On Tuesday, software stocks rebounded following Anthropic’s enterprise agents event, which alleviated investor concerns about AI displacing the sector. The AI startup unveiled updates to its Claude Cowork tool, enabling integration with popular apps like Salesforce’s Slack and Google’s Gmail. The new features cater to diverse sectors, allowing customizable plugins for financial analysis and human resources. Following the announcement, shares of Salesforce, Docusign, and LegalZoom surged by 4%, with Thomson Reuters climbing over 11% and FactSet rising by 6%. Analysts from Wedbush Securities noted that fears of AI replacing software workflows are overstated, emphasizing that AI tools cannot replace established software ecosystems. Consequently, stocks in the software and cybersecurity sectors, including CrowdStrike and Okta, saw gains. Despite a dip earlier in the week when IBM faced pressure due to AI announcements, its shares recovered by 3%. This highlights the ongoing resilience of software stocks amid evolving AI landscapes.
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