What is Anthropic’s new AI tool and why it has triggered a ‘SaaSpocalypse’

Anthropic’s newly launched AI automation tool has set off what analysts are calling a "SaaSpocalypse", rattling global technology markets and putting Indian IT stocks such as Infosys, Wipro and TCS in sharp focus.

Concerns that artificial intelligence could replace, rather than merely support, core software and outsourcing business models triggered a steep overnight sell-off in US software shares, with ripple effects across Europe and Asia.

What is Anthropic’s new AI tool?

Anthropic recently released 11 new plug-ins for its Claude Cowork agent, an agentic, no-code AI assistant designed for enterprise users.

The tool is aimed at automating tasks across legal, sales, marketing and data analysis functions, intensifying fears of disruption across the software ecosystem.

The sell-off began even before US markets opened, as investors reacted to details posted on Anthropic’s website about its expanded Cowork capabilities, particularly those targeting the legal sector, as per Bloomberg.

What does the Anthropic’s new tool do?

Anthropic’s Claude Legal agent is built to handle routine legal work such as document review, compliance checks and drafting legal briefs.

The company has stressed that "All outputs should be reviewed by licensed attorneys," as per Bloomberg.

Read more: Infosys, Wipro, Persistent, other IT shares in focus after overnight sell-off in SaaS stocks

Beyond legal workflows, Claude agents can now directly perform tasks that previously required interfaces from platforms such as Salesforce or ServiceNow.

Tools aimed at sales, marketing and data workflows have raised alarms for companies including Salesforce, DocuSign, Adobe, Workday and ServiceNow, several of whose shares fell between 6% and 8% overnight, CNBC-TV18 reported earlier.

What are the different plugins and what they do? 

According to Anthropic's website, there are several plugins that can now work with Claude Cowork such as Productivity, which would manage tasks, plan the day, and build persistent memory of the work's context. Product Management plugin can write feature specs, plan roadmaps, and synthesise user research and keep stakeholders updated.

Marketing plugin can create content, plan campaigns, and analyse performance across marketing channels. Similarly, Legal plugin can speed up contract review, NDA triage, and compliance workflows for in-house legal teams. The Finance plugin helps in streamlining finance workflows including journal entries, reconciliation, financial statements, and variance analysis.

The Enterprise Search can help in searching for all the company's tools in one place — email, chat, documents, and wikis. The Bio Research plugin connects to preclinical research tools and databases to accelerate early-stage life sciences R&D. Meanwhile, the Data plugin can write SQL, explore datasets, and generate insights along with building visualisations and dashboards from raw data.

Impact of Anthropic’s new AI tool

The market reaction was swift and severe. A Goldman Sachs basket of US software stocks fell 6%, its worst single-day drop since April, while nearly $285 billion in market value was wiped out across software, financial services and asset management stocks, Bloomberg reported.

Shares of major US software companies fell sharply on Tuesday, February 3, dragging down the Nasdaq by over 350 points.

The impact was immediately visible in US-listed ADRs of Indian IT firms, with Infosys and Wipro declining 6% and 5% respectively, while Accenture and Cognizant slid up to 10% overnight, CNBC-TV18 reported.

Read more: Nasdaq sells-off nearly 350 points led by tech giants, oil rebounds on Iran tensions

Legal and data service providers were among the worst hit. LegalZoom plunged 20%, Thomson Reuters fell over 15%, and RELX, which owns LexisNexis, dropped 14%, CNBC-TV18 reported earlier.

Anthropic's new tool leads to 'SaaSpocalypse'

Jefferies described the episode as a "SaaSpocalypse", noting a shift in sentiment "from ‘AI helps these companies’ to ‘AI replaces these companies’."

"This year is the defining year whether companies are AI winners or victims, and the key skill will be in avoiding the losers," said Stephen Yiu, CIO of Blue Whale Growth Fund, as per Bloomberg.

Anthropic is entering an already crowded legal AI space, competing with startups such as Harvey AI and Legora. However, its advantage lies in building its own underlying models, giving it the scale to challenge both traditional software firms and AI startups dependent on third-party models.

As fears of AI-led disruption spread, analysts say the coming months will be critical in determining which software and IT firms adapt — and which are left behind.