S&P Global (SPGI)

Financial data, credit ratings & indices (S&P 500) — capital-markets information infrastructure

AI exposure 5% — derived from reported segment revenue, not asserted.

Where it sits

Software Stack → Data & Infrastructure Software · figures rebased to Q2 2026, reported 2026-07-28

Financial data/analytics (Market Intelligence) + S&P indices (S&P 500) + Platts commodity leads 2 businesses in this sub-tier that together are 100% of revenue, so Data & Infrastructure Software is effectively the whole company rather than one leg of it.

Reported segments

• Ratings — 35.9% of revenue
• Market Intelligence — 34.6% of revenue
• Commodity Insights (Energy) — 15.2% of revenue
• Indices — 14.3% of revenue

S&P Global ($3.731B Q2 2026, +10% YoY, after spinning off Mobility). Four segments: Ratings 35.9% ($1.339B, +17%) = primary B5 Data & Infrastructure Software; Market Intelligence 34.6% ($1.29B, +6%); Commodity Insights 15.2% ($568M, +2-3%); Indices 14.3% ($534M, +20% — the fastest leg). Previously modelled as two segments; now split as reported.

How the 5% is built

• Ratings — 35.9% of revenue × 3% AI-driven (disclosed). Credit ratings on debt issuance, including data-centre and utility financing but with no AI content
• Market Intelligence — 34.6% of revenue × 8% AI-driven (disclosed). Data and analytics platforms with AI features layered on; the underlying product is financial data
• Commodity Insights (Energy) — 15.2% of revenue × 5% AI-driven (disclosed). Energy price assessments, which now cover data-centre power demand as a topic
• Indices — 14.3% of revenue × 3% AI-driven (disclosed). Index licensing and ETF fees

Investment read

Moat. Ratings duopoly (with Moody) + indices (the index franchise) + data; a near-impregnable financial-information moat with regulatory + network effects.

Bottleneck / pricing power. Strong pricing power (ratings duopoly + index-franchise network effects + must-have data); issuance-cyclical but structurally dominant.

Role in the AI stack. The credit-ratings + index + financial-data layer.

Connected companies

• Moody's (MCO) — SPGI competes with: credit-ratings + financial-data duopoly — S&P Global vs Moody's (with Fitch ~95% of ratings)

Others in Data & Infrastructure Software

• IBM (IBM)
• MongoDB (MDB)
• Cloudflare (NET)
• Snowflake (SNOW)
• Datadog (DDOG)
• Moody's (MCO)

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