At a Glance
- Anthropic’s “Cowork” launch sent shares of Atlassian, Salesforce, Snowflake and ServiceNow lower this week
- OpenAI’s enterprise push last year already pressured many software names
- Software stocks are underperforming again in 2026 on fears AI firms will become direct competitors
- Why it matters: Investors worry traditional software vendors could lose market share to fast-moving AI upstarts
Software stocks are sliding again in 2026 as investors price in a new threat: artificial-intelligence specialists turning into direct competitors.
Cowork Debut Spooks Sector
Anthropic rolled out its “Cowork” agent this week, a move that immediately hit shares of major enterprise-software companies.
- Atlassian (TEAM) declined
- Salesforce (CRM) declined
- Snowflake (SNOW) declined
- ServiceNow (NOW) declined
The selloff reflects growing concern that large-language-model providers can bundle workflow and productivity tools that bypass traditional platforms.
OpenAI Precedent Lingers
Last year, OpenAI’s expansion into the enterprise market triggered similar weakness across software names.
Investors have not forgotten that episode. With Anthropic now launching its own business-focused product, fears of revenue erosion have resurfaced.
Investor Angst Builds
Portfolio managers say the sector’s multiples already assumed limited competition.
- AI firms are moving faster than expected
- Incumbent software makers could see pricing pressure
- Spending budgets may shift toward AI-first vendors
The result: software stocks are underperforming broader tech indexes in 2026.
What’s Next
Executives at the affected companies have not detailed specific counter-strategies in public filings.
Investors will watch next-quarter guidance for signs of:
- Customer churn to AI rivals
- Pricing concessions
- New AI-integrated products
Until clarity emerges, volatility is likely to persist, according to News Of Los Angeles‘s market reporting.
Key Takeaways
- Anthropic’s Cowork launch is the latest catalyst pressuring software stocks
- OpenAI’s prior enterprise push set the template for investor concern
- Shares of Atlassian, Salesforce, Snowflake and ServiceNow all dropped on the news
- The sector is underperforming in 2026 as AI competition intensifies
