Tawan

Anthropic is hosting a major enterprise keynote TODAY in NY. New product announcements for Claude. The last 3 product drops each erased BILLIONS from software stocks. One of them erased $285B in 48 hours. Here’s how one company dismantled $2 TRILLION in software market cap: On January 30th, Anthropic quietly dropped 11 plugins for Claude Cowork. Legal, sales, finance, marketing, customer support, product management, etc. All they did was a blog post. 48 hours later, $285 BILLION in market cap was gone. – Thomson Reuters: -16% (worst single day in company history) – LegalZoom: -20% – Salesforce: -7% – ServiceNow: -7% – Adobe: -7% – RELX (LexisNexis): -14% Traders at Jefferies gave it a name: “The SaaSpocalypse.” Why did markets panic? Because Claude didn’t just improve workflows… IT REPLACED THEM. The old model: companies pay per seat. 100 employees = 100 Salesforce licenses. The new model: 10 AI agents do the work of 100 people. That’s a 90% revenue collapse for every SaaS company charging by the seat. Then came the second wave, February 20th. Anthropic launched Claude Code Security, an AI that scans entire codebases for vulnerabilities. In internal tests, it found over 500 security flaws in open-source projects, some were hidden for DECADES. One blog post, 1 hour. $15 billion was wiped from cybersecurity stocks alone. CrowdStrike: -8% Cloudflare: -8% Okta: -9% SailPoint: -9.4% JFrog: -25% And it didn’t stop. On Monday, February 23rd, cybersecurity stocks dropped for a SECOND straight day. CrowdStrike is down 11.6% total. Zscaler is down 11.3%. CrowdStrike’s CEO spent the weekend publicly defending the company. When a CEO has to go on defense over a tool that’s still in “research preview,” that tells you everything you need to know. Jefferies just downgraded Workday and DocuSign. Workday and DocuSign stocks have fallen 30–55% since January. The iShares Software ETF (IGV) is down 32% from its September peak, the worst quarterly decline since the 2008 financial crisis. – Oracle: -56% from highs – Microsoft: -26% – Palantir: -35% Software is the worst-performing S&P 500 sector of 2026. Here’s what most people are missing though. Wall Street didn’t just reprice software stocks, they repriced the entire SaaS business model. The narrative shifted from “AI helps software companies” to “AI IS the software company.” The interface is no longer the value, the outcome is. If an AI agent can pull data, write reports, review contracts, and scan code without a human ever opening an app, what exactly are you paying the subscription for? If the last three product drops each triggered billions in selloffs, imagine what a full enterprise keynote does. Meanwhile, the numbers behind Anthropic are staggering. – $30 billion raised at a $380 billion valuation. – Annualized revenue hit $14 billion. – Claude Code alone is doing $2.5 billion annualized. – Business subscriptions have quadrupled since January. Bank of America flagged the ultimate irony: Investors are punishing hyperscalers because AI spending might not pay off, while simultaneously destroying software stocks because AI will be SO successful it replaces everything. Both can’t be true at the same time. One of these trades is very wrong. We’re witnessing a complete repricing of how cognitive labor is valued. The SaaS model that dominated tech for 20 years is being dismantled by a company that didn’t even exist 5 years ago. Like I said, Anthropic is hosting an event today, and I’ll keep you updated on everything. Turn on notifications so you don’t miss anything. I’ve been here for more than 20 years, and when I make a new move in the markets, I’ll say it here publicly because I want you to win. A lot of people will regret not following me.