SaaSpocalypse: IT Stocks Plunge After AI Tool Announcement

On Wednesday, Indian IT stocks took a nosedive as US tech shares plummeted. Major players like TCS, Infosys, Wipro, and HCL saw their shares drop by 4 to 7 percent after Anthropic unveiled new AI tools that have investors worried. This has sparked the term 'SaaSpocalypse,' as fears grow that AI might shake up the software world more than expected.