Global markets saw sharp volatility after new artificial intelligence tools from US based AI firm Anthropic unsettled investors and triggered a heavy selloff in software stocks. In a single trading session, analysts estimated that nearly $285 billion in market value was erased across software, legal technology and financial services companies. This amounts to around ₹23.6 lakh crore, marking one of the biggest single day losses linked to an AI product launch.
The market reaction followed Anthropic’s release of 11 open source AI plugins for its platform Claude Cowork. One tool drew particular attention as it automates legal workflows such as contract review, NDA checks, compliance processes and legal brief preparation at scale. This raised concerns that tasks traditionally handled by specialised software platforms could now be managed directly by AI systems.
The impact on stocks was immediate and widespread. Shares of Thomson Reuters fell by around 15%, while RELX, which owns LexisNexis, declined by about 14%. LegalZoom dropped nearly 20%. The Nasdaq Composite slipped roughly 1.4%. Indian technology stocks were also affected, with Infosys ADRs falling around 5.5% and Wipro declining close to 5%. In total, the estimated value erosion stood at ₹23.6 lakh crore.
Claude Cowork is designed to go beyond simple responses. It can read files, organise folders, draft documents and complete multi step tasks with user approval. The new plugins allow organisations to define workflows, data access and task automation across functions such as productivity, sales, marketing, finance and legal operations. Analysts say this signalled a major shift. By offering ready to use vertical solutions, Anthropic moved from being a technology provider to a potential competitor for many platforms that rely on AI. A brokerage firm called the selloff a “SaaSpocalypse”, warning of deep disruption for software companies. Other firms like DocuSign fell about 11%, while Salesforce, Adobe and ServiceNow dropped around 7% each. Anthropic’s rapid growth has added to investor concern, with its developer product Claude Code reportedly nearing $1 billion in annual recurring revenue and plans underway for a $20 billion fundraise at a valuation of about ₹29 lakh crore.
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