Anthropic has launched a new tool for corporate legal teams, automating tasks like contract review and NDA triage. This triggered a sharp sell-off in European and US legal software and publishing stocks. Wolters Kluwer plunged as much as 13%, and RELX dropped 14%.
The pressure spread to Asia on Wednesday. Australian stock Xero fell up to 15%, its biggest drop since May 2021, while Japan's OBIC declined 6%.
Another AI update, another sector gets hit. The software industry is facing massive disruption!
$Microsoft(MSFT.US)