Wipro, Infosys ADR Drops After Anthropic's Move Into Legal, Data Services

Group 1 - Shares of leading Indian IT companies Infosys Ltd. and Wipro Ltd. fell over 5% following the release of a new AI automation tool by Anthropic, raising concerns about potential impacts on their core businesses [1][2] - Accenture and Cognizant experienced a 9% decline in stock prices, while RELX Plc and Wolters Kluwer NV saw drops exceeding 10% [4] - The iShares Expanded Tech-Software Sector ETF decreased by as much as 4.4%, and a UBS Group AG basket of European stocks at risk of AI disruption fell nearly 7% [5] Group 2 - Anthropic's new AI tool includes a legal automation feature that can handle tasks such as contract reviewing and legal briefings, which has sparked fears among data and information services firms [2][5] - Investors have been increasingly funding AI products for the legal industry over the past two years, indicating a growing trend in AI applications within this sector [5]