u/Long-Access-2143

The author categorizes software into 'tools' (Adobe, Salesforce) that AI commoditizes versus 'landlords' like S&P Global and Moody's that own proprietary data everyone must pay to access. S&P Global is getting cheap due to AI fears even though it sells data to feed Anthropic and Gemini, and 95% of its revenue is tied to proprietary data per the latest earnings call. The author acknowledges a potential headwind if seat licenses decline, pressuring CapIQ in Market Intelligence, but argues AI does not aggregate and sell massive datasets the way S&P does.

The author argues Uber is not being disrupted by autonomous vehicles because AVs are a fragmented market that still needs a common aggregator to maximize vehicle utilization and offer consumers the best prices. Uber One subscribers are accelerating, spend 3x more than average users, and are already over 20% of the user base growing over 60% YoY. Uber has 25 AV partnerships including Aurora, Avride, Baidu, Waymo, Lucid, Volvo, Stellantis, and Nuro. The author believes the stock is deeply undervalued if disruption risks are overblown.