Sean Kennedy
Mizuho Securities USA LLC, Research Division
So I’m going to kick things off. I’m going to dive into Market Intelligence and GenAI, which is the vast majority of the questions I get on S&P these days because the rest of the business is sort of resilient and strong. So my first question is, so how do you distinguish between cyclical headwinds, like end market softness in the financial sector? And any structural AI substitution risk to CapIQ and all the similar workflow tools within Market Intelligence.
Mark Grant
Senior VP of Investor Relations & Treasurer
Yes. I think this is a really important question. And to your point, we get this a lot on our side as well, right? I’m glad that you started with how resilient the rest of the business is, right? As most folks understand, we’re primarily a benchmarks business, right? 2/3 of our revenue, roughly 3/4 of our profit comes from benchmarks, right?
The Ratings, the Index, the Platts commodities prices. These are fantastic, very resilient businesses, where we are the only source on planet earth for that information, right? And so we do get a lot of questions around, well, what’s this small pocket in Market Intelligence that could potentially be at risk here? And how do we assess that, right? So
