When Plugins Move Markets: Lessons from a Single-Day “SaaSpocalypse”
Anthropic’s rapid rollout of open‑source plugins for Claude Cowork—especially a legal workflow plugin—triggered a market shock that erased roughly $285 billion in software, legal‑tech, and related stocks in a single day. The episode is less about one technical breakthrough and more about a strategic shift: model providers are moving from offering raw capability to delivering vertical workflows. That marginal step changes how value is captured across the enterprise software stack…