SaaS

Microsoft stopped being an AI assistant company today. It became an AI agent company. On Monday, Microsoft announced Copilot Cowork — built in close collaboration with Anthropic — a tool that autonomously handles complex, multi-step tasks inside Microsoft 365. No babysitting. No back-and-forth prompting. You hand it a project brief, and it gets to work. This isn’t another product update. This is the world’s largest software company admitting that Anthropic built something so good, integration beat competition. And in doing so, Microsoft may have just fired the starting gun on the enterprise AI agent wars. ...

Remember when “AI-powered” was the magic phrase that made stock prices go up? Those days are over. In the first seven weeks of 2026, enterprise software has experienced what might be its worst bloodbath in history. The iShares Expanded Tech-Software Sector ETF (IGV) has plunged over 23% year-to-date, officially entering bear market territory. Salesforce down 28%. ServiceNow down 30%. Adobe’s market cap has cratered from $350 billion to roughly $107 billion. Figma, which IPO’d to fanfare last summer, has collapsed 85% from its 52-week high. ...