Why a new AI tool hammered some software stocks this week
ABC News
The new tool adapts a workplace assistant for white-collar specific industries.
Shares of some software companies worldwide plummeted in recent days after Anthropic unveiled an artificial intelligence tool viewed by some investors as a potential replacement for widely-used enterprise products.
The selloff came in response to a set of new plugins for a digital tool called Claude Cowork, an AI-fueled workplace assistant that can author documents and organize files. The plugins, released on Friday, allow customers to adapt the tool for narrow sectors like legal, finance or data marketing.
Thomson Reuters, a data and services firm, and legal-tech company Legalzoom.com each fell more than 15% on Tuesday. Double-digit drops also befell RELX, the London-based parent company of data-analytics firm LexisNexis, and financial-data company FactSet.
Shares of major enterprise-software companies Salesforce and Workday also declined earlier this week.
Most of those companies recovered a portion of their losses on Wednesday, but all remained below where they stood at the outset of the week.
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