1、1Though we think its partially contributed to recent margin upside for certain names,i.e.SPGI&MCO have alreadyachieved AI efficiencies that helped them grow revenue+31%/+33%in 2024,respectively,without growing headcount.Barclays Capital Inc.and/or one of its affiliates does and seeks to do business

2、with companiescovered in its research reports.As a result,investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report.Investors should consider thisreport as only a single factor in making their investment decision.Please see analyst certif

3、ications and important disclosures beginning on page 12.BIPS of InfoAI Risk Our Musings TodayThe AI fear today is clear the companies that traffic inwords vs.numbers are going to be impacted;and this is notjust for the core businesses(e.g.Data vs.Research solutions),but also from a messaging standpo

4、int(e.g.TRI is the rare Infoname able to quantify GenAI-enabled ACV today).In other words,even those companies that are considered to have proprietary data shouldrethink their messaging strategy reinforce the how proprietary their data is;be ready todisrupt themselves using GenAI on all the analytic

5、s and services surrounding the data;and now,most importantly,quantify the benefits for investors.The time to just talk about potentialbenefits anecdotally is running out(any deceleration is likely to be considered more than justmacro);while we can appreciate revenues could still take a little longer

6、,we do wonder why costbenefits arent more identifiable1.Yes,the extent of impact is still highly uncertain i.e.arecentMIT study showing 95%of GenAI pilots are failingsuggests that maybe AI impacts aremore marginal but even marginal impacts can hit numbers and especially multiples(IT beinga good exam