Thomson Reuters (TRI) was up 11% after stating 1M professionals are using its CoCounsel tool, further evidence that the near-term risk of AI to the economics of TRI’s legal business could be overstated.

Should that prove true, the reason lies in the context given to the models - with 85% of all primary law content enhanced by the company’s 1,500 attorney editors…

… which creates a high value, proprietary advantage versus less specialized competitors. If the market buys that narrative, there’s a lot of room for multiple expansion…

… with shares priced at half of the long-term average valuation.