European Data Companies Feel Pinch as Anthropic Unveils AI-Powered Legal Tool
Stock prices for several European data companies plummeted after US artificial intelligence firm Anthropic revealed a tool that automates legal work. The new plugin, which can review contracts, non-disclosure agreements and other documents, has sent shockwaves through the industry.
Shares in Pearson, Relx, Sage, and Wolters Kluwer all took a hit, with Pearson's falling by 4%, Relx by 14%, and Sage losing 5.5%. The Dutch software company Wolters Kluwer saw its share price drop by 10.5% on the Amsterdam Stock Exchange.
The impact was not limited to European data companies. Shares in Thomson Reuters, a US-listed firm, fell by 14.2% after the news of Anthropic's tool came to light. The London Stock Exchange Group also suffered significant losses, with its share price falling by 8.5%.
Anthropic's CEO Dario Amodei and other former OpenAI staff members founded the company in 2021, citing a need for more advanced AI tools in the legal space. The firm has launched several new tools, including Cowork, which is designed to automate a range of professional activities.
Analysts at Morgan Stanley have expressed concerns about the impact of Anthropic's tool on competition in the legal industry. "Anthropic launched new capabilities for its Cowork to the legal space, heightening competition within the space," they said in a note. "We view this as a sign of intensifying competition, and thus a potential negative."
The news has reignited fears about job losses caused by the AI boom. Industry experts warn that office-based jobs are particularly vulnerable to advances in artificial intelligence.
According to a recent survey, more than a quarter (27%) of UK workers are worried their jobs could disappear in the next five years due to AI. Meanwhile, British businesses have reported an average 11.5% increase in productivity aided by AI.
In response, the UK government has announced plans to train up to 10 million workers in basic AI skills by 2030. The goal is to mitigate the impact of job losses and ensure that workers are equipped to thrive in a rapidly changing economy.
As one high-profile fund manager, Nick Train, faces criticism for his investment trust's poor performance, the news of Anthropic's AI-powered legal tool serves as another reminder of the need for companies to adapt to the rapid evolution of technology.
Stock prices for several European data companies plummeted after US artificial intelligence firm Anthropic revealed a tool that automates legal work. The new plugin, which can review contracts, non-disclosure agreements and other documents, has sent shockwaves through the industry.
Shares in Pearson, Relx, Sage, and Wolters Kluwer all took a hit, with Pearson's falling by 4%, Relx by 14%, and Sage losing 5.5%. The Dutch software company Wolters Kluwer saw its share price drop by 10.5% on the Amsterdam Stock Exchange.
The impact was not limited to European data companies. Shares in Thomson Reuters, a US-listed firm, fell by 14.2% after the news of Anthropic's tool came to light. The London Stock Exchange Group also suffered significant losses, with its share price falling by 8.5%.
Anthropic's CEO Dario Amodei and other former OpenAI staff members founded the company in 2021, citing a need for more advanced AI tools in the legal space. The firm has launched several new tools, including Cowork, which is designed to automate a range of professional activities.
Analysts at Morgan Stanley have expressed concerns about the impact of Anthropic's tool on competition in the legal industry. "Anthropic launched new capabilities for its Cowork to the legal space, heightening competition within the space," they said in a note. "We view this as a sign of intensifying competition, and thus a potential negative."
The news has reignited fears about job losses caused by the AI boom. Industry experts warn that office-based jobs are particularly vulnerable to advances in artificial intelligence.
According to a recent survey, more than a quarter (27%) of UK workers are worried their jobs could disappear in the next five years due to AI. Meanwhile, British businesses have reported an average 11.5% increase in productivity aided by AI.
In response, the UK government has announced plans to train up to 10 million workers in basic AI skills by 2030. The goal is to mitigate the impact of job losses and ensure that workers are equipped to thrive in a rapidly changing economy.
As one high-profile fund manager, Nick Train, faces criticism for his investment trust's poor performance, the news of Anthropic's AI-powered legal tool serves as another reminder of the need for companies to adapt to the rapid evolution of technology.
it was like a flavor explosion in my mouth and I couldn't stop thinking about it ever since. Anyway, back to AI-powered tools... what's the deal with these companies not innovating fast enough? Like, can't they see that their customers are already using Anthropic's tool? I'm no expert but shouldn't they be like "oh wait, someone else is doing this, let's step it up"? 
And yeah, it's true that office jobs might be at risk, but maybe that means people will just end up working with AI tools like this one instead... 
Maybe it'll even create some new jobs we can't imagine yet! 
Plus, the fact that the UK government is stepping in to help train workers in basic AI skills is a great move. We need to make sure everyone has the chance to thrive in this changing world. 
. I mean, isn't that what's supposed to be the point of investing in AI in the first place? 
. I'm not saying Anthropic's tool isn't useful, but come on, folks! Can we at least get some credible sources or data on how this is supposed to impact the industry? 
. How do we know that's even feasible? Have they done any actual research or analysis on the topic? 
. I mean, this AI-powered tool is a game-changer and it's only a matter of time before it disrupts the entire industry. But at the same time, I think it's a bit premature to say that we're seeing widespread job losses 
. Sure, office-based jobs might be vulnerable, but I think there are plenty of other roles that will thrive with the rise of AI.
. It'll be interesting to see how that plays out.
.
We can't just keep plugging away without thinking about the consequences of what we're doing.
i heard pearson's board will have a meeting soon to figure out what to do about this 
on one hand, it's great that we're seeing more innovation in the legal space, and on the other hand, it's true that job losses are a thing to worry about 
can you even imagine having a tool that can automate all those boring documents 
and it's only going to get more intense 
. It's not just about competition though, it's about job security 
. I mean, we've all seen those horror stories about people losing their jobs due to automation 
. But at the same time, AI is also bringing so many benefits like increased productivity 
. Maybe this is an opportunity for people to upskill and get more involved in tech 
can't wait to see what Anthropic comes out with next! 
and btw, 10 million workers trained in basic ai skills by 2030 sounds like a good start 
But at the same time, it's amazing what these companies are coming up with - AI-powered tools like this one sound like game-changers for efficiency and productivity. Maybe it's all a bit of both? 
and now anthropic is like the new sheriff in town with its AI-powered plugin that can review all sorts of documents... yeah because that's exactly what lawyers need more automation 
... i mean anthropic is just bringing some much-needed efficiency to the law space, but idk if it's gonna be a good thing for their workers 
now i wonder wut the future holds 4 those jobs thats gonna get automated