Claude's AI Tools Keep Wiping Out Billions From Tech Stocks
Business Insider • • business
Key Points:
- Anthropic's continuous rollout of new AI tools for its chatbot Claude has triggered a significant sell-off in tech stocks, particularly impacting the software sector since early February.
- The introduction of legal tools in Claude Cowork on January 30 caused an 11% drop in the iShares Expanded Tech-Software Sector ETF within four days, with major declines in companies like Varonis Systems (-25%) and Thomson Reuters (-19%).
- On February 20, Anthropic's release of Claude Code Security, a feature scanning software for security issues, led to a sharp decline in cybersecurity stocks such as CrowdStrike (-15%) and Okta (-12%).
- Anthropic's February 23 announcement about Claude's ability to modernize COBOL systems resulted in
