Asger Risom
Anthropic’s latest AI launches are rattling investors and reigniting fears that the software industry’s core business model is under threat. Analysts warn that rapid advances from AI model providers could undermine traditional subscription software faster than many companies are prepared for.
For much of the past decade, software companies have relied on recurring subscriptions, bundled productivity tools, and deep domain expertise to justify premium pricing. But a wave of new AI announcements from Anthropic is forcing investors to question whether that model can survive at scale.
According to analysts at RBC Capital Markets, Anthropic’s recent product launches have coincided with a sharp selloff across the software sector, echoing the shockwaves OpenAI sent through the industry last year.
Shares of companies including Salesforce, Workday, Intuit, and Snowflake fell between 6% and 13% following Anthropic’s announcements, suggesting growing concern that AI is no longer just a productivity booster — but a direct competitive threat.
Why Anthropic’s latest tools are unsettling investors
Anthropic unveiled several new offerings over the past week, including Claude for Healthcare & Life Sciences, a suite of enterprise tools designed to meet strict regulatory requirements, and Claude Cowork, an AI agent built to manage documents, files, and everyday office workflows.
The company also expanded its internal Labs unit, which focuses on developing and testing experimental AI products. Taken together, the pace and breadth of these releases signaled to investors that AI model providers are moving aggressively into areas traditionally dominated by enterprise software firms.
RBC analysts said the sheer velocity of innovation is becoming a risk in itself, noting that frequent announcements from AI companies have repeatedly triggered intraday swings in software stock prices throughout 2025 — a trend they expect to continue this year.
The end of “AI-proof” software?
Perhaps most concerning for investors is AI’s growing reach into vertical software markets, long considered safer from disruption because of regulatory complexity and specialized workflows.
RBC highlighted Anthropic’s healthcare-focused tools as a turning point. By integrating directly with databases such as PubMed and ClinicalTrials.gov, and offering AI agents designed for medical research and documentation, Anthropic is encroaching on territory historically reserved for niche vendors with deep industry expertise.
Analysts warned that if AI providers can replicate these capabilities at scale, the defensive moat around vertical software may be far weaker than previously assumed — at least from a valuation standpoint.
A familiar pattern from OpenAI’s playbook
The concerns mirror reactions seen last year when OpenAI demonstrated internal workplace tools capable of replacing multiple SaaS products with a single AI-driven interface. An earlier AlixPartners report estimated that roughly 100 software companies were already being squeezed by AI-driven competition.
The difference now, analysts say, is momentum. With Anthropic, OpenAI, and Google all accelerating their release cycles, investors are increasingly worried that traditional software companies may struggle to defend pricing power as AI turns once-premium features into commodities.
RBC concluded that the “AI overhang” hanging over software stocks is unlikely to fade anytime soon — and may spread further as model providers continue to expand beyond experimentation and into full-scale enterprise competition.
Sources: Business Insider, RBC Capital Markets, AlixPartners
