The Anthropic “Enterprise Agents Briefing” kicked off earlier today, and the market is reacting with excitement to a potential shift in the AI-at-risk complex. The event has been a topic of discussion among investors and analysts, and it’s clear that the market is viewing this as more of a partnership between incumbent SaaS vendors and AI providers rather than pure displacement.

The first hour of trading saw a COVER the news reaction with software complex popping higher, with several significant single name moves on Anthropic mentions. Many of these names were primary constituents of the AI-At-Risk Thematic, including CRM, INTU, FDS, LZ, and DOCU. These stocks rallied by around 5% each, indicating a positive sentiment towards the partnership narrative.

It’s worth noting that while there are no significant long-only buyers in the space just yet, high-frequency covers are starting to take notice of the potential opportunities in this area. As more details emerge from the Anthropic briefing, it will be interesting to see how the market continues to react and whether this partnership narrative will gain further traction.

In related news, earnings reports from WDAY (tonight) and CRM (tomorrow night) could provide additional insight into the space and potentially inspire some longer-duration buyers to step up to the plate. With the market seemingly shifting its focus towards partnerships rather than displacement, these reports may help to further solidify this narrative and drive growth in the AI-at-risk complex.