AI Panic May Be Mispricing the Businesses Built to Last

Van Lanschot Kempen argues that markets are treating AI as a broad threat, when the more important question is which business models remain economically difficult to replace. 

• Early selloffs have been indiscriminate, especially in software and professional services, before company-specific differentiation has occurred.
• Firms tied to physical infrastructure, regulated assets, embedded workflows, proprietary data, or distribution advantages may prove more durable than current pricing implies.
• For dividend investors, the focus should remain on sustainable cash generation rather than fashionable narratives.

AI may automate tasks quickly—but replacing entrenched economic functions is usually far slower.