Anthropic’s new AI-powered office agent, Claude Cowork, pushed down software stocks, highlighting the growing challenge AI startups pose to the incumbent tech sector.

Anthropic's new AI agent, Claude Cowork, has caused a significant drop in software stocks, reflecting the growing challenge AI startups pose to the established tech sector. This AI-powered office tool, developed with AI assistance, enables users to swiftly build apps, manage files, and analyze data, aligning with the fears of software investors. The decline in software-as-a-service stocks by 15% this year, including Intuit's worst week since 2022, underscores the disparity between software companies struggling to integrate AI features and tech giants benefiting from the AI boom.