Source: Reuters (via feed)
Thomson Reuters shares rose more than 11% on Tuesday after the company announced its AI-powered assistant CoCounsel reached one million users. The tool is designed for business applications. This milestone helped ease concerns over competition from other AI technologies.
The surge followed Anthropic’s recent statement that Thomson Reuters is among the companies using its AI technology in their products. Earlier this month, Anthropic launched a new AI tool embedding its Claude model into legal workflows. This announcement triggered an $830 billion selloff in global software and services stocks over six trading days. Investors had worried the technology would reduce revenue for the industry.
Despite this initial selloff, Thomson Reuters’ strong user growth in CoCounsel demonstrates market support for its AI offerings. The company’s performance contrasts with broader concerns about AI’s impact on software revenues.
CoCounsel’s rapid adoption indicates growing demand for AI tools in legal business services. This momentum is important amid investor fears about AI disrupting traditional software revenue.
