Last Friday, Anthropic released a plugin. By Tuesday, a trillion dollars had moved.
Claude Cowork added legal, finance, and marketing capabilities. What followed rattled the software sector. Thomson Reuters dropped 15%. Legalzoom, 15%. The WisdomTree Cloud Computing Fund is down 20% for the year.
Salesforce, ServiceNow, Atlassian, HubSpot, Shopify. All hit.
The markets aren’t reacting to a new feature. They are reacting to a shift in where value sits.
For a decade, the winners were the ‘thin-wrapper’ SaaS companies. They built beautiful interfaces on top of databases. Now, the models are building their own interfaces. They are reaching into the workflows directly.
If an AI agent can research the case law, draft the contract, and file the motion, why do you need the $500-a-month subscription that just gives you a place to type?
This isn’t just a tech story. It’s a structural realignment of the economy.
The old model says a technology either works and you invest, or it doesn’t and you don’t. AI currently seems to be breaking that binary. It works. The question nobody can price yet is who captures the value.
The wedge isn’t software. The wedge is agency.
— ♻️ Repost for anyone who still thinks AI is just another app.
