Last night's launch event by Anthropic gave software stocks a breather, potentially marking a turning point in the sell-off wave. This time, Anthropic didn’t emphasize “replacing” but instead heavily promoted deep integration and joint development with existing SaaS providers: 1. Plugins and connectors are co-developed. For example, financial data providers like FactSet, S&P Global, and LSEG participated directly in creating dedicated plugins, allowing Claude to directly access their data and analytical capabilities. 2. Tools like DocuSign’s intelligent contract management, Slack (Salesforce) for collaboration, and Google Workspace are positioned as Claude’s “underlying infrastructure.” Claude acts as an “orchestration layer” to enhance rather than disrupt these tools. Anthropic officially stated: The goal of Claude Cowork is to “make Claude understand your work like a thinking partner,” but it needs to connect to the data and processes of existing enterprise systems rather than building everything from scratch. This, in turn, creates additional use cases and stickiness for partners, making enterprises more willing to pay for their existing SaaS solutions. This launch event might mark the end of the recent wave of selling off “AI victims,” with the market shifting its perspective from “AI is going to kill SaaS” to “AI will help SaaS sell better and at higher prices” (by increasing usage depth and scenarios). As a result, partner companies’ stock prices have instead become beneficiaries of risk aversion/rebound. Moving forward, financial reports and actual enterprise adoption will further validate whether this narrative holds water. Of course, not all software stocks will benefit. The market will also differentiate “who are the partners and who are still the victims,” and reprice accordingly. Previously, I discussed this here: https://(x.com)/qinbafrank/status/2022109687987286211?s=46&t=k6rimWsEbo2D2tXolYcM-A. “In the medium to long term, technological advancements driving efficiency is the trend. We need to think about which players will ultimately come out on top. Can pure AI disrupt all industries, or do industry giants that actively embrace AI and achieve complete transformation have a better chance?”