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AI Boost: Thomson Reuters Stock Soars 14%
25 Feb
Summary
- Thomson Reuters shares surged 14%, the largest gain in 26 years.
- The stock jump was driven by praise for its AI legal tool, CoCounsel.
- CoCounsel has now reached one million users, marking a production shift.
Thomson Reuters saw its stock price climb as much as 14%, marking the largest intraday gain in 26 years. This significant increase followed praise for its artificial intelligence tool for lawyers, CoCounsel, during an event hosted by AI company Anthropic.
This event provided a crucial uplift for the Toronto-headquartered firm's shares, which had previously declined by over half since reaching an all-time high in July. Concerns about slowing sales growth and the potential impact of AI on its business had contributed to the stock's earlier slump.
The company also announced that CoCounsel has surpassed one million users. This achievement indicates a significant transition from the early stages of experimentation to active production use of the AI technology.
Thomson Reuters is actively integrating various AI models into its operations, including those from Anthropic, OpenAI, and Google. This move comes after a period of market volatility influenced by both optimism and pessimism surrounding AI's potential to reshape business models.
Despite the recent gains, analysts suggest further observation is needed to fully assess the company's long-term benefits from AI. Some believe the market's recent re-evaluation of AI-disrupted companies may have been overly aggressive.
