Feb 24 (Reuters) – Thomson Reuters shares jumped greater than 11% on Tuesday after the expertise and content material agency mentioned its synthetic intelligence-powered assistant for companies, CoCounsel, has drawn a million customers, easing fears of disruption by competing AI instruments.
The inventory posted its largest share acquire since 2009. The bounce additionally adopted Anthropic’s announcement on Tuesday that corporations together with Thomson Reuters have been utilizing its AI expertise for his or her merchandise.
A brand new AI instrument from Anthropic that embeds its Claude AI mannequin into authorized workflows had earlier this month sparked an $830 billion world selloff in software program and companies shares over six buying and selling days on buyers’ fears that the expertise would shrink income streams for the trade. Weighed down by that decline, Thomson Reuters shares stay down greater than 30% for the yr.
“The authorized AI market is maturing, and substance issues greater than hype. Our fiduciary-grade AI technique is driving actual adoption – and we’ve got the capital, content material, and experience to form what comes subsequent,” Thomson Reuters President and Chief Govt Officer Steve Hasker mentioned in an emailed response to a question concerning the inventory value transfer.
The Toronto-based firm, which owns Reuters Information, launched CoCounsel after shopping for AI authorized startup Casetext in a $650 million deal in 2023. The assistant acts because the core AI engine powering CoCounsel Authorized, which automates analysis, doc evaluation and drafting for legal professionals.
Thomson Reuters executives informed Reuters after the corporate’s quarterly earnings announcement this month that its authorized choices have been distinguished from general-purpose AI startups by the firm’s proprietary mental property, together with a whole bunch of years of authorized papers from Britain and greater than a century of archives from the U.S., a lot of it undigitized, unpublished or unavailable publicly.
The Authorized Professionals division is the largest income generator for Thomson Reuters, accounting for round one-third of its gross sales.
(Reporting by Aditya Soni in Bengaluru; Enhancing by Kenneth Li and Edmund Klamann)
