Thomson Reuters plans $100 mn investment in AI

Thomson Reuters said it plans to spend some $100 million a year to invest in artificial intelligence (AI), CEO Steve Hasker said in a statement.
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It will start seeing generative AI incorporated into flagship products in the second half of this year. Generative AI generates new content or data in response to a prompt, or question, by a user.

The $100 million is separate from the company’s M&A budget, which will be about $10 billion from now to 2025, Michael Eastwood, Thomson Reuters’ Chief Financial Officer, said.

Over the last three years, almost all of the company’s M&A budget has been allocated to artificial intelligence, and executives see that trend continuing. AI features will be incorporated in most major business divisions — legal, tax and accounting, and in the news business.

AI is already embedded in Thomson Reuters products such as Westlaw Edge and Practical Law. In 2022, the company acquired PLX AI, a real-time financial news service powered by the technology.

Thomson Reuters, a news and information company, said revenue rose 4 percent in the January-March quarter to $1.738 billion.

Thomson Reuters owns the Westlaw legal database, Reuters news agency and the Checkpoint tax and accounting service.

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