AI concerns pummel European software stocks [Yahoo! Finance]
RELX PLC PLC American Depositary Shares (Each representing One Ordinary Share) (RELX)
US:NYSE Investor Relations:
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Source: Yahoo! Finance
accelerated on Tuesday, as updated artificial intelligence models raised fresh doubts ?about whether incumbent firms can defend their business models, underscoring the technology's disruptive threat to ?sectors once viewed as AI winners. One of the catalysts for Tuesday's selloff was the introduction of Anthropic's legal plug-in for its Claude ?generative AI chatbot, according to traders and analysts. The move sent shares in both Britain's RELX and the Netherlands' Wolters Kluwer, which both provide analytics services to the legal industry, down over 10%. "The software companies were assumed to be winners from AI," said Lars Skovgaard, senior investment strategist at Danske Bank. "But all of a sudden, you ?start to worry about whether you ?can earn the money back (from your AI investments), and/or will you be outsmarted by updates coming in." Shares in RELX have now slumped over 45% from their peak last ?February. The dramatic reversal in RELX's share price, which had beco
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