What is SaaSapocalypse and how Anthropic’s new AI tool is eroding IT stocks globally

Shares of Indian IT giants Infosys and Wipro, listed on America’s Wall Street, fell over 5% on Tuesday. Multinational companies based outside the United States use the tool called the American Depository Receipt (ADR) to trade on US stock markets.

And so, the Indian IT companies weren’t the only ones to witness the downward spiral, as Accenture and Cognizant stocks fell up to 10% overnight, as per multiple reports. Moreover, Thomson Reuters Corp., Legalzoom.com Inc. and FactSet Research Systems Inc. were also down around 10% or more on Tuesday.