The SaaSpocalypse Paradox

The February 2026 enterprise software sell-off triggered by Anthropic's Claude Cowork plugins destroyed roughly $2 trillion in market cap. Bank of America identified the paradox: the market simultaneously prices AI capex failure and AI destroying all software, which are mutually exclusive. The IGV software ETF hit a 30-year-extreme RSI at $80, suggesting a category error rather than a rational repricing.