Bernstein: AI augments incumbents; information firms like RELX Plc remain resilient

Information incumbents brace as AI augments core strengths

Bernstein issues a note led by analyst Aleksander Peterc that frames recent market turbulence as an "AI scare trade" and argues European incumbents with tangible moats are structurally resilient. The report singles out sectors the U.S. market sees as most exposed — logistics, software and real‑estate — after Anthropic launches a new plugin for its Claude co‑working agent that is perceived as a potential rival to established SaaS tools in legal, sales and data analysis. Bernstein says this episode highlights fear of disruption, but the firm sees many European firms as able to absorb and harness AI rather than be displaced by it.

The note illustrates how different types of moats protect businesses: slot control and fleet scale for EasyJet; owner‑operated airport assets at Flughafen Zürich; tactile product value for games publisher Asmodee; regulated transmission at Enagás; execution, reputation and client ties for Royal BAM; and an emerging position as a data‑centre owner‑operator for Merlin Properties. Bernstein argues that in each case AI is more likely to act as an efficiency or product enhancement — schedule‑risk analysis in construction, predictive safety tools, or AI‑augmented development in games — than an existential threat to the underlying business models.

For information and analytics companies such as RELX Plc, the note is particularly pertinent. RELX operates in legal, risk and scientific markets where proprietary content, archived workflows, compliance constraints and high switching costs create durable advantages. Bernstein’s framing suggests firms like RELX can integrate AI tools to boost search, discovery and analysis while preserving revenue streams tied to curated data, regulatory trust and deep client relationships. The development positions AI as a complement to incumbents’ data and domain expertise, reducing the likelihood of wholesale displacement of established information providers.

Bernstein’s eight European names

Bernstein’s list of AI‑resilient European companies includes EasyJet, Flughafen Zürich, Royal BAM Groep, Bunzl, Asmodee, Princes Group, Merlin Properties and Enagás. The selection seeks to demonstrate a range of structural protections from physical assets and regulation to product uniqueness and operational scale that blunt AI‑led disruption.

Market context and investor takeaways

Aberdeen’s Ben Ritchie adds that recent selling appears indiscriminate as investors try to separate potential winners and losers in a rapidly changing tech landscape. Bernstein’s guidance aims to steer attention toward businesses that can absorb AI as an augmenting force rather than a displacing one.