Anthropic's AI tool sparks major sell-off in US software stocks, trader calls it 'SaaSpocalypse'

US software stocks witnessed a major sell-off on Tuesday as investors moved to dump shares amid fears of AI threatening their business models. This comes after Anthropic launched new plug-ins for its Claude Cowork agent, aimed at automating tasks across legal, sales, marketing and data analysis. "We call it the 'SaaSpocalypse,' an apocalypse for software-as-a-service stocks," a trader said.