Leaders at enterprise app makers such as Figma, Workday and HubSpot have downplayed threats from AI that could crimp their growth, a concern that has pressured their stocks for months. But the securities filings those leaders sign every quarter are beginning to note the competitive risks the companies face from AI agents, which their customers could use to replicate their apps or draw data from them.

So far this year, 27 software firms, including the three just mentioned, have described AI agents as a competitive risk in their securities filings, up from the seven that disclosed such risks in the same period last year, according to The Information’s analysis of filings using AlphaSense, a market research platform.