Ed Ludlow

And so you can see that the list

that we published last week, the thread across the software and services companies are where there is a data moat, whether that's credit or it's market data or it's systems of record in financials or customer data.

So what's really important in this dataset is tracking rate of change.

Right now, the rate of change is actually greatest in non-tech categories, particularly in consumer, in apparel, in durable goods, in autos.

Yes, we see areas of software that have been sold indiscriminately where there is a data mode and there's an opportunity, but it's broader than just technology.

What we see in the data is that the AI adopters,

are experiencing margin expansion that's double the market indices, double the MSCI World Index, double the S&P 500.

And so we believe that there's a regime shift happening in the market away from a purely tech and specifically AI enabler leadership to now broadening of AI adoption and leadership, not just in technology, but across all sectors.

But there are areas of thematics, think humanoids.

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