SOFTWARE : Engineering software: AI winner or loser?

研报英文原文证据摘录

SOFTWARE : Engineering software: AI winner or loser?

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SOFTWARE

Engineering software: AI winner or loser?

Debate around AI’s impact to manufacturing and construction software has cratered valuations to18 JUNE 2026

Securities Research Report multi-year lows, but is it fair? Our work found that frontier AI models may find it difficult to displace

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incumbents that have access to fragmented design data and can leverage multiple decades of

Research Analysts & Publishing Entities

expertise around customer workflows. We initiate on three of the largest players in these markets:

Andrew DeGasperi Autodesk ADSK (+), Bentley Systems BSY (+), PTC (=) but also flag Octave Intelligence OCTV (+).BNP Paribas Securities Corp1

(+1) 917 472 4745

andrew.degasperi@us.bnpparibas.com Design software players are critical to key economic sectors

These software tools are a key enabler to large sectors of the global economy. Some of these

Ari Friedman

markets are late adopters of software and thus relatively underpenetrated (Construction,BNP Paribas Securities Corp1

(+1) 917 286 8860 Infrastructure) while others are critical to the next generation of automotive, aerospace & defense

ari.friedman@us.bnpparibas.com and high-tech industries, which are benefiting from growth tailwinds tied to electrification, autonomy,

Jack Pearson robotics and rising investment in defense. Macro sensitivity is higher vs. the rest of our coverage but

BNP Paribas Securities Corp1 we feel these names are resilient in terms of impact to growth and top line.

(+1) 631 568 8385

jack.pearson@us.bnpparibas.com

AI winner or loser? Market says loser but we disagree

We think AI labs face significant challenges in disrupting these markets mainly: lack of centralized