US Business Services "AI Disintermediation in Business Services, Updated..."

Research evidence excerpt

US Business Services "AI Disintermediation in Business Services, Updated..."

Global Research

10 June 2026ab

US Business Services Equities

AmericasAI Disintermediation in Business Services,

Updated Perspectives Industrial Services

Joshua Chan, CFA

Analyst

joshua.chan@ubs.com

Thoughts on Business Services and AI +1-212-713 9957

Although AI is not having a broad impact across most business services companies, Karandeep Singhania

investors appear to be bucketing business services stocks into four categories spanning Associate Analyst

the spectrum of AI tailwinds and headwinds, with each bucket trading uniquely. As an karandeep.singhania@ubs.com

update to our 4-bucket framework from several months ago, we think ARMK and +1-212-713 4211

XMTR have recently moved into Bucket 1, joining FIX and APG as clear AI beneficiaries. Brianna Kamdoum

It's possible that ULS, WSC, and TIC eventually join this bucket, but the AI tailwinds for Associate Analyst

these are not as easily discerned at the moment, putting them in lower buckets. Among brianna.kamdoum@ubs.com

stocks in the other buckets, IT has some potential to move higher while ROL has some +1-212-882 5027

risk, though both require certain scenarios to materialize to change buckets.

Investors Making Large AI Delineations, Even as AI Impact Not Broad Yet

Companies using AI, but it's largely not transformational yet. While there

are definite exceptions, we find that most business services companies are finding

ways to utilize AI, but that AI isn't having a material and broad impact on the

sector yet. In our informal conversations with 16 public and private business

services companies on how they are using AI, most are currently deploying AI for

internal efficiencies and some are deploying to improve aspects of customer-facing