TCS, Infosys, Salesforce and other software companies, Amazon Web Services CEO Matt Garman agrees that wipe out in your market value is overreaction; says: Much of the fear is …

Amazon Web Services CEO Matt Garman thinks investor fears about artificial intelligence (AI) threatening major software companies are “overblown.” He has pushed back against market concerns that have erased more than $250 billion from global software stocks this month.
“Much of the fear is overblown,” Garman told CNBC, addressing what analysts have labelled a “SaaSpocalypse” following the release of AI-powered software tools from companies like Anthropic and OpenAI. The market panic began after AI startup Anthropic released 11 open-source plugins for its Claude Cowork tool last month, triggering a widespread sell-off in software-as-a-service stocks. The sell-off hit companies globally as investor fear hit software stocks in India, Japan, and China.