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IT stocks lose ₹2 lakh crore in market value after the launch of Claude Cowork plugins raises concerns.

                      

Indian IT stocks were bleeding on Wednesday, February 4.
The trigger was news that Anthropic had launched new AI tools capable of automating tasks in legal, compliance, marketing, and data analysis areas traditionally serviced by software firms and IT service providers. Adding to the pressure was the strength in the Indian Rupee, which typically weighs on export-heavy IT companies by hurting margin expectations.

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 & HCL Tech: 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.

 


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