Anthropic Claude Code Launch Confirmed as Specific Catalyst for $285B Single-Day SaaS Wipeout
The Motley Fool·medium signal
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.