The S&P North American Software Index cratered 15% this week, marking its most violent contraction since the 2008 financial crisis. This $285 billion “SaaSpocalypse” followed Anthropic’s launch of autonomous legal agents. These tools threaten “seat-based” revenue models by automating complex professional workflows. Investors now fear AI replaces software rather than enhancing it. Consequently, Thomson Reuters fell 16% and Microsoft hit three-year valuation lows. The market pivot prioritizes AI-native firms over legacy providers.
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