Anthropic, an AI startup, will hold a live online event on Tuesday at 9:30 AM ET (10:30 PM Beijing time) to showcase the latest features of its AI assistant, Claude, and announce new products.

The timing of this event is notable. On Monday, fears regarding the disruptive impact of AI led to a significant sell-off in the U.S. stock market, with the Dow Jones Industrial Average plummeting over 800 points and the tech-heavy Nasdaq index dropping 1.1%.

A hypothetical report released by Citrini Research catalyzed market sentiment on Monday. The report detailed the potential risks AI technology poses to employment and various sectors of the global economy, hypothesizing that by 2028, AI could lead to massive layoffs in white-collar jobs, decreased consumer spending, software-related loan defaults, and economic contraction.

Stocks of companies like DoorDash, American Express, KKR, and Blackstone saw significant declines. Software stocks were particularly hard hit, with the software ETF IGV dropping nearly 4.8%, continuing to reach a two-year low and potentially marking the worst monthly performance since 2008.

IBM became the latest victim of AI panic, with its stock price falling about 13%, marking the largest single-day drop since 2000. This followed Anthropic’s announcement that Claude Code could automate the most complex exploration and analysis tasks in the COBOL modernization process. Most of the mainframes running COBOL are manufactured by IBM. Media reports indicate that this wave of selling has made IBM the latest company to face heavy pressure due to concerns that AI will undermine traditional business growth prospects.

Anthropic stated that Claude Code can assist in modernizing COBOL codebases by analyzing dependencies among thousands of lines of code, documenting workflows, and identifying potential risks. These tasks “could take months to uncover if performed by human analysts.”

Will Claude’s Launch Sentence Software Stocks?

Anthropic indicated that viewers will see a live demonstration of Claude, collaborative scenarios involving Claude, insights from company leadership, and new product announcements during the live stream starting at 10:30 PM Beijing time.

The event is reportedly aimed at corporate executives, including Chief Information Officers, Chief Risk Officers, General Counsel, and Analytics Directors, who are responsible for formulating AI strategies within their organizations. This indicates that Anthropic is focusing on penetrating the enterprise market.

Anthropic positions Claude as a “thinking partner” that users can employ to tackle “any significant, bold, and perplexing challenges.” Users can deploy Claude for various tasks, including chatting, generating code, visualizing data, searching the web, or creating content.

In terms of pricing, the annual subscription for the Claude Pro version costs $17 per month, while monthly billing is $20, and the Max version costs $100 per month.

The company noted that Claude itself is a “capable generalist,” but when users integrate their own tools, context, and knowledge, it becomes “an expert that understands your work like you do.”

Mizuho analysts pointed out that there is a sense of “unease” in the market ahead of the Anthropic event, which may be one reason for the stock market sell-off.

Analysts noted that investors are reluctant to take risks ahead of another AI product launch, as every piece of news from Anthropic is viewed as “incremental competition” to existing software, regardless of whether this assessment is fair. Mizuho analysts stated in their research report that faced with uncertainty, investors are choosing to exit the market early.

“Rather than trying to predict the outcome, investors are opting to wait and see. Selling first and asking questions later is much easier than being trapped in another wave of news-driven sell-offs.”

Analysts noted that this cautious attitude reflects the market’s complex emotions regarding the rapid iteration of AI technology: on one hand, recognizing its long-term potential, while on the other hand, worrying about its impact on existing business models and market dynamics. Whether today’s product showcase by Anthropic will alleviate market anxiety or further intensify competitive concerns will be a focal point for the market.

AI Panic Has Previously Led to Sell-Offs Across Multiple Sectors

In recent weeks, various industries, from software and wealth management to logistics, have faced sell-offs. Investors are anxious about the potential impacts of new AI tools and have entered a “shoot first, ask questions later” mode.

While software companies have been hit hardest, insurance brokers, private credit firms, cybersecurity companies, and even real estate service stocks have also been caught up in the so-called “AI panic trading.”

However, some analysts, strategists, and investors have warned that many market reactions are exaggerated and may currently overestimate the risks associated with AI.

Regarding the dark portrayal in the Citrini Research report, media sources noted that it has heightened anxiety in a stock market already shaken by AI disruption risks and geopolitical turmoil. Jones Trading Chief Market Strategist Michael O’Rourke stated:

“This is a very startling market reaction. I have seen the market exhibit remarkable resilience in the face of genuinely negative news. Yet now, a completely fictional piece has sent the market into a tailspin.”

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