The SaaSpocalypse is upon us, and it has turned Wall Street into a scene from 28 Years Later. Anthropic rolled out a new AI tool for its Cowork assistant this week, intended to automate contract review, legal research, and drafting. The tool shook an already nervous market, heightening fears that AI could threaten a whole range of software companies, from app developers to stock market data aggregators.

How bad is it? A global software sell-off continued for a second day yesterday, after wiping out almost $300 billion in market value on Tuesday. The damage was widespread:

• LegalZoom.com Inc. fell nearly 20% Tuesday before ticking up 5% yesterday.
• Companies that track and package market data got hit hard. The London Stock Exchange Group dropped 6% yesterday, after plunging 13% on Tuesday. The S&P Global fell 11% Tuesday, its biggest drop since the start of the pandemic. Data and legal service company Thomson Reuters also fell 16% Tuesday.
• The panic spread to the tech sector more generally, dragging the Nasdaq down.

But this didn’t all start this week…

AI companies have been rolling out ways for anyone to build software or “vibe code,” regardless of coding experience. Whether these tools are good or not doesn’t really matter as far as the market is concerned. Their potential means companies could cut off their pricey contracts with HR software providers, IT vendors, or the entire Adobe Suite.

The money side has noticed: Private credit firms, which poured cash into safe software companies and counted on their reliable subscription payouts, have been hurriedly stripping them from their portfolios faster than you can say “unsubscribe.” Apollo Global Management cut direct lending funds for software investments almost in half last year.

The silver lining: These unproven AI tools won’t replace every software company overnight, and according to Nvidia CEO Jensen Huang, AI replacement may never happen. So, some investors see this as an opportunity to scoop up valuable tech stocks that got swept up in the panic.—MM

Google is the latest to report an eye-popping AI spend. You’ve got to spend money to make money—especially if you’re a tech giant looking to develop AI. Lucky for Google parent Alphabet, it has money: The company reported that its fourth-quarter revenue grew to almost $114 billion, with a 30% jump in net income to $34.5 billion. The company clinched a record $403 billion in sales in 2025. But it also plans to spend big. Alphabet said its capital expenditures could hit $185 billion this year—double its 2025 spend. The news comes after Meta and Microsoft also reported major spending plans, sparking opposite reactions from the market.

Last US–Russia arms control treaty expires. The New START Treaty, first signed in 2010 to limit the nuclear arsenals of former Cold War rivals the US and Russia, expires today, prompting fears that an arms race could ensue and heighten the risk of nuclear conflict. Russia said in September it would agree to continue to follow the treaty’s terms–but only if the US did, and this week, the country said it had not received a US response to the offer. However, President Trump has hinted at wanting to eventually negotiate a new deal, as well as include China in arms control discussions.

Nike faces federal probe into alleged discrimination against white employees. The Equal Employment Opportunity Commission is investigating whether Nike’s DEI objectives resulted in “a pattern or practice of disparate treatment against white employees.” Nike did not respond to news outlets’ requests for comment. It’s the first high-profile investigation under the new head of the commission, which was initiated by the Civil Rights Act to combat workplace discrimination. Under President Trump, the agency has publicly called for cases involving bias against white workers.—AR

Yesterday, the Washington Post’s executive editor, Matt Murray, informed more than 300 of the paper’s 800 journalists that their jobs were being cut. The decimation of the newsroom is the latest round of layoffs under the ownership of billionaire Jeff Bezos.

The newspaper that changed its slogan to “Democracy Dies in Darkness” in 2017 broke the news about 90 minutes after sunrise in DC. The gutting comes after years of losing money and subscribers under CEO Will Lewis, whom Bezos appointed in 2023:

• In October 2024, Bezos spiked the paper’s endorsement of Kamala Harris during the presidential election. The Post reported that the decision led to a loss of at least 250,000 subscribers.
• Lewis was installed to increase readership and grow the business, with a plan that included leaning on AI. He told staff in 2024 that the company had lost $177 million over the previous two years, in part due to declining web traffic from once-reliable sources like Google and Facebook.
• In June 2025, WaPo’s circulation fell below 100,000 for the first time in 55 years.

What’s next? The move will drastically shrink the international section, all but erase the sports desk, and restructure the local metro section as the paper shifts its focus to national news and politics. The Post Guild, the staffers union, called for a change of ownership and will hold a rally today.—DL

Some people in five-year relationships will have to control their reactions when this is the only proposal they receive on Valentine’s Day. McDonald’s is releasing a free “McNugget Caviar” kit, the company announced this week, jumping on an internet food trend that could reel in more V-Day diners than usual.

Putting Happy Meals to shame, the complimentary bundle includes: crème fraiche, a mother-of-pearl spoon, a $25 McDonald’s gift card intended for chicken nuggets, and a one-ounce tin of Paramount Caviar’s Siberian sturgeon roe, which usually costs $85. A limited number of kits (quantity undisclosed) will drop online only, at McNuggetCaviar.com, on Feb. 10.

The fast-food chain said it was inspired by the viral trend of eating caviar on crispy chicken, which was popularized in recent years by celebrities including Rihanna and Momofuku founder David Chang. In dining, the trend filtered down from high-end restaurants to more casual ones as they realized adding caviar pads the bill, according to a 2024 Grub Street piece presciently titled “McCaviar.”

Zoom out: After Mother’s Day, Valentine’s Day is the second-most popular holiday for dining out, according to the National Restaurant Association, but the sales bump is typically smaller for fast-food restaurants. McDonald’s attempt to change its fate is likely the most eye-catching offer among strip mall stalwarts—Burger King, Chick-fil-A, Pizza Hut, and others tend to offer simple discounts and heart-shaped meals.—ML

Wherever you stand on the great pulp vs. no pulp debate, if you prefer your OJ still a little bit frozen with a slight metallic tang, we’ve got some bad news for you. After 80 years, Minute Maid is discontinuing its canned frozen juice concentrates in the US and Canada. All five flavors—orange juice, lemonade, limeade, pink lemonade, and raspberry lemonade—will disappear from store shelves once they sell out. The story of frozen juice concentrate is a tale as American as Fievel’s:

• The product was born when the US army ordered 500,000 pounds of orange juice in 1945 from a company then known as Florida Foods—though the war ended before it could be delivered. The company made it commercially available in 1946 as Minute Maid.
• It caught on, and the Minute Maid brand was bought in 1960 by Coca-Cola, which didn’t bring out non-frozen juice under its banner until 1973.

But now, consumer tastes have shifted away from the slushy stuff, and Coca-Cola said it was shifting its focus to what the people actually want. Although the outpouring of love for the nostalgic canned stuff on social media shows that tubular juice has still got its fans.—AR