SPGI - S&P Global Inc.

Mentioned as a competitor/data provider that Christophe monitors to cross-reference with MSCI's business and understand the analytics/software industry dynamics.

Leelu opened a new position. Described as a toll-booth style financial data and ratings business with high moat, bought at a discount due to AI fears.

Cited as a low-capex, wide-moat business that Chris Hohn is rotating into. Has zero capex. Represents the type of asset-light investment the creator prefers.

Identified as a credit rating agency that is down and potentially disrupted by AI fears, but Kristophe believes this disruption thesis is wrong. These companies have regulatory moats and proprietary data.

New 7% position for Dorsey. Wide moat duopoly in credit ratings, plus analytics, index, energy, mobility segments. All segments improving because of AI — using proprietary data to automate, no longer need to hire. Revenue accelerating, margins improving. EPS can grow 12-13% per year for next 5 years. Forward PE of 20. Market wrongly sees it as an AI loser when it's actually an AI winner. Host strongly agrees with this trade.

Hohn added more to S&P Global, which is down 21% year-to-date and trading at a forward P/E of 20 — the lowest valuation in 5 years. Management is using 100% of cash flow for buybacks and dividends (up from 85%), signaling they believe the stock is cheap. Insider buying is occurring. The company is using AI internally to automate processes and reduce hiring, improving margins across all segments.

Chris Hohn added more to S&P Global, which is down 21% year-to-date and trading at a forward P/E of 20 — its lowest valuation in 5 years. Management is using 100% of cash flow for buybacks and dividends, signaling they believe the stock is cheap. Insider buying is also occurring. AI is being used internally to improve margins and reduce hiring costs across all business segments.

Li Lu opened a 2% position. Stock down 21% YTD. Forward P/E of 20 vs Moody's 25 for essentially the same business. Host believes S&P Global is the better deal - same growth, same margins, same segments, but 20% cheaper. AI is accelerating efficiency and margins across all segments. Market is selling on AI fears which the host calls 'stupidity.'

Strong Q1 earnings with 10% revenue growth, 14% EPS growth, margin expansion, aggressive buybacks using 100% of free cash flow, and attractive valuation at forward P/E of 22 after 20% decline from AI fears that appear overblown

Undervalued financial data and analytics company. Most resilient in its category. Kristof agrees with the undervalued categorization.