Anthropic has become a master at sliding blog posts up and watching all hell break loose.
The AI company is one of the main instigators of the tech stock crash. Last month, the company continued to roll out new tools, highlighting the capabilities of its AI chatbot Claude, sowing the seeds of panic that disrupted Wall Street’s hottest trades overnight.
The turmoil that began in early February plunged the software sector into a deep bear market, hitting neighboring regions as well, as investors worried about how AI would disrupt businesses across industries.
The iShares Expanded Technology Software Sector ETF, which represents the damage the AI panic has done specifically to the software sector, is down 27% from its peak in early January.
Here are the moments when Mr. Anthropic and Mr. Claude significantly changed the stock market in a matter of weeks.
1. Anthropic adds legal tools to Cowork Assistant
date: January 30th
what happened: The disaster began when Anthropic added a new tool to its Claude Cowork AI agent. This tool can assist users in the legal industry with tasks such as tracking compliance and managing legal documents.
This addition raised concerns that AI could easily eat up the market for many software-as-a-service companies that currently exist, especially those with exposure to the legal and publishing sectors.
Market reaction:
The iShares Expanded Technology Software Sector ETF plunged 11% in the four days after Anthropic announced its new suite of tools. Below are some other notable moves ordered by losses over the same period.
Anthropic deploys Claude Code Security
Samuel Boivin/NurPhoto via Getty Images
date: February 20th
what happened: After several examples of other companies, including a former karaoke equipment company, making waves with their own AI announcements, Anthropic is back with another update that sparks new pitches.
Last Friday, the company announced Claude Code’s ability to scan software for security issues. While the broader software sector fell, cybersecurity stocks were particularly hard hit.
Market reaction: The reaction occurred earlier this week, with cybersecurity stocks and ETFs falling in Monday trading, with some widening their losses on Tuesday.
Other notable developments since February 20 include:
COBOL modernization highlights Claude code
Davide Bonaldo/SOPA Images/LightRocket, Getty Images
date: February 23rd
what happened: Anthropic published a post highlighting Claude’s ability to modernize code and potentially reduce costs for many COBOL (Common Business-Oriented Language) systems used in enterprises today.
“Modernizing COBOL systems used to require armies of consultants to spend years mapping out workflows,” the company said in a blog post Monday. “AI changes this.”
Market reaction: IBM was the big loser. The stock price fell 13%, its worst loss in 26 years. The iShares Expanded Tech Sector ETF also fell another 4% during Monday, adding to Anthropic’s existing concerns about business disruption from AI.
Other notable moves include:
