Deutsche Bank: Anthropic's agents won't displace software incumbents

Deutsche Bank analysts watched Anthropic's Enterprise Agents briefing and concluded model providers are "unlikely to displace software incumbents." Analyst Brad Zelnick argued Anthropic is positioning Claude as an orchestration layer on top of existing systems, not a replacement. The take pushes back on weeks of SaaS panic. Zelnick's team maintains that AI agents still need enterprise software's data, workflows, and integrations to function, making incumbents partners rather than victims of the AI wave.

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