Written Off but Still Winning Part II

Goldman Sachs revisits its AI resilience framework for Information Services, finding that market pricing of AI disruption has stabilized and now presents buying opportunities in names like TRI and CSGP.

Key Takeaways

• 1.The broad-based de-rating of Information Services stocks linked to AI disruption since mid-2025 has largely stabilized, shifting focus to stock selection based on structural moats.
• 2.Companies are tiered by AI resilience: Tier 1 (VRSK, EFX, MCO, TRU, FICO, MSCI) and Tier 2 (SPGI, TRI, MH, CSGP) possess structural advantages like proprietary data and regulatory moats.
• 3.TRI (Thomson Reuters) and CSGP (CoStar) represent the most compelling upside opportunities where AI risk is over-discounted relative to their strong structural positioning.

Table of Contents

• Written Off but Still Winning Part II: Stock Ideas Based on our AI Resilience Scores and Stock Returns
• Revisiting our AI resilience framework
• Wide dispersion in structural AI resilience
• Stabilizing earnings reactions de-risk downside and reopen path to selective upside
• How the market is pricing AI risk in Info Services
• Identifying AI trades in Info Services leveraging our AI risk framework
• Valuation & Risks
• Disclosure Appendix

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