RBC Imagine™: Disrupt or Get Disrupted - Data Moats in the Agentic Economy [Correction]

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RBC Imagine™: Disrupt or Get Disrupted - Data Moats in the Agentic Economy [Correction]

RBC Capital Markets, LLC

Ashish Sabadra (Analyst)

(415) 633-8659,

ashish.sabadra@rbccm.com

David Paige (Analyst)

(646) 703-1063,

david.paige@rbccm.com

William Qi (AVP)

June 4, 2026 (646) 618-6963,

william.qi@rbccm.com

RBC Dominion Securities Inc. RBC Imagine™: Disrupt or Get Disrupted - Data

Drew McReynolds, CFA, CA,RESEARCH CPA (Analyst) Moats in the Agentic Economy [Correction] (416) 842-3805,

The Paradox of MCP and Competitive Edges in Information Services drew.mcreynolds@rbccm.comRyland Conrad (Analyst)

(416) 842-4123,

Our view: LLM vertical platforms with MCP connectors and "Bring Your License" partnerships ryland.conrad@rbccm.com

should expand distribution and create new revenue streams through increased pricing from higher Sarah McKeown (Associate)

consumption, improved retention, and cross-sell/up-sell opportunities. In addition, MCP applications (416) 842-3806,

and Agentic AI will help capture substantial value by automating workflows while protecting brand sarah.mckeown@rbccm.com

identity.EQUITY

However, competitive pressures are intensifying as MCP connectors have substantially reduced

switching costs and fragmented data spend, exposing data products without strong defensibility to

potential pricing compression over the longer term. Benchmark and proprietary datasets offer the most

resilient competitive moats, while publicly available data—even when difficult to find or curated over

decades—and systems of record face increasing vulnerability.

We expect companies to mitigate higher token cost headwinds through improved efficiency and

workforce optimization, driving margin expansion through operating leverage, while faster development