Thomson Reuters (NYSE: TRI) has a well-established reputation as a provider of financial and legal news media. The company is now making a significant push to be acknowledged for its increasing involvement in artificial intelligence (AI). Thomson has even taken the step of publishing its AI Principles statement on its website to promote trustworthiness in its ongoing deployment of AI. While it is recognized for providing trusted online and print information, it is expanding its capabilities with the power of artificial intelligence to achieve far more than human expertise alone can accomplish.
AI Accuracy and Efficiency
Thomson Reuters is using AI to enable faster and more accurate information in each of its business sectors. This isn’t a new foray into the technology or an example of AI-washing; a recent Barron’s article points out the company has been integrating AI for years to create accuracy and efficiency in its core offerings. The enhancements include AI-powered tools for legal research, tax analysis, and news filtering. The company says they are all designed to deliver greater accuracy and efficiency to its media customers.
Thomson Reuters acknowledges the importance of trust and transparency in the development and deployment of AI and isn’t shy about it. The company’s AI Principles prioritize safety, security, privacy, and fairness in its AI products. This commitment to responsible AI development positions them well in a market increasingly focused on ethical considerations.
The five key areas the company emphasizes in its AI services are:
- TRI will prioritize safety, security, and privacy throughout the design, development and deployment of our AI products and services.
- TRI will strive to maintain a human-centric approach and will strive to design, develop and deploy AI products and services that treat people fairly.
- TRI aims to design, develop and deploy AI products and services that are reliable and that help empower people to make efficient, informed, and socially beneficial decisions.
- TRI will maintain appropriate accountability measures for our AI products and services.
- TRI will implement practices intended to make the use of AI in our products and services explainable.
Generative AI
Thomson Reuters says they are at the forefront of generative AI, the area of AI technology that can create human-quality text formats. As an example, the company recently launched “CoCounsel,” which uses generative AI to provide tax and accounting professionals with fast, reliable answers to complex questions. CoCounsel is just one example of how Thomson Reuters is leveraging AI to deliver next-generation solutions for its customers.
The chart from the TipRanks Stock Analysis tool shows TRI had a significant bump up in price in February and has more or less flatlined from there.
The global AI market is projected to reach a staggering $184.00 billion in 2024, with a compound annual growth rate (CAGR) of 28.46% by 2030, reaching a market volume of $826.70 billion according to Statista.
Key Takeaway
For investors seeking exposure to this high-growth sector, Thomson Reuters offers a compelling opportunity. By combining its established media expertise with its cutting-edge AI capabilities, the company is well-positioned to capitalize on the long-term growth of the AI revolution.
