Anthropic’s latest wave of AI product announcements has reignited concerns across the software industry, sparking a sharp sell-off in shares of major SaaS companies and raising fears that generative AI could fundamentally disrupt traditional software business models. In a research note released Wednesday, RBC Capital Markets analysts pointed to a series of recent launches from Anthropic as a key driver behind a broad decline in software stocks. The momentum began on Sunday with the introduction of Claude for Healthcare & Life Sciences, a suite of HIPAA-compliant tools designed for enterprise use in regulated medical environments. The next day, Anthropic unveiled Claude Cowork, an AI agent capable of managing document creation, file organization, and workflow automation. Then, on Tuesday, the company expanded its internal Labs initiative—a testing ground for experimental AI products—further signaling its aggressive push into real-world applications. The announcements coincided with steep drops in stock prices for industry leaders. Salesforce, Workday, Intuit, and Snowflake all saw losses between 6% and 13%, reflecting investor unease about the long-term sustainability of their pricing power and market differentiation. While market volatility due to AI announcements isn’t new—OpenAI’s previous product drops triggered similar intra-day swings in 2025—RBC analysts warn that the pace and scope of innovation from model providers like Anthropic, OpenAI, and Google may now pose a sustained threat to the software sector through 2026. For years, SaaS companies have relied on layered features—automation, analytics, workflow integration, and domain-specific functionality—to justify recurring subscription fees. But generative AI is eroding that advantage by making many of these capabilities available on-demand, often through a single, general-purpose interface. This shift threatens to commoditize what were once premium, proprietary tools. The concern is especially acute in vertical software—industries like healthcare, finance, and legal services that were long considered relatively “AI-proof” due to complex regulations, specialized knowledge, and intricate workflows. RBC analysts noted that Anthropic’s healthcare-focused product line, which integrates with major databases like PubMed and ClinicalTrials.gov and includes tailored agent skills for clinical tasks, challenges that assumption. “We’ve viewed vertical software as one pocket of the sector likely to be viewed as ‘AI-proof’ for now, given the deep domain expertise, regulatory nuance, and workflow complexity required,” the RBC note stated. “But recent developments with Claude for Healthcare & Life Sciences suggest that the AI bear narrative could spread to these segments, and they may prove less defensive—especially from a valuation standpoint—than previously believed.” As AI capabilities grow more sophisticated and accessible, the risk of disruption across the software landscape appears to be increasing. Analysts caution that the “AI overhang” on software valuations may persist and could expand as major players continue to accelerate their product rollouts.