hodler

24 Feb 2026, 19:00

Terraform’s $40B Collapse Back in Spotlight as Jane Street Faces Insider Trading Lawsuit

Nearly four years after one of crypto’s most destructive failures erased tens of billions of dollars in value, the collapse of Terraform Labs has returned to the courtroom. A new lawsuit filed in a U.S. federal court accuses trading giant Jane Street of insider trading tied to the 2022 downfall of the Terra ecosystem, a case that could reshape how institutional trading activity in digital asset markets is scrutinized. The complaint was filed by the court-appointed administrator overseeing Terraform Labs’ bankruptcy, alleging the firm used confidential information to trade ahead of key market events, avoid losses, and hasten the collapse of its algorithmic stablecoin system. Allegations of Insider Trading During Terra’s Final Days According to the lawsuit, Jane Street obtained material non-public information through contacts within Terraform. The filing claims that a former Terraform intern working at the trading firm helped establish private communication channels that allegedly became a source of sensitive operational details. Central to the case is a series of transactions on May 7, 2022, days before TerraUSD lost its dollar peg. Terraform quietly removed 150 million TerraUSD from Curve’s 3pool liquidity pool, a move that had not yet been disclosed publicly. Less than ten minutes later, a wallet linked to Jane Street allegedly withdrew 85 million TerraUSD from the same pool. The administrator argues that this timing allowed the firm to unwind large exposures and position trades before panic spread across the market. The lawsuit claims these actions intensified liquidity stress and contributed to the rapid loss of confidence that followed. Jane Street has strongly denied the accusations, describing the lawsuit as baseless and arguing that Terraform’s own management, not outside traders, was responsible for investor losses. Revisiting the $40 Billion Crypto Meltdown Terraform’s collapse remains one of the defining crises in cryptocurrency history. When TerraUSD lost its peg in May 2022, its sister token Luna entered a death spiral that wiped out roughly $40 billion in market value within days. The fallout triggered widespread liquidations and contributed to broader industry instability, later exposing weaknesses across several crypto firms. Terraform filed for bankruptcy in 2024, while Kwon later pleaded guilty to criminal charges and received a prison sentence. The current lawsuit follows earlier legal action against another trading firm, signaling an ongoing effort to recover funds for creditors. Broader Implications for Crypto Market Oversight The case spotlights growing concerns about information asymmetry in markets often promoted as decentralized. Regulators have increasingly focused on trading practices, market manipulation, and the role of large liquidity providers in digital assets. If the allegations are proven, the lawsuit could set an important precedent for how proprietary trading firms interact with crypto projects and handle non-public information. Even if unsuccessful, the legal battle reopens unresolved questions about accountability during major crypto failures. Cover image from ChatGPT, BTCUSD on Tradingview

24 Feb 2026, 19:00

USD/KRW Exchange Rate: Navigating the Crucial Range Trade with Downside Bias – OCBC Technical Analysis

BitcoinWorld USD/KRW Exchange Rate: Navigating the Crucial Range Trade with Downside Bias – OCBC Technical Analysis SEOUL, South Korea – December 2025: The USD/KRW currency pair continues to demonstrate significant range-bound behavior with a subtle downward inclination, according to recent technical analysis from OCBC Bank. This persistent trading pattern reflects complex macroeconomic forces shaping the Korean won’s valuation against the US dollar throughout 2025. Market participants closely monitor these developments as they navigate volatile global currency markets. USD/KRW Technical Analysis: Decoding the Range Trade Pattern OCBC’s currency strategists identify a well-defined trading range between 1,320 and 1,350 won per US dollar throughout the third quarter of 2025. This consolidation phase follows earlier volatility driven by shifting monetary policies across major economies. The bank’s technical charts reveal multiple tests of both support and resistance levels, creating predictable entry and exit points for institutional traders. Furthermore, moving averages show convergence around the 1,335 level, indicating potential equilibrium in the near term. Volume analysis accompanying these price movements provides additional context for the observed patterns. Trading activity typically spikes near range boundaries while diminishing toward the middle of the established channel. This volume profile suggests genuine institutional participation rather than speculative retail trading. The relative strength index (RSI) readings consistently hover between 40 and 60, confirming the absence of extreme overbought or oversold conditions that might precede breakout movements. Economic Drivers Behind the Korean Won’s Performance Several fundamental factors contribute to the USD/KRW’s current trading dynamics. The Bank of Korea’s monetary policy stance remains cautiously accommodative despite persistent inflationary pressures. Meanwhile, the Federal Reserve maintains a comparatively hawkish position, creating interest rate differentials that traditionally support dollar strength. However, Korea’s robust export performance, particularly in semiconductors and electric vehicles, generates substantial foreign currency inflows that counterbalance these rate differentials. Geopolitical considerations further influence currency valuations in the region. Tensions surrounding North Korea’s nuclear program create periodic safe-haven demand for the US dollar among regional investors. Conversely, improving diplomatic relations between South Korea and Japan foster greater regional economic integration, potentially strengthening Asian currencies collectively against the dollar. These competing forces create the push-pull dynamic evident in the current range-bound trading. Comparative Analysis: USD/KRW Versus Regional Currency Pairs Currency Pair 2025 Range Current Bias Key Driver USD/KRW 1,320-1,350 Slight Downside Export Performance USD/JPY 148-155 Upside Monetary Policy Divergence USD/CNY 7.15-7.35 Neutral Capital Controls USD/SGD 1.32-1.36 Range-Bound MAS Policy Band This comparative perspective reveals that the Korean won demonstrates relative strength among Asian currencies despite the slight downside bias noted by OCBC. The won’s performance notably outpaces the Japanese yen but trails behind the Chinese yuan, which benefits from stringent capital controls. Singapore dollar stability, maintained through the Monetary Authority of Singapore’s policy band approach, provides another regional benchmark for Korea’s managed float system. Market Implications of the Downside Bias Assessment OCBC’s identification of slight downside bias carries significant implications for various market participants. Export-oriented Korean corporations face reduced hedging costs when the won demonstrates stability with mild appreciation tendencies. Meanwhile, importers confront marginally higher expenses for dollar-denominated commodities, particularly energy resources. Portfolio investors reallocating regional exposures must consider this technical outlook alongside fundamental assessments of Korean asset valuations. The banking sector experiences direct effects from these currency dynamics. Financial institutions with substantial dollar funding requirements encounter evolving cost structures as the exchange rate fluctuates within its established range. Corporate treasury departments adjust their currency risk management strategies accordingly, often implementing structured products that benefit from range-bound conditions. These institutional responses collectively reinforce the technical patterns observed in trading charts. Historical Context: USD/KRW Trading Patterns Since 2020 Current trading patterns represent a notable shift from previous years’ volatility. The pandemic period (2020-2021) witnessed extreme fluctuations as the won initially weakened to 1,280 before strengthening beyond 1,100 during recovery phases. The normalization period (2022-2024) established broader ranges between 1,250 and 1,400 as central banks globally tightened monetary policies. The present consolidation within a narrower band suggests market participants have reached consensus regarding appropriate valuation levels given current economic conditions. Technical analysts highlight several key developments in chart patterns over this five-year period. First, the 200-day moving average has gradually flattened after trending upward through 2022-2023. Second, volatility measures like average true range (ATR) have declined approximately 30% from 2024 peaks. Third, correlation between USD/KRW and broader dollar indices has weakened slightly, indicating increasing influence from Korea-specific factors rather than purely dollar-driven movements. Risk Factors That Could Disrupt Current Trading Ranges Despite the apparent stability suggested by range-bound trading, several potential catalysts could trigger breakout movements. Monetary policy surprises from either the Federal Reserve or Bank of Korea represent the most immediate risk. Unexpected shifts in inflation trajectories might force central banks to adjust their communicated policy paths, creating interest rate differential changes that typically drive currency valuations. Additionally, geopolitical developments involving North Korea or regional trade relationships could prompt rapid reassessments of Korea’s risk premium. Global economic developments present additional sources of potential disruption. A pronounced slowdown in Chinese economic growth would disproportionately affect Korean exports given extensive supply chain integration. Conversely, stronger-than-anticipated US economic performance might reinforce dollar strength beyond current expectations. Commodity price fluctuations, particularly in energy markets where Korea maintains nearly complete import dependence, could alter trade balance calculations and corresponding currency flows. Monetary Policy Divergence: Changing interest rate differentials between the US and Korea Export Performance: Semiconductor and automotive sector demand fluctuations Geopolitical Tensions: North Korean provocations or regional diplomatic shifts Commodity Prices: Energy import cost variations affecting trade balances Capital Flows: Foreign investment patterns into Korean equity and bond markets Conclusion The USD/KRW exchange rate demonstrates characteristic range-bound behavior with slight downside bias according to OCBC’s technical analysis. This trading pattern reflects balanced macroeconomic forces including Korea’s strong export performance, moderate monetary policy divergence with the United States, and manageable geopolitical risks. Market participants should monitor key support and resistance levels while remaining alert to potential catalysts that might disrupt the established trading range. The current technical setup suggests continued consolidation with mild appreciation pressure on the Korean won through early 2026, barring unexpected economic or geopolitical developments. FAQs Q1: What does “range trade with slight downside bias” mean for USD/KRW? This technical assessment indicates the currency pair trades within defined boundaries (approximately 1,320-1,350) but with subtle pressure toward the lower end of that range, suggesting mild won appreciation tendencies against the dollar. Q2: How does OCBC’s analysis differ from other banks’ USD/KRW forecasts? OCBC emphasizes technical chart patterns and range-bound behavior, while some competitors focus more on fundamental drivers like interest rate differentials or trade balance projections. The slight downside bias represents a more nuanced view than outright bullish or bearish calls. Q3: What time frame does this USD/KRW analysis cover? The technical assessment primarily examines patterns throughout 2025, with particular focus on the third and fourth quarters. Historical context extends back to 2020 to provide perspective on evolving trading ranges. Q4: How should traders approach USD/KRW given this range-bound outlook? Range-trading strategies with entries near support (1,320) and exits near resistance (1,350) may prove effective, though position sizing should account for potential breakout risks. Options strategies that benefit from low volatility could also complement directional approaches. Q5: What key economic indicators most influence USD/KRW movements? Bank of Korea and Federal Reserve policy decisions, Korean export data (particularly semiconductors), US-Korea interest rate differentials, and geopolitical developments involving North Korea represent the primary drivers of exchange rate movements. This post USD/KRW Exchange Rate: Navigating the Crucial Range Trade with Downside Bias – OCBC Technical Analysis first appeared on BitcoinWorld .

24 Feb 2026, 18:36

Evening digest: Markets shrug tariffs, AMD-Meta deal, Bitcoin in focus

Markets are navigating a fresh wave of policy and corporate crosscurrents. Investors largely shrugged off President Donald Trump’s latest tariff move, with equities holding steady despite renewed trade uncertainty. In tech, Meta deepened its AI infrastructure push through a multiyear chip deal with AMD, underscoring intensifying competition for compute capacity. Meanwhile, Novo Nordisk ignited a pricing battle in the US obesity and diabetes market, and Bitcoin faces renewed pressure as traders weigh tariff risks and shifting sentiment. Markets shrug Trump's latest tariffs Global investors largely shrugged off President Donald Trump’s latest tariff drama on Tuesday, as new “temporary” duties kicked in at 10% even after Trump floated a higher 15% rate over the weekend . Markets across Asia were mixed and US stocks edged up after the open, suggesting traders are sticking with the so-called “TACO trade,” the belief that Trump’s toughest tariff threats often get softened or delayed. Analysts said that the bigger issue isn’t the exact rate, but the uncertainty it creates for companies and trading partners, especially if the EU seeks to reopen last year’s deals. AMD-Meta deal Meta Platforms struck a multiyear deal to deploy up to 6 gigawatts of AMD GPUs in its AI data centers , days after expanding its Nvidia commitment. Early shipments of AMD’s MI450 chips in Helios rack-scale servers are slated to begin later this year, alongside AI-optimized CPUs. The agreement includes a performance-based warrant letting Meta buy 160 million AMD shares, about 10% of the chipmaker, as deliveries scale from 1GW to 6GW. Analyst said the pact underscores a compute-constrained market and hinges on customized GPUs. Meta has guided to as much as $135 billion of capex for 2026 alone. Novo ignites price war Novo Nordisk said it will cut US list prices for its blockbuster drugs Wegovy and Ozempic, and the pill Rybelsus by as much as 50% starting Jan. 1, 2027, setting a new list price of $675 a month across the products. Wegovy’s current list price is about $1,350 a month, while Ozempic and Rybelsus are around $1,027. The company said the move is aimed at insured patients whose out-of-pocket costs are tied to list prices, such as people in high-deductible plans or those paying coinsurance. Novo expects some commercially insured patients could pay as little as $25. Bitcoin faces fresh headwinds Bitcoin’s rebound is at risk as investors turn cautious amid fresh tariff tensions and delays in key policy decisions, according to an Invezz analysis published Tuesday. The piece says the mood shift is pushing traders toward traditional safe havens, leaving crypto vulnerable when risk appetite fades. It argues that without clearer signals on trade and regulation, rallies can quickly stall as positioning stays defensive. For now, it suggests Bitcoin needs calmer policy messaging to regain durable momentum in the near term. The post Evening digest: Markets shrug tariffs, AMD-Meta deal, Bitcoin in focus appeared first on Invezz

24 Feb 2026, 18:35

GBP/JPY Surges Past Critical Resistance as Yen Weakness Accelerates Ahead of Bailey’s Crucial Testimony

BitcoinWorld GBP/JPY Surges Past Critical Resistance as Yen Weakness Accelerates Ahead of Bailey’s Crucial Testimony LONDON, March 2025 – The GBP/JPY currency pair has decisively broken above its two-week consolidation range, reaching levels not seen since early February as the Japanese Yen continues its broad-based weakening trend. Market participants now focus intently on Bank of England Governor Andrew Bailey’s scheduled testimony before Parliament’s Treasury Committee, which could determine whether this breakout sustains or reverses. GBP/JPY Technical Breakout Analysis The British pound has surged against the Japanese yen, climbing approximately 1.8% this week alone. This movement represents a significant technical development. For fourteen consecutive trading sessions, the currency pair had remained trapped between 187.50 and 189.20. However, yesterday’s session saw a decisive break above the 189.30 resistance level. Technical analysts note several important factors. First, the breakout occurred on above-average volume. Second, momentum indicators like the Relative Strength Index have moved from neutral to bullish territory. Third, the 50-day moving average now provides dynamic support around 188.40. Market technicians generally interpret these signals as confirmation of genuine bullish momentum rather than a temporary spike. Japanese Yen Weakness Drivers in 2025 The yen’s depreciation represents a continuation of trends established in late 2024. Several fundamental factors contribute to this sustained weakness. The Bank of Japan maintains its ultra-accommodative monetary policy stance despite global tightening cycles. Meanwhile, Japan’s Ministry of Finance has shown reluctance to intervene directly in currency markets. Additionally, widening interest rate differentials between Japan and other major economies pressure the yen. The U.S. Federal Reserve’s policy decisions indirectly affect GBP/JPY through their impact on global risk sentiment. When U.S. rates remain elevated, the yen often weakens as investors seek higher yields elsewhere. Japan’s persistent trade deficit further exacerbates these pressures by creating natural selling pressure on the currency. Comparative Monetary Policy Divergence The table below illustrates the growing policy divergence between the Bank of Japan and other major central banks: Central Bank Policy Rate 2025 Outlook Last Change Bank of Japan -0.10% Gradual normalization July 2024 Bank of England 4.25% Potential cuts Q3 November 2024 Federal Reserve 4.75% Hold then gradual cuts December 2024 European Central Bank 3.75% Cutting cycle ongoing March 2025 This divergence creates what traders call a “carry trade” environment. Investors borrow in low-yielding yen to purchase higher-yielding assets like British pounds. The resulting capital flows naturally weaken the Japanese currency while supporting its counterparts. Bank of England Governor Bailey’s Upcoming Testimony Andrew Bailey’s appearance before the Treasury Select Committee represents the week’s most significant event risk for sterling markets. Committee members will likely question the Governor on several critical issues. Inflation persistence remains a primary concern despite recent moderation. The Bank’s latest projections suggest consumer price growth will return to the 2% target by mid-2026. Market participants will scrutinize Bailey’s comments for clues about future policy direction. Specifically, traders seek answers to these questions: Timing of rate cuts: Will the Bank maintain its current stance through summer? Inflation assessment: How does the MPC view recent wage growth data? Growth concerns: Does weak Q4 2024 GDP affect policy considerations? Forward guidance: Will the Bank provide clearer signals about its reaction function? Historically, Bailey’s parliamentary testimonies have moved sterling markets. His comments in November 2024 triggered a 0.9% GBP/USD rally when he suggested inflation risks had diminished. However, his cautious tone in January 2025 briefly pushed the pound lower against major counterparts. Historical Testimony Impact Analysis Examining previous Bailey testimonies reveals consistent patterns. The Governor typically emphasizes data dependence while avoiding firm commitments. He often references the Bank’s dual mandate of price stability and growth support. Market reactions generally correlate with perceived hawkish or dovish deviations from expected messaging. For GBP/JPY specifically, the testimony’s impact may amplify due to the pair’s sensitivity to risk sentiment. Hawkish comments could extend the current breakout toward 191.00 resistance. Conversely, dovish remarks might trigger profit-taking back toward the broken resistance-turned-support around 189.30. Broader Market Context and Implications The GBP/JPY movement occurs within broader financial market developments. Global equity markets show resilience despite geopolitical tensions. Commodity prices remain elevated, particularly energy. These conditions typically support risk-sensitive currencies like sterling while pressuring traditional safe havens like the yen. Institutional positioning data reveals interesting trends. Hedge funds have increased long sterling positions for three consecutive weeks. Meanwhile, Japanese retail traders continue accumulating long yen positions, creating potential for sharp reversals if stop-loss orders trigger. This positioning divergence adds volatility risk to the current trend. The currency pair’s technical outlook now suggests several possible scenarios. A sustained break above 190.00 would open the path toward 192.50, last tested in December 2024. However, failure to hold above 189.30 could signal a false breakout, potentially returning the pair to its previous range. Volume analysis over the next 48 hours will provide crucial confirmation signals. Conclusion The GBP/JPY breakout above its two-week range reflects fundamental divergence between British and Japanese monetary policies. Yen weakness persists due to the Bank of Japan’s accommodative stance and widening interest rate differentials. However, the sustainability of this move depends heavily on Bank of England Governor Andrew Bailey’s upcoming parliamentary testimony. Market participants should monitor his comments on inflation, growth, and future rate decisions closely. The testimony’s tone will likely determine whether this GBP/JPY breakout extends toward 2025 highs or reverses into another consolidation phase. FAQs Q1: What caused the GBP/JPY to break above its two-week range? The breakout resulted from combined yen weakness and sterling strength. The Bank of Japan’s persistent dovish stance contrasts with expectations for delayed Bank of England rate cuts, creating favorable conditions for GBP/JPY appreciation. Q2: Why is Andrew Bailey’s testimony important for currency markets? As Bank of England Governor, Bailey’s comments provide crucial insights into future monetary policy. Markets parse his testimony for hints about interest rate decisions, which directly impact currency valuations through capital flows and interest rate differentials. Q3: What factors contribute to Japanese yen weakness in 2025? Multiple factors pressure the yen: the Bank of Japan’s negative interest rate policy, widening yield differentials with other economies, Japan’s structural trade deficits, and reduced intervention rhetoric from Japanese authorities. Q4: How might Bailey’s testimony affect GBP/JPY specifically? Hawkish comments (emphasizing inflation risks) could extend the rally toward 191.00. Dovish remarks (highlighting growth concerns) might trigger profit-taking back to 189.30 support. The pair’s sensitivity to risk sentiment amplifies potential moves. Q5: What technical levels should traders watch for GBP/JPY? Immediate resistance sits at 190.00 (psychological level), then 191.50 (January high). Support appears at 189.30 (previous resistance), then 188.40 (50-day moving average). A close above 190.50 would confirm bullish continuation. This post GBP/JPY Surges Past Critical Resistance as Yen Weakness Accelerates Ahead of Bailey’s Crucial Testimony first appeared on BitcoinWorld .

24 Feb 2026, 18:34

SUI Price To Rally as SEC Greenlights 21Shares Sui ETF

The U.S. Securities and Exchange Commission has approved the 21Shares Spot SUI ETF. The product began trading on the Nasdaq under the ticker TSUI today and carries a 0.30% management fee. The launch adds to growing institutional access to Sui. The Grayscale Sui Staking ETF started trading on NYSE Arca on February 18. The product was converted from an over-the-counter trust and offers 100% staking with 0% fees, and rewards are reflected in the fund’s net asset value. Canary Staked SUI ETF also launched on Nasdaq on February 18. These products allow investors to gain exposure through brokerage accounts. The approval has drawn attention to SUI price action and market structure. Sui Network and Institutional Access Sui network focuses on speed, low transaction costs, and scalability and was developed by former Meta engineers and product experts. The protocol includes zkLogin, which allows onboarding through Google or Apple accounts. The system uses the Move programming language, which is designed with a security-first framework to reduce exploits. 21Shares describes TSUI as a streamlined way to gain exposure to Sui. As a result, investors can access the asset without holding tokens directly following the recent SEC clearance. Sui Leads Layer 1 Token Volume in 2026 From January 1 to February 22, 2026, Sui recorded $43.4 billion in cumulative token volume, placing it ahead of TRX at $35.8 billion and ADA at $32.4 billion. The margin between Sui and other Layer 1 networks stood out. Trading activity remained concentrated in SUI markets during this period. Capital rotated toward SUI instead of dispersing evenly across peers. Source: X Data shared on social platform X showed Sui leading networks such as Cardano and Avalanche. Elevated trading activity occurred alongside steady positioning. Liquidity remained focused within the SUI ecosystem. The volume leadership coincided with the ETF announcements. Market participants are assessing whether this trend reflects structural growth or short-term rotation. SUI Price Structure and Key Technical Levels On the daily chart, the SUI price trades within a tight consolidation range. The token has recorded repeated closes near the $0.86 to $0.87 zone, which has acted as short-term support. The SUI price remains below the 0.236 and 0.382 Fibonacci retracement levels. This indicates limited recovery momentum. The 0.786 Fibonacci level sits near $0.846, close to the current price; consequently, a break below $0.86 could open the path toward $0.79. The Relative Strength Index stands at 31.47, with SUI near oversold conditions. However, no confirmed reversal signal has formed. Moreover, the Chaikin Money Flow reads 0.01, showing neutral to weak buying pressure. Backing the bearish shift, the MACD line is at -0.0988, and the signal line is -0.1119. The histogram is slightly positive at 0.0131, which suggests easing bearish momentum without a confirmed crossover. For the SUI price to recover, resistance at $0.92 and $0.98 must be breached.

24 Feb 2026, 18:30

Anthropic releases new Claude AI plugins for Microsoft Office, Google Drive, Gmail, and other business tools

Anthropic announced new features for its Claude AI assistant this week that let i t wo rk inside popular business programs and handle specialized tasks across different industries, the latest expansion that has kept investors on edge about the future of workplace software. The San Francisco company revealed the updates during an online even t on Tu esday, building on its January launch of Claude Cowork. The system no w co nnects directly with programs like Microsoft Excel and PowerPoint, plus Google Drive, Gmail, Google Calendar, DocuSign, and LegalZoom. Instead of switching between a chatbot and other applications, workers can now use Claude right inside the software they already have open. The assistant can pull information from spreadsheets to build presentations, similar to how a person would do the job. “We think of them almost as mini apps,” said Matt Piccolella, who handles products at Anthropic. He explaine d th e company wants to create dozens or hundreds of these add-on tools that companies can spread to their workers. The new features target specific departments. Human resources teams can get help writing job descriptions and offer letters. Private equity workers can model different scenarios. Design teams can put together creative briefs. Operations staff can summarize vendor proposals. Anthropic worked with financial firms, including FactSet, S&P, LSEG, and Apollo, to build plugins for financial services and private equity. Companies can also make their own custom plugins for tasks unique to their operations. The company is setting up a marketplace where businesses can host plugins for their employees to find and use. Who bears infrastructure costs? Companies like Microsoft spend billion s ma intaining secure servers. Salesforce employs thousands of workers to handle customer support and compliance. Claude sits on top of that infrastructure without having to store the data itself, run the compliance audits, or staff round-the-clock help desks. The AI assistant uses the foundation built by other companies while charging customers a premium to make their existing tools feel easier to use. Scott White, who leads enterprise products at Anthropic, said the company sees itself “as a platform, not a product, trying to own every workflow.” He stressed that Anthropic wants to work alongside existing business software rather than replace it, since these established programs handle sensitive company data and are built into how businesses operate. _*]:min-w-0 gap-3"> Stocks rallied on partnerships The announcement comes after Anthropic quietly rolled out some industry-specific plugins in early February, which sent software company stocks tumbling. A software industry exchange-traded fund dropped nearly 6% in one day, its worst performance since April. Thomson Reuters suffered its biggest one-day stock decline ever in early February, falling almost 16%. LegalZoom sank almost 20%. FactSet dropped more than 10%. European data company RELX fell 14%. Since Anthropic first announced Claude Cowork on January 30, ServiceNow stock has fallen more than 23%. Salesforce is down 22%, Snowflake has dropped 20%, Intuit has fallen 33%, and Thomson Reuters has declined 31%. In a twist, some of the same companies that saw their stocks crash in early February rallied on Tuesday as Anthropic announced they were actually partners in developing the new tools. FactSet shares climbed 3.8%, while Thomson Reuters jumped 8.8% during Tuesday trading. IBM shares tumbled Monday after Anthropic published information about how AI could help update COBOL, an old programming language for business data. IBM sells tools for working with COBOL code. Competition is heating up. OpenAI launched Frontier earlier this month, a platform that helps companies build and deploy AI agents that connect with their current software. OpenAI announce d Mo nda y i t fo rmed multiyear partnerships with four major consulting firms that will use Frontier with OpenAI engineers working at the firms. The company appears to be bettin g th ese consultants will introduce its business products to their many clients. Despite the pressure on software stocks , some experts remain skeptical that AI companies will actually wipe out traditional software makers. Analysts point out that free, open-source software has existed for decades, yet the market for commercial software has only grown during that time. They also question whether AI companies can truly compete with specialized business software built for specific jobs. Jacob Bourne, a technology analyst for eMarketer, previously told reporters that security worries will probably stop many companies from widely adopting AI tools. Sharpen your strategy with mentorship + daily ideas - 30 days free access to our trading program