‘Playbook at 10x speed’: How Anthropic triggered 5 market sell-offs in 4 weeks, X user explains
“The software ETF is down 15% in February. Anthropic shipped something on four separate occasions this month,” Gupta said.
- Feb 25, 2026,
- Updated Feb 25, 2026 2:30 PM IST
In less than a month, AI startup Anthropic has sparked five distinct stock market selloffs, sending shockwaves through global software companies and triggering a steep 20% decline in the Nifty IT index this February.
Breaking down the carnage, X user Aakash Gupta (@aakashgupta) outlined how Anthropic’s relentless product launches have decimated legacy tech valuations. Gupta noted that the bloodbath began on February 3 with the launch of Anthropic's Cowork legal plugins. “Thomson Reuters dropped 16% in one session, its worst day on record. LegalZoom cratered 20%. FactSet fell 10.5%. Jefferies traders called it the ‘SaaSpocalypse’,” Gupta wrote.
“Then Opus 4.6 launched on Feb 6, and financial data stocks bled again. Feb 20, Claude Code Security hit cybersecurity: CrowdStrike down 8%, Cloudflare 8.1%, JFrog 25%, the Global X Cybersecurity ETF at its lowest since November 2023,” X user said.
A simple blog post regarding COBOL modernisation triggered a 13% plunge for IBM, wiping out $31 billion in market capitalisation and dragging the Dow down 820 points in a single session, he noted.
“Anthropic is running the AWS playbook at 10x speed,” Gupta noted. The startup, which didn't exist four years ago, now boasts a massive $380 billion valuation, generates $14 billion in annualised revenue, and has single-handedly pushed the iShares Software ETF down 35% from its September peak.
Gupta pointed out that former targets like FactSet, DocuSign, and S&P Global have now become distribution partners, choosing to build enterprise connectors for Anthropic rather than compete. “Three weeks from existential threat to distribution partner,” Gupta explained, noting that companies like IBM that chose not to partner suffered massive immediate losses.
“The software ETF is down 15% in February. Anthropic shipped something on four separate occasions this month,” Gupta said.
The shockwaves from this AI disruption are battering Indian markets as well. The Nifty IT index has cratered by over 20% in February alone. Domestic heavyweights, including Tata Consultancy Services (TCS), Infosys, and HCL Tech, have seen their shares plummet by up to 21% during this same turbulent period.
A recent sector note from JM Financial highlights that the prospect of Indian IT valuations converging with global IT valuations has become a central worry for investors. Currently, global IT firms are trading at a significant discount of approximately 25% compared to their Indian counterparts.
"Sector re-rating is unlikely, in our view, till the concern about terminal growth remains," the JM Financial said.
In less than a month, AI startup Anthropic has sparked five distinct stock market selloffs, sending shockwaves through global software companies and triggering a steep 20% decline in the Nifty IT index this February.
Breaking down the carnage, X user Aakash Gupta (@aakashgupta) outlined how Anthropic’s relentless product launches have decimated legacy tech valuations. Gupta noted that the bloodbath began on February 3 with the launch of Anthropic's Cowork legal plugins. “Thomson Reuters dropped 16% in one session, its worst day on record. LegalZoom cratered 20%. FactSet fell 10.5%. Jefferies traders called it the ‘SaaSpocalypse’,” Gupta wrote.
“Then Opus 4.6 launched on Feb 6, and financial data stocks bled again. Feb 20, Claude Code Security hit cybersecurity: CrowdStrike down 8%, Cloudflare 8.1%, JFrog 25%, the Global X Cybersecurity ETF at its lowest since November 2023,” X user said.
A simple blog post regarding COBOL modernisation triggered a 13% plunge for IBM, wiping out $31 billion in market capitalisation and dragging the Dow down 820 points in a single session, he noted.
“Anthropic is running the AWS playbook at 10x speed,” Gupta noted. The startup, which didn't exist four years ago, now boasts a massive $380 billion valuation, generates $14 billion in annualised revenue, and has single-handedly pushed the iShares Software ETF down 35% from its September peak.
Gupta pointed out that former targets like FactSet, DocuSign, and S&P Global have now become distribution partners, choosing to build enterprise connectors for Anthropic rather than compete. “Three weeks from existential threat to distribution partner,” Gupta explained, noting that companies like IBM that chose not to partner suffered massive immediate losses.
“The software ETF is down 15% in February. Anthropic shipped something on four separate occasions this month,” Gupta said.
The shockwaves from this AI disruption are battering Indian markets as well. The Nifty IT index has cratered by over 20% in February alone. Domestic heavyweights, including Tata Consultancy Services (TCS), Infosys, and HCL Tech, have seen their shares plummet by up to 21% during this same turbulent period.
A recent sector note from JM Financial highlights that the prospect of Indian IT valuations converging with global IT valuations has become a central worry for investors. Currently, global IT firms are trading at a significant discount of approximately 25% compared to their Indian counterparts.
"Sector re-rating is unlikely, in our view, till the concern about terminal growth remains," the JM Financial said.