What is Claude Cowork and why did it hit software stocks?

Claude Cowork is an agent-focused set of tools from Anthropic that tackles tasks across professional workflows. Investors fear these agents could replace narrow point apps inside SaaS, which pressures pricing and seat counts. The shock triggered a broad repricing of growth expectations across software vendors and pushed multiples lower.

How might AI agents impact SaaS margins over time?

AI agents can push vendors toward usage-based models and outcome pricing. That may lower average revenue per user for thin tools, but platforms with rich data and deep workflows can upsell automation and improve gross margins. Sales efficiency can rise, but competitive intensity climbs, so operating leverage will vary by category leader.

What technical levels matter for ^NDX right now?

We are watching the Bollinger middle near 25,393 and the 50-day average around 25,448 as a pivot. First support is near 24,840, with the 200-day at 23,707 below. Resistance sits close to 25,947. Momentum is constructive but stretched, so stagger entries and manage risk.

How should Japan-based investors respond to the software stocks selloff?

Use TSE-listed NASDAQ-100 ETFs with hedged or unhedged yen exposure based on your USDJPY view. Add in stages, lean into quality platforms with cash flow, and avoid single-feature tools. Keep dry powder for dips and set stops. Reassess after earnings and new agent product updates.

Global Market Insights

^NDX Today: February 7 — ‘Claude Cowork’ Triggers SaaS Selloff

ByDanny Kontos February 7, 2026February 7, 2026

Claude Cowork is rattling sentiment after Anthropic introduced workflow-focused AI agents. The news stoked a software stocks selloff and fresh debate on AI agents impact across enterprise stacks. For Japan-based investors tracking ^NDX, we break down what changed, where support sits, and how Anthropic Claude tools could reshape SaaS economics. We also outline practical portfolio steps in yen terms, including ETF access, currency hedging choices, and selection rules that favor durable cash flow over story-driven growth.