"The market losses are tied to updates to Anthropic's AI-powered workplace productivity suite, Claude Cowork, which threatens to replace some software tools ubiquitous in the professional world. Companies with business in research and legal software like Thomson Reuters and LegalZoom dropped dramatically on the Anthropic news, with a wide swath of software stocks following suit. Intuit, PayPal, Equifax all dropped by over 10%, with enterprise software companies like Atlassian and Salesforce deepening their own losses, which started well before the latest AI news."
"Unlike Claude Code, a coding tool designed for developers, Anthropic built Claude Cowork as a powerful, general purpose AI agent for non-coders. Available to Anthropic's $100-per-month premium subscribers, Claude Cowork can knock out easier tasks like searching, collecting and organizing files, but it's also capable of taking on much bigger challenges like making slide decks, producing reports and pulling and synthesizing information from other business software tools, like Zendesk and Microsoft Teams."
Stocks plunged as investors feared AI advancements would reduce demand for software and services across industries. The losses traced to updates to Anthropic's Claude Cowork, an AI workplace productivity suite that can replace common professional tools. Research and legal software firms such as Thomson Reuters and LegalZoom fell sharply; Intuit, PayPal, Equifax, Atlassian, and Salesforce also saw significant drops. The S&P North American software index continued a recent decline after a severe January loss. Claude Cowork, offered to $100-per-month premium subscribers, handles search, file organization, slide decks, reports, and integrates with tools like Zendesk and Microsoft Teams. New plugins extend automation into finance, legal, sales, data, marketing, and customer support, raising concerns about revenue disruption and reduced software demand.
Read at Fast Company
Unable to calculate read time
Collection
[
|
...
]