Wall Street just lost $285 billion because of 13 markdown files

a day ago

Wall Street lost $285 billion after Anthropic launched a legal tool consisting of markdown files, highlighting the fragility of SaaS valuations.
Agentic workflows can bypass traditional SaaS by working at a higher level, using source material to answer complex questions rather than just automating processes.
Systems of record with robust API access retain moats in an agentic future, but legacy platforms with poor APIs face customer migration.
The future of software may be headless, API-first solutions built for programmatic access, enabling agents to use data flexibly without traditional UIs.

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