Workday, Elastic, Snowflake, nCino, and Appian Shares Plummet, What You Need To Know

What Happened?

A number of stocks fell in the afternoon session after Anthropic announced that its Claude AI assistant can now control computers to complete tasks by imitating human keystrokes and mouse movements. 

Investors reacted to the possibility that enterprise value would migrate from the application layer to the intelligence layer, leaving legacy software providers vulnerable to displacement by autonomous agents that can operate across platforms. Analysts added that the "agentic era" could lead to massive margin compression as software companies lose their pricing power.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Finance and Accounting Software company Workday (NASDAQ:WDAY) fell 5.7%. Is now the time to buy Workday? Access our full analysis report here, it’s free.
• Data Infrastructure company Elastic (NYSE:ESTC) fell 4.8%. Is now the time to buy Elastic? Access our full analysis report here, it’s free.
• Data Storage company Snowflake (NYSE:SNOW) fell 6.4%. Is now the time to buy Snowflake? Access our full analysis report here, it’s free.
• Banking Software company nCino (NASDAQ:NCNO) fell 5.4%. Is now the time to buy nCino? Access our full analysis report here, it’s free.
• Automation Software company Appian (NASDAQ:APPN) fell 5.4%. Is now the time to buy Appian? Access our full analysis report here, it’s free.

Zooming In On Snowflake (SNOW)

Snowflake’s shares are quite volatile and have had 19 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 1 day ago when the stock gained 4.4% on the news that comments from President Trump regarding talks with Iran sparked a broad market rally. 

The positive sentiment spread across Wall Street, creating a widespread relief rally with nine out of every ten stocks in the S&P 500 rising. The Dow Jones Industrial Average and the Nasdaq composite both posted gains of around 2%. This risk-on environment, fueled by the perception of reduced geopolitical conflict, often benefits growth-oriented sectors like technology as investors move capital into assets perceived to have higher return potential.

Snowflake is down 25.5% since the beginning of the year, and at $161.34 per share, it is trading 41.8% below its 52-week high of $277.14 from November 2025. Investors who bought $1,000 worth of Snowflake’s shares 5 years ago would now be looking at only $773.47.

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