Allan Thygesen, CEO of DocuSign, initially reacted calmly when OpenAI announced its new tool, DocuGPT, which serves as a contracting assistant. Thygesen felt that the demonstration was simplistic and not a significant threat to DocuSign’s capabilities. However, the market reacted differently; following the announcement, DocuSign’s stock plummeted by 12%. This decline mirrored a larger trend, as other software companies like HubSpot and Salesforce also experienced drops after OpenAI revealed several AI tools it utilizes internally, including a sales assistant and a customer feedback bot.
This incident highlighted the rising influence of OpenAI within the software industry. OpenAI’s use of its own API to create tools that could rival existing services was perceived by some as a direct challenge to established software providers. Analysts like Rishi Jaluria noted that, at this juncture, the market narrative often overshadows fundamental company performance.
Despite the stock market’s response, Thygesen maintains that DocuSign’s fundamentals are robust, especially with the launch of its AI-powered platform designed to streamline the entire contract management process. He expressed optimism about the future of the company, emphasizing the positive impact AI has had on their offerings.
Salesforce also downplayed the competition with OpenAI, with spokesperson Valmik Desai suggesting that partnerships, rather than competition, should be the focus for enterprise customers. He acknowledged the inherent challenges in integrating AI tools and emphasized the importance of structured collaboration.
OpenAI’s announcements can also bolster related companies. For instance, shares of Figma surged by 7% after being mentioned during OpenAI’s developer conference, demonstrating the dual-edged nature of OpenAI’s influence in the marketplace.
Historically, the software market has seen fluctuations based on new tech launches, but these shifts often stabilize over time as the revenue potentials become clearer. Jaluria noted that sustained positive performance metrics can eventually dispel initial investor concerns and reestablish confidence in affected companies.
