Explained: What is Anthropic’s AI tool that wiped $285 billion off software stocks in a single day

A swift market reaction, dubbed ‘SaaSpocalypse,’ saw software stocks plummet by $285 billion after Anthropic’s AI assistant, Claude Cowork, launched new plugins. The legal workflow automation plugin, in particular, triggered a selloff in legal tech and broader software sectors. Analysts now fear AI platforms are becoming direct competitors to existing software providers.