Overview
- U.S. software and services shares have fallen nearly 13% over five sessions, with steep declines for legal‑data leaders including Thomson Reuters, RELX and Wolters Kluwer.
- Losses spread across Asia and Europe as India’s Nifty IT index slid about 6% and major Japanese and Chinese software names dropped sharply, including TCS, Infosys, Nomura Research, Fujitsu and Kingdee.
- Traders cite Anthropic’s new Claude Cowork plugins—which can review contracts and NDAs, draft support responses, generate financial models, and automate sales and marketing workflows—as the catalyst.
- Nvidia CEO Jensen Huang said fears that AI will replace software tools are “illogical,” and he characterized a possible “up to $100 billion” OpenAI investment as non‑binding and to be considered step by step.
- Oracle outlined plans to raise $45–50 billion in 2026 to expand AI cloud capacity, underscoring the capital intensity of the buildout as markets reassess long‑term winners.