According to The Kobeissi Letter, a record 27 US public software companies identified AI agents as a significant competitive risk in their Q1 2026 filings. This marks a substantial increase from Q2 2025, showing that concerns over AI-driven disruption have more than doubled. In contrast, only 2 firms flagged AI agents as a risk in Q4 2024, signaling rapid growth in apprehension within the industry. Market participants should evaluate the impact of AI technologies on traditional software business models as competition escalates.