$SPGI is trading at its highest FCF Yield in >5 years… The company experienced significant multiple compression due to increased AI uncertainty... but SPGI isn’t sitting by idly waiting to be displaced, they are innovating to help customers unlock the potential of AI. From the last earnings call: Increased engagement: "More than a third of our S&P Capital Q Pro users engage with the AI features we've launched, including ChatIQ and Document Intelligence. We now have more than 300 customers under contract or in trial periods for Kensho LLM-ready APIs." Exponential Growth: "in the Q1, the volume of API calls made by our customers was more than 5x the volume that we saw just one quarter ago. Volumes doubled month-over-month just from February to March. We can see early indications of this translating into economic benefits." AI Translating to Revenue Growth: "ACV (Annualized Contract Value) growth among customers who use our AI solutions is outpacing growth from other customers by a wide margin. Growth in Market Intelligence is 30% higher among AI customers compared to others, and growth among AI customers in Energy is double the growth rate among other customers." Customer “Willing to pay in the range of 35%-45% more” "Perhaps maybe one other example I would provide is, in the quarter two financial clients who are just subscribing to our data at renewal, were opting to get that data available in an AI-ready format we're willing to pay in the range of 35%-45% on the renewal increase to get the AI access. Again, early days, but some very strong signal here around the monetization from an enterprise value standpoint. Thanks for the question."