Anthropic AI Tool Claude Cowork Panics Wall Street, Wipes $285 Billion Off Software Stocks

• Anthropic's new AI tool, Claude Cowork, and its legal plugin caused a major market panic, leading to a $285 billion sell-off in software, legal, tech, and financial services stocks.
• Claude Cowork is an agentic AI assistant designed for non-technical professionals, automating tasks like report generation, file organization, and document drafting.
• The legal plugin, specifically, automates contract review, NDA triage, compliance checks, and legal briefings, raising concerns among investors about its impact on existing software companies.
• Wall Street fears that AI tools will challenge current software companies' data analytics and research products, potentially reducing the need for external subscriptions.
• Major companies like Thomson Reuters, Legalzoom.com, RELX, FactSet, DocuSign, Salesforce, Adobe, and ServiceNow experienced significant drops, amplifying concerns about AI-related job losses.