Economic Times•Feb 4
‘SaaSpocalypse’: What is Anthropic’s newest AI tool and what are the consequences for global tech companies?
The software sector was jolted overnight with what analysts are calling a “SaaSpocalypse” — a sudden and severe selloff triggered by new artificial intelligence tools unveiled by US AI startup Anthropic. 75 lakh crore in market value as investors fled amid fears that artificial intelligence could make traditional software and IT services obsolete. Persistent Systems shares crashed over 6%, while heavyweight IT stocks, including Infosys, LTIMindtree, Coforge, TCS, Mphasis and HCL Tech tumbled 4–6% each.
