Technology Software ACN, SSNC, TRI are Top Ideas in Earnings Season

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Technology Software ACN, SSNC, TRI are Top Ideas in Earnings Season

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Technology Software Equities

AmericasACN, SSNC, TRI are Top Ideas in Earnings Season

Software

Kevin McVeigh

This earnings season we focus on demand, IT budgets and wallet-share trends as Analyst

geopolitical uncertainty has been impacting client decisions. UBS Evidence Lab suggests kevin.mcveigh@ubs.com

flat-to-slightly up IT budgets as AI budgets shift within IT (i.e., data/vendor +1-212-882 0081

consolidation). We also see potential reallocation of budget toward IT from less Bruna Werneck

traditional areas as companies harness AI-related efficiencies. Limited AI-related ROI is Associate Analyst

creating uneven spend and in some instances, shifting budget to deployment and bruna.werneck@ubs.com

implementation. As such, we see select opportunities—ACN, SSNC + TRI—specialized +1-212-882 5955

service providers in highly regulated end-markets with balance sheet strength that are Olivia Bradlee

better positioned to fund technology transition, drive share gains, and deepen moats. To Associate Analyst

monitor sentiment we have been tracking the silicon data LLM token expenditure index olivia.bradlee@ubs.com

—what users pay for AI tokens. When tokens run hot, there is rotation into AI/compute +1-212-713 1227

away from legacy services. When the indices ease, capital rotates back into services

names including ACN, SSNC, and TRI away from IRM. As outlined in Figure 1 upward

moves could be exacerbated by ~75%-200% increase in short interest.

Key Debates + Bloomberg Selected Short Interest

AI adoption—former Accenture Principal suggested AI is step change fueling

productivity gains and enabling revenue growth decoupled from headcount.