.jpg)
1 hour ago
3
Article content
Jittery investors scanning the horizon for winning artificial intelligence bets glommed on to Thomson Reuters Corp. after its legal tools earned kudos from AI juggernaut Anthropic PBC.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Shares of the financial services company soared as much as 14 per cent, notching the biggest intraday gain in 26 years, after its AI tool for lawyers, CoCounsel, was touted on stage at an Anthropic-hosted briefing. Thomson Reuters’ chief executive Steve Hasker also presented at the event.
Article content
Article content
Article content
It was a much needed boost for the stock of the Toronto-headquartered firm which has lost more than half its value since hitting an all-time high in July. Disappointing sales growth was at least partly to blame, as were fears of AI encroaching on its business.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The jump comes as the market veers between AI optimism that the technology will turbo charge stock market growth and pessimism that AI will unwind many business models, but most especially software service companies.
Article content
“We’ll see if today’s early gain holds and gets the shares closer to the level at least seen on Feb. 3,” National Bank Financial’s Adam Shine wrote in a research note. He rates the stock outperform, though his $175 price target is below the stock’s closing record of $293.53.
Article content
Article content
Thomson Reuters also announced CoCounsel hit one million users, which the firm said marked a shift from “experimentation to production.”
Article content
The company, in a statement, listed a few AI tools it was working with, including Anthropic’s Claude model, OpenAI Inc.’s GPT and Alphabet Inc.’s Google Gemini platform.
Article content
The announcement comes weeks after Anthropic unveiled a legal AI tool plug-in for its agentic Claude Cowork AI platform on Feb. 3, which triggered a market rout for companies in the legal information space and other software firms.
Article content
“It will likely take more time and understanding for the market to better assess how the company continues to benefit from AI,” Shine said. AI disruption may not be as bad as “suggested by the rather aggressive valuation re-rating experienced in recent months, let alone in recent weeks.”
Article content
Thomson Reuters competes with Bloomberg LP, the parent of Bloomberg News. Shares traded 12 per cent higher to $124.61 as of 1:42 p.m.
Article content
Article content
We apologize, but this video has failed to load.
Article content
English (US)