined roughly 5-6% over the past week but remains significantly higher over longer periods, with a 52-week range from $3.20 to $161.00 reflecting extreme volatility tied to Ethereum price movements and the company’s concentrated treasury strategy. Market capitalization stands around $8.74 billion.

The latest catalyst came February 23, 2026, when Bitmine announced its ETH position reached 4,422,659 tokens valued at approximately $1,958 per ETH (based on CoinMarketCap data), representing 3.66% of Ethereum’s 120.7 million circulating supply. The company added 51,162 ETH in the prior week—valued at roughly $98-100 million—during what Executive Chairman Tom Lee described as a “mini crypto winter” for the asset. Staked ETH totaled 3,040,483 tokens, generating annualized staking revenues of $171 million at a recent 2.89% seven-day yield, outperforming the Composite Ethereum Staking Rate of 2.81%.

Bitmine highlighted its position as the world’s largest Ethereum staking operation, with 69% of holdings already staked. The company reiterated progress on its Made-in-America Validator Network (MAVAN), a proprietary staking infrastructure set for deployment in early calendar 2026 (Q1). MAVAN aims to provide secure, best-in-class staking for Bitmine’s assets, working with three providers in the interim. Lee emphasized the “alchemy of 5%” philosophy—targeting 5% of ETH supply—now over 73% achieved in seven months.

The treasury update included $691 million in cash and strategic “moonshot” investments, such as a $200 million stake in Beast Industries, alongside minor holdings like 193 BTC. Average daily trading volume of about $700 million ranks BMNR as the 165th most traded U.S. stock, underscoring high visibility despite concentration risks.

The aggressive ETH accumulation has drawn attention amid Ethereum’s price weakness, with the token sliding to levels near $1,958 from 2025 highs. Bitmine’s average cost basis—estimated near $4,000 per token in prior disclosures—has led to substantial paper losses, ballooning to over $8 billion in some analyses as ETH declined. Yet management views current prices as a “perfect bottom” and continues buying, framing it as a long-term institutional strategy leveraging staking yields and DeFi mechanisms.

Recent institutional moves bolster confidence. BlackRock increased its stake significantly in prior periods, and inflows from firms like Sumitomo Mitsui Trust Group and Envestnet Asset Management have supported liquidity. However, leadership changes—including the January 2026 separation of President Erik Nelson with a $605,000 payout—have raised questions about execution during the treasury buildout.

Analyst coverage remains limited but mixed, with some highlighting BMNR’s role as a leveraged ETH play rather than a traditional tech or mining stock. The company’s shift from immersion-cooled Bitcoin mining to an Ethereum treasury focus has reduced self-mining exposure while deferring new site buildouts. No recent quarterly earnings details alter the narrative, with the last reported figures showing ongoing losses (trailing EPS around -$0.93) amid treasury volatility.

The next updates will likely focus on MAVAN launch progress in Q1 2026 and further ETH purchases or staking metrics. Consensus lacks a unified price target due to sparse coverage, but sentiment ties closely to Ethereum’s trajectory—potential rallies could drive BMNR higher, while prolonged weakness might exacerbate losses.

Bitmine Immersion Technologies positions itself as the leading Ethereum treasury for institutional and public market investors, capitalizing on native protocol yields and infrastructure like MAVAN. Its scale—controlling over 3.6% of ETH supply—offers unique exposure but introduces concentration risk in a volatile asset class. As the company advances its staking platform and continues accumulation, BMNR remains a high-beta proxy for Ethereum believers amid the broader crypto market’s fluctuations.

Investors monitoring the stock eye Ethereum fundamentals, including network activity highs and staking economics, as key drivers. With trading volume elevated and institutional stakes growing, Bitmine’s path in 2026 will hinge on executing MAVAN and navigating crypto cycles effectively.

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Dubai, UAE – Dubai once again reinforced its position as a global hub for excellence and innovation at the Global Excellence & Leadership Awards, Dubai 2026, presented by Insights Success Media, which brought together the world’s most influential leaders under one prestigious platform. The ceremony celebrated transformative leadership, breakthrough innovation, and measurable industry impact across diverse sectors.

The ceremony honored leaders across diverse sectors, including electric mobility and sustainable innovation, finance, AI, healthcare, marketing, real estate, aviation, banking, women’s leadership, education, and corporate transformation.

Among the distinguished honorees were.

Electric Mobility & Sustainable Innovation

Leading the charge in sustainable progress and technological advancement were distinguished pioneers redefining infrastructure and environmental responsibility:

• Mr. Samir Hmicho – Leading Electric Vehicle Transformation – Chairman of the Board
• Raymond George – Innovative Building Materials Company of the Year 2026 – Leading the Way in Sustainable Waterproofing
• Abdul Qaiyum Alidin – Visionary Leader in Aerospace & Sustainable Innovation
• Dr. Daere Akobo – Visionary Leader in Energy, Infrastructure, and Digital Transformation

Financial Leadership & Corporate Excellence

Recognizing strategic foresight and financial stewardship, the awards celebrated global finance leaders shaping economic ecosystems and corporate resilience:

• Mr. José Antonio Sánchez Marín – Excellence in Financial Leadership and Strategic Consultancy Award
• Satish Ramakrishnan – Outstanding Financial Executive of the Year
• Safouane Khcherif – Excellence in Corporate Finance Leadership
• Rony Daou – Financial Strategist of the Year
• Peter Ristevski – Outstanding Global Leader in Tax Innovation & Asset Protection – 2026
• Akil Shah – Co-Sponsor / Middle East’s Most Trusted Accounting & Tax Firm, 2026
• Marichelvam R. – Global Excellence in Finance Leadership & Community Impact Award
• Mohamed Bellal – Finance Innovators Transforming Strategy into Growth
• Arindam Sarkar – Global Aviation Finance Leader of the Year
• Abby Liang – Global CFO of the Year (Founder & CFO, Metaworld Consultant)
• LINH T TRỊNH-AN – Women in Finance Leadership & Impact Award

CEO, COO & Executive Leadership

Honoring transformative executive vision and organizational leadership excellence:

• Joel Perri – Number One CEO Coach in the World; First & Only Omni-Platform #1 Top Global Leadership Headliner Keynote Dynastic Star
• Ayman Elbayaa – CEO of the Year 2026
• Shohreh Abedi – NextGen COO 2026: Transforming the Landscape of US Operations
• Noushad Ismail – Most Influential COO in UAE Banking
• Abdulla Altaee – Saudi Arabia’s Top General Manager Leadership Award 2026
• Rohit Chug – Saudi’s Most Visionary Corporate Executive of the Year 2026
• Ronnie Surty – Bahrain’s Most Impactful Leader Powering the Gulf Region
• Abu Bakar – Visionaries of 2026: The Leader Redefining the Future
• Aleksandr Mamasidikov – The Visionary Founder Redefining Banking & Finance, 2026
• Ahmed J. Jabbar – The Global Visionary to Follow in 2026
• Dr. Shweta Narang – Global Excellence & Leadership Award in Medical Diagnostics 2026
• M. Sehzaad Peerbucus – Award for Outstanding Achievement in Business Excellence (Founder and CEO, Hammersmith Management Ltd)
• Rahmah Al-Ali – Leadership Excellence in Risk & Crisis Management 2025
• Gail Courneyea – 35-Year Legacy of AeroSafety Award
• Khaled Haj Younes – Excellence in Business Innovation Award – Medical & Aesthetic Sector

Technology, AI & Digital Transformation

In the rapidly evolving digital era, these leaders stood out for advancing cybersecurity, quantum innovation, cloud transformation, and AI-powered ecosystems:

• Rajan Jha – Global Icon of Cybersecurity & AI Leadership, 2026
• Imad Syed – 2026’s Top Visionary Leader Transforming the IT Landscape
• Rakesh Ramankutty – Global Icon Leading Digital Transformation Across Cloud Platforms – 2026
• Amr Elazab – Next-Gen Quantum Leaders: Shaping the Future Today
• Syed Javeed Shah – Technology & Digital Transformation Leadership – Africa Category
• Bahwan Cybertek – Most Disruptive Tech Product of the Year
• Unmesh Deshpande – IT Infrastructure Visionary of the Year (Technology Leader, Wockhardt Hospitals)
• Mile Jelic – Cybersecurity Strategy & Growth Leader of the Year 2026 (Comtrade System Integration)
• Seinetime (ANH-PHUONG, FELIX TA & SEINETIME) – The World’s First Domain-Independent Agentic Intelligence Platform

Healthcare, Wellness & MedTech

Celebrating impact-driven leadership across healthcare strategy, primary care, wellness innovation, and MedTech advancements:

• Carolyn M. Rubin – Influential Woman Leader in Healthcare Strategy & Organizational Growth
• Katleen Verleysen – MedTech Visionary Leader of the Year 2026
• Sofica Bistriceanu – Excellence in Primary Care Award 2026
• Agnes George – Global Excellence in Diabetes Transformation Coaching
• Dr. Parveen Smith – Global Transformative Leader in Wellness & Empowerment
• Jun Tachibana – Influential Global Business Leader in Oral Healthcare
• Dr. Riza Kadilar – Coaching and Mentorship Leadership Award (Business Leaders, K Ventures)
• Sylvia Dr. Paulig – Global Thought Leadership Award (CEO / Ophthalmic Surgeon, Paulig Eye & Health)
• Dr. Markus Meier – Healthcare CEO of the Year 2026
• Dr. Taj Mohammed Fiyaz Chowdhry – Innovative Healthcare Leadership Award 2026
• Prof. Dr. B. Durgaprasad Reddy – Outstanding Cardiothoracic Surgeon of the Year 2026

Real Estate, Infrastructure & Construction

Recognizing leaders shaping urban landscapes and advancing sustainable construction:

• Dr. Bumal Murchoyea – Visionary Leader Transforming Real Estate Development
• Kavita Doshi – Visionary Leader Transforming Sustainable Real Estate & Community Impact
• Francis Christy Boy – Visionary Leadership Award for Transforming Construction Through Digital Innovation
• Vwakpor Efuetanu – Architectural Visionary of the Year

Banking, Insurance & Corporate Governance

Acknowledging those strengthening governance frameworks, insurance leadership, and financial intelligence:

• Mr. Shahzad Saxena – Leading Insurance Company Driving Confidence in the Middle East
• Hammad Khan – Most Influential Leader in Insurance 2026
• Eng. Mohammad Bamogaddam – Outstanding CEO Shaping the Future of Credit Intelligence
• Jessica Soledad Cáceres – Global Excellence Award in Digital Governance, Compliance & Corporate Ethics

Branding, Marketing & Industry Leadership

Celebrating strategic brand architects and commercial leaders redefining market influence:

• Amir A. Kolahzadeh – Title Sponsor / Innovative Brand Strategist of the Year
• Rana Yakzan – Global Trading Innovation Leader
• Patrick Czerka – Engineering Leadership Excellence Award
• Wail Muhrzi – Logistics Leadership Excellence Award
• Mr. Fayez Awadeh – Marketing Leadership Excellence Award – Pharma Sector 2026
• Mr. Mohamed Metwally – Commercial Leadership Excellence Award – Pharma Sector 2026
• Abdulla Ahmad Faraj – Emirati Leader of Excellence in Sports Media & Marketing
• Cristian Acampora – Keynote Speaker & Impact Leader of the Year (GM – Master Trainer & Mental Coach, Blackship)

Women Leadership & Global Impact

Highlighting exceptional women leaders driving strategic influence and transformative change worldwide:

• Rania Awadallah & Mennan Awadallah – Egypt’s Next-Gen Women Leaders Making Their Mark 2026
• Ruchi Agnihotri – South Africa’s Top Managing Director to Follow
• Miriam Schnyder – Visionary Entrepreneur Redefining Luxury Interior Art & Glass Innovation
• Anu Ruohosto – Emerging Woman Leader in Luxury Wellness & Beauty
• Annie Holmes – Visionary Leader Redefining Human-Centered & Wellness-Driven Leadership
• Nashay Lowe – Global Icon in Leadership Communication & Conflict Transformation, 2026
• Razyka Bel – Middle East’s Most Influential Woman in Government Affairs & Regional Operations
• Boston Moonsamy – Most Visionary Women Leaders Driving Growth in 2026
• Dr. Dianne Kristine Joy Closa Bonsol – Excellence in Care: Woman Doctor of the Year 2026

Coaching, Mentorship & Thought Leadership

Celebrating pioneers in transformational coaching, mentorship, and global thought leadership who inspire individuals and organizations to reach their fullest potential:

• Dr. Riza Kadilar – Coaching and Mentorship Leadership Award (K Ventures)
• Lynn Kleinsmith – Women in Coaching Excellence and Influence Award (elev8 Global Coaching)
• Cristian Acampora – Keynote Speaker & Impact Leader of the Year (Blackship)
• Sylvia Dr. Paulig – Global Thought Leadership Award (Paulig Eye & Health)

Education, Talent & Social Impact

Recognizing institutions and individuals shaping the future of education, recruitment, and social development:

• KAUMEYA Language Schools – Middle East’s Top Academic Hubs Redefining Learning
• Hande Kizir – IT Talent Recruitment Leader of the Year 2026
• Wazma Jawlan – Social Impact Leader of the Year
• Adnan Sab’a Al Aish – Nigeria’s Top Business Icons 2026

Banking and Digital Transformation

Recognizing institutions and individuals shaping the future of banking through digital innovation and transformation:

• Marta Mroz-Sipiora – Excellence in Banking Digital Transformation
• Noushad Ismail – Most Influential COO in UAE Banking
• Aleksandr Mamasidikov – The Visionary Founder Redefining Banking & Finance, 2026

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