AI’s Next Phase May Reward Proof Over Narrative

MFS’s Robert Almeida argues that the first AI wave was driven by broad repricing and speculation, but the next phase may be defined by transparency, differentiation, and earnings evidence. 

• AI’s impact on software and information-services firms is expected to be uneven, with disruption creating both winners and losers.
• Companies with trusted data, embedded workflows, and “systems of record” may benefit as clients demand auditability, control, and reliability.
• Potential listings of firms such as OpenAI or Anthropic could shift markets from stories to measurable fundamentals and cash flows.

If the first phase rewarded exposure, the next may reward business models that can prove durable economics.