$SPGI


The companys main business line is divided into three segments, and the Market Intelligence / data side is under heavy pressure due to concerns that AI could disrupt software companies. On the other hand, this stock benefits from a soft landing + low inflation + open credit market scenario. Right now, that setup is not fully there. Long term rates need to calm down, spreads need to stay tight, bond issuance needs to increase, M&A needs to revive, and index AUMs need to grow. If this combination comes, SPGI works much better. Are long term rates calm? Partly yes. Are spreads tight? Yes. Is bond issuance increasing? Yes. Is M&A reviving? Headline wise yes, but not high quality. Are index AUMs growing? Yes, very strongly. SPGIs fundamental operating environment exists right now, but the short term problem is this: the rate side is still not fully comfortable
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