BIPs of Info: 2Q26e - 1 year later...

研报英文原文证据摘录

BIPs of Info: 2Q26e - 1 year later...

Equity Research

10 July 2026

BIPS of Info

2Q26e - 1 year later...

It was around this time last year that IT's notable ASV

deceleration and FDS's needed AI investments sparked a de-

rating in the Info services universe - amid the broader AI-risk U.S. Business & Professional Services NEUTRAL

Unchangednarrative. Maybe an anniversary can help with some kind of

'reversion to mean' trade, but otherwise 2Q26e results... U.S. Business & Professional Services

Manav Patnaik

+1 212 526 2983

... are tracking broadly in line with expectations. i.e. even if Q2 Info prints show resiliency, this is manav.patnaik@barclays.com

unlikely to cut through the AI narrative and mark a turning point for the sector. Focus will BCI, US

remain squarely on outlooks*, disclosures and commentary to convince investors to take it out Ronan Kennedy, CPA

of the "AI loser" basket and into a "winner" one (neutral might not be enough either, at this +1 212 526 2912

point). *From an outlook perspective, think mortgage activity (lowered with higher rates) or ronan.kennedy@barclays.com

credit issuance (forecasts raised, led by hyperscaler capex); but also continued geopolitics and BCI, US

macro risks that have/will put further pressure for the remainder of this year.

• CALL #1 on Monday, 7/13 - @11am ET; where we will run through our Info names into

2Q26e, along with thoughts from our trading desk (REGISTER HERE).

• CALL #2 on Monday, 7/13 - @1:30pm ET; where we will be hosting our MBS colleague

Michael Khankin to discuss his findings when comparing FICO 10T to VS 4.0 & FICO

Classic (REGISTER HERE).

SPGI/MCO – there doesn't seem to be any sign of slowdown in issuance,

even in the back half of the year, according to our credit team's

expectations.