New York —
Anthropic just launched a new AI tool that could replace dozens of software tools. And Wall Street is panicked.
Claude Cowork is meant to be like an AI colleague, with the ability to read files, organize folders and draft documents on your behalf. New plugins tailored for specific industries like sales, finance, data marketing and legal launched on Friday. That sent software stocks into a spiral, raising fears that the bread-and-butter software-as-a-service business model that’s driven the tech and digital services industries is now at risk of disruption.
Wall Street is nervous that AI tools like Claude’s new plugins will challenge existing software companies’ data analytics and research products. Companies that use AI to automate and build their own tools might need fewer subscriptions to external research and data services, directly hurting software companies’ bottom lines.
The jury is still out on whether AI tools can ultimately decimate the software industry. But investors were spooked Tuesday, selling off shares in legal and financial software and services companies.
