Recent advancements in AI tools have dragged down the shares of companies that develop, license, and invest in code, Matt Wirz and Jack Pitcher of The Wall Street Journal reports. Following Anthropic’s announcement that it will be adding new legal tools to its Cowork assistant to automate legal drafting and research tasks, the shares of companies providing some form of legal tools or research databases fell, including Thomas Reuters (TRI), Legalzoom.com (LZ), and London Stock Exchange. Soon after, the downturn hit the broader software market, with Paypal (PYPL), Expedia (EXPE), EPAM System (EPAM), Equifax (EFX), and Intuit (INTU) among the hardest hit. Software makers Adobe (ADBE) and Salesforce (CRM) were also hit.
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