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News Topical, Digital Desk : Tech stocks around the world saw a sharp sell-off following a major announcement from AI company Anthropic. The company launched 11 new plug-ins for its Cloud Cowork agent, a no-code, agentic AI assistant that can automate tasks like legal, sales, marketing, and data analysis.
Infosys share price has fallen by 6.23 percent. TCS share price has fallen by 5.53 percent. Wipro share price has fallen by 3.96 percent. HCL Tech share price has fallen by 4.74 percent.
This is believed to be particularly impacted by Cloud Legal Agent, which can perform tasks such as document review, compliance, and legal drafting. This is why LegalZoom's stock fell by nearly 20 percent. Thomson Reuters fell 15.5 percent, and RELX by nearly 14 percent. LexisNexis, a unit of RELX, is considered a major player in legal data.
Cloud Agent can now directly connect to systems that previously required users to access platforms like Salesforce or ServiceNow. This is why Salesforce fell by approximately 6.8 percent and ServiceNow by approximately 7 percent. The tech world in the US and Europe witnessed a sharp sell-off. PayPal fell by approximately 20 percent, Gartner by 21 percent, FactSet by 10.5 percent, and Morningstar by approximately 9 percent.
Brokerage Jefferies has dubbed this overall trend the "SaaSpocalypse," saying the narrative is changing. It was previously said that AI would help these companies, but now the fear is that AI will take over their work. If software agents can perform contract review and data processing at extremely low costs, it poses a direct threat to the core business of outsourcing companies.
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