Thomson Reuters Plunges 17% Intraday to Record Low, Hit by Anthropic's Legal AI Tool

Deep News02-04 00:30

Thomson Reuters (TRI) stock tumbled as much as 17% on Tuesday, marking its largest intraday decline on record. This drop followed the announcement by artificial intelligence company Anthropic of a new efficiency tool designed to help businesses automate legal work.

Analyst Commentary: Toni Kaplan from Morgan Stanley (Equal-weight rating; price target $165) noted that while Anthropic's new tool is similar to other AI products, they believe it signals intensifying competition, posing a potential headwind for Thomson Reuters.

"Most investors we've spoken to recently hold an overwhelmingly bearish view on Thomson Reuters, with widespread concern that the company's legal business segment will struggle to maintain its current growth level amid increasing competition from specialized AI tools. Anthropic's entry could heighten the potential risk of disruption."

Thomson Reuters maintains strong confidence in its deep-rooted presence in the legal domain, citing its proprietary data moat, Westlaw, which contains over a century of editorially enhanced U.S. case law and nearly two billion documents.

Investors widely regard Westlaw as the highest-quality component of the legal business.

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