Tax planning and wealth management stocks plunged sharply on Tuesday after financial software company Altruist launched an AI tool for tax strategy, raising market concerns that the business models of traditional institutions may be impacted.

The stock price of a certain exchange once fell by 8.1%, and other wealth management companies also came under pressure. The exchange dropped by 8.5%, another exchange plunged by 8.4%, and yet another exchange fell by 7.2%. On Tuesday, Altruist released a new tool that helps financial advisors tailor strategies for clients and generate documents such as payrolls and account statements. Analysts said this round of sell-off appears to stem from broader concerns in the market about the potential for artificial intelligence to disrupt financial advisory and wealth management models. Investors are likely currently focused on issues such as efficiency advantages being eroded by competition, long-term fee compression, and potential changes in market share.