Why IT stocks are down today? Claude “Cowork” behind the $285B crash
Indian IT stocks (Infosys, TCS, Wipro) are down 6% today following the global SaaSpocalypse. On February 3 and 4, 2026, global markets saw a $285B software sell-off. Traders called this the SaaSpocalypse.
On February 2, 2026, Anthropic AI (a rival to OpenAI) launched Claude Cowork, a tool causing the IT sector crash today. Anthropic built Cowork using its own AI, Claude Code, in only 1.5 weeks. This is an Agentic AI tool for businesses, which is a new category of AI that acts without human chat. This shows that Agentic AI can build its own successors. Cowork is a Universal Agent designed for non-developers. It is the first flagship product in the Universal Agent era.
Technical Engine: MCP & Pixel Counting
The Cowork tool uses three core technologies to automate human work:
- Computer Use: Claude treats the screen as a map. It uses Pixel Counting to find buttons. It uses Pixel Counting to click and type like a human. This allows it to use software without an API.
- Model Context Protocol (MCP): MCP is a new open standard. MCP connects Claude directly to Slack, Figma, and Snowflake. MCP removes the need for humans to copy and paste data.
- Folder-Permission: Users grant Claude access to local folders. The AI reads and organizes files alone. It runs in a Virtual Machine for safety.
The “SaaSpocalypse” Market Impact of -$285B
On February 3 and 4, 2026, global markets saw a $285B software sell-off. Traders called this the SaaSpocalypse. The SaaSpocalypse reflects fears that AI agents will replace SaaS and BPO models.
1. Global Software & Data Losses:
- Thomson Reuters (TRI): Fell 18% in one day. This is a record low. Investors fear Claude’s new legal plugins will replace Thomson Reuters’ legal research tools.
- RELX & Wolters Kluwer: Fell 14% and 13%. These firms sell data to lawyers and accountants. Claude can now process this data for free.
- SaaS Giants: Salesforce and Adobe have fallen 30% over the last year. Investors believe AI agents make traditional “per-seat” subscription models obsolete.
2. The Shock to Indian IT: The impact on India was immediate. By 9:30 AM on February 4, 2026, top Indian IT firms saw a 6% plunge.
- Infosys & Wipro: ADRs fell 6% in New York. Domestic shares followed.
- TCS & HCLTech: Command massive valuations (P/E of 23-24). Investors are re-evaluating these multiples.
- The Threat: Indian IT makes money from “headcount.” Anthropic agents do high-volume back-office work, document processing, and compliance checks. This work is usually outsourced to India.
Specialist Plugins: The Legal Disruptor
Anthropic released 11 open-source starter plugins. The Legal Plugin caused the most panic. It can:
- Perform high-volume contract reviews.
- “Redline” clauses based on a company’s rules.
- Draft standardized legal briefings.
- Organize matter-related folders without human help.
The Dario Amodei Warning
Anthropic CEO Dario Amodei issued a “painful” warning in a 20,000-word essay titled “The Adolescence of Technology.“
- Pace of Progress: In two years, AI went from writing one line of code to writing entire end-to-end programs.
- White-Collar Displacement: Amodei predicts AI will eliminate 50% of entry-level white-collar jobs within 5 years.
- Job Redefinition: Repetitive roles like data entry and basic bookkeeping face destruction. A single “AI-enabled” worker can now do the work of a team of three.
Macro Context: India’s Bifurcated Market
While the IT sector is in crisis, the rest of the Indian economy is strong.
- Manufacturing: Buoyed by the India-US 18% Tariff Deal.
- Consumption: Helped by GST 2.0, which removed GST on health and life insurance.
- Liquidity: The NSE IPO has received SEBI’s NOC. Valuation is estimated at ₹5 Trillion.
- New Listings: NSDL and HDB Financial Services IPOs are coming soon.
Conclusion: The Pivot to Skill-First
The “Universal Agent” era has arrived. Indian IT giants must pivot. They must move from “headcount-based” models to “skill-first” outcomes. The interface between human labor and software has begun to appear in a different way, and the Agentic AI and and Universal Agent will continue this shift further.
Kaashika is a social media strategist and financial content creator at Lakshmishree. She specialises in simplifying complex IPO and stock market concepts into clear, easy-to-understand content. Having created over 500+ pieces of financial content across reels, blogs, website posts and digital creatives, Kaashika helps audiences connect with the world of finance in a more accessible and engaging way.
