SPGIS&P Global Inc.

“one of our buy-side clients working with Kensho was looking at our financial data via at AI-ready API and Kensho helped them to understand how to use the plug-in to perform tasks like creating tearsheets or creating earnings calls previews. And as a result, the clients liked it so much that they actually canceled their existing provider and went with our data and plug-in even though it was about 20% more expensive.”

“ACV 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 and Energy is double the growth rate among other customers.”

“In the clients that have been using our AI tools and availing themselves of those in MI, we're seeing a couple of hundred basis points higher retention rates. In Energy, over 500 basis points of higher retention rates because, again, usage is value for clients.”

“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. And were willing to pay in the range of 35% to 45% on the renewal increase to get the AI access.”

“in iLEVEL, the automated data ingestion through AI is up 2x. And so seeing very significant increases, which we're monitoring in our minds, that's the way clients are gaining value. At the same time, in the -- through the LM channels, the frontier models, the models that our clients have. As we said earlier, call volume is up very significantly, literally 2x from February to March, 5x from December to March.”

“nearly 150 customers across the Market Intelligence and Energy divisions, were interacting with our data through AI applications like Claude and Copilot. We now have more than 300 customers under contract or in trial periods for Kensho-LLM-ready APIs.”

“in the first quarter, the volume of API calls made by our customers was more than 5x the volume that we saw just 1 quarter ago. Volumes doubled month-over-month just from February to March.”

“More than 1/3 of our CapIQ Pro users engage with the AI features we've launched, including ChatIQ and Document Intelligence.”

“the number of user queries in our Energy platforms, ChatAI feature more than doubled quarter-over-quarter.”

“We unveiled our new AI native Upstream product for data and insights called CERA Titan. As we've discussed with you previously, we are in the process of completely revamping the Upstream business within our Energy division. 70 customers were able to demo the new platform and feedback was overwhelmingly positive. We immediately saw an increase in leads and sales pipeline for Upstream Data & Insights. And one large strategic customer was so pleased with the new platform that we were able to close a large renewal with a meaningful increase in contract value.”

“we have been tackling AI by looking at some of our largest strategic processes across the company. And so at our IR Day, for example, we mentioned four particular areas that we were focused on, including our Ratings analytic workflows, our research workflows in Energy and in Market Intelligence as well as our technology and data workflows. And these comprise roughly around half of the resources that we have at the company.”

“we have one large global bank that signed an extended contract with us in the first quarter. It included expanding the usage of the Desktop Capital IQ Pro to additional users around the organization. And it also included increasing licensing for AI use of several of our data sets. And the bank actually made our data sets the standard on their own internal LLM”

“the announcement of the S&P Global plug-in, which was announced in line with the Claude for Financial Services announcement in the first quarter. And that's essentially a series of agents that teach AI agents within the platform, how to actually conduct specific tasks for data, AI-ready data that the client might be licensed to.”

“25% of these clients are engaged with our Kensho Labs Technologies to explore opportunities to leverage our technology and data to help solve their most challenging problems.”

“Transactional revenue increased 15%, driven by strength in investment grade, supported by a number of large hyperscaler or M&A transactions in the first quarter.”

“AI is just beginning to have some positive impact on margin. I'd say beginning because, remember, AI is just a continuation of machine learning tools and a wide range of capabilities that we've used and leveraged across our processes. I've talked at length about the enterprise data office and what we do in data operations. And so I'll say the predicate to the the new LLM tools have aided the margin expansion over the last year, some into this year. But I think the upside from the broad adoption of Frontier models is just beginning. And really will have an impact in '27, '28 and in the future years”

“we are really thinking about monetization through the lens of enterprise value. So as you know, we don't do seat-based licensing. We don't do usage only. We track usage, channels, the value we create and a number of other metrics as part of the discussions that we have with our clients on value and price accordingly. And that's going to be true for plug-in. It's going to be true for MCP. It's going to be true for AI-ready data as well.”

“We have announced you will see the joining of Firdaus Bhathena as our Chief Technology and Transformation Officer. And Firdaus really as part of that is looking at how we will scale AI and other technologies like quantum and blockchain so that we can actually get the full benefit around the Enterprise. And he will also look at this transformation program that has started with these four strategic”

“we are deploying AI native solutions and tools for those seeking speed and scale on CapIQ Pro, including ChatIQ and Chart Explainer. These features are already driving customer engagement, and we expect many of our customers will continue to consume our content and data primarily through an integrated desktop solution.”

“Much of our data is accessible via model context protocol or MCP, and other standard protocols to customers in these environments. Our branded custom business logic and calculation engines as well as many of the tools that exist in Cap IQ Pro will integrate with platforms like Copilot and Claude.”

“we are deploying AI native solutions and tools like ChatAI and Document Intelligence for those seeking speed and scale on our platform. For those who want to build their own AI-enabled or Agentic solutions, we are increasingly making our data accessible via standard protocols like MCP.”

“there's certainly a set of AI benefits that we're getting as we think about our data operations, which is a big part of MI. We see emerging progress or I think I'd say good progress in software development activities that are AI-driven with all the new tools available to it.”

“we also saw increased issuances from utilities. In the power sector in Ratings. We see demand for additional scenario planning around power and utilities in the Energy team, and we've seen particular demand in the Energy team's unique insights and data on critical minerals.”

“we can see tremendous capacity expansion within Ratings, for example, where they have been a very early adopter of AI as part of augmenting analytical capacity and making sure that our analysts can do more high-value things like thought leadership and additional research.”

“We do expect investment grade to continue to represent a higher mix of issuance compared to historical averages, particularly if we continue to see elevated hyperscale CapEx driving large volumes in the second quarter.”

“some of the strength in issuance in the first quarter was driven by front-end loading of hyperscaler issuance relative to our initial expectations.”

“Investment grade benefited from hyperscaler investments in AI infrastructure.”

“the markets are reacting quite aggressively to new AI frontier model headlines, shifts in diplomatic initiatives and the unpredictability of the current environment. That manifests in volatility across the global markets.”