A trillion dollars was wiped off software stocks after Anthropic released an AI legal tool. Suddenly the market is asking: if AI agents can do the work, why pay for the software? The "SaaSpocalypse" has dragged everything from Microsoft to Salesforce down double digits, leaving Wall Street split on whether this is an existential risk or a massive overreaction.

And in today’s Dumb Question of the Week: What is a moat?

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Kiss Your SaaS Goodbye: The AI Threat to Software Stocks

Many Happy Returns