Shares in the Toronto-based legal and financial tech company fell almost 6 per cent on the Nasdaq Thursday after it reported fourth-quarter earnings. On an earnings call, analysts pressed CEO Steve Hasker on how the company would protect its legal technology business from new challengers after AI company Anthropic launched legal and financial AI tools this week, sparking a sell-off of incumbent software stocks. (The Logic)

Talking point: Hasker pushed back and said no new AI models of “any measure or importance” were entering the space of legal research, noting that Thomson Reuters has proprietary archives and employs attorneys to get records directly from courthouses. The company’s net earnings of US$332 million were down 43 per cent from the same period last year, missing Capital IQ analyst estimates, even as it reported better-than-expected revenue, up five per cent year over year. But Thursday’s dip left the stock almost 22 per cent lower than it was five days ago, before the Anthropic product launch.