Markets
Anthropic Claude Code Launch Confirmed as Specific Catalyst for $285B Single-Day SaaS Wipeout
The Motley Fool's April 15 analysis confirms that Anthropic's launch of Claude Code in early 2026 directly triggered the SaaS selloff, with the iShares Expanded Tech-Software Sector ETF dropping 14%+ because Claude Code was 'touted as a potential AI-powered replacement for some of the hottest SaaS offerings.' The article uses Chegg (stock down 99% from 2021 peak) as the extreme case study of what full AI replacement looks like, while arguing that most established SaaS companies are still seeing revenue climb.
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