The emergence of new AI tools is disrupting the investment logic of the software industry. Recently, the new generation AI tools launched by Anthropic have attracted market attention, prompting investors to reevaluate the prospects of SaaS and traditional software companies. The performance of SaaS-related stocks tracked by Morgan Stanley is concerning—since the beginning of 2025, their decline has reached the worst level since 2022. The core market concern is straightforward: since AI can solve more and more problems, why still hold traditional software stocks? This wave of adjustment reflects investors' worries about changes in the technology industry landscape. As generative AI continues to evolve, the market is re-pricing the value of traditional software businesses that may be replaced. This also reminds us that technological innovation often breaks existing investment consensus.