RELX Plc and incumbents rely on data moats to withstand AI disruption

Incumbent information providers lean on data moats as AI stirs market anxiety

Analysts say established information and analytics firms such as RELX Plc are structurally well placed to absorb the recent wave of AI-driven disruption because their core assets — proprietary datasets, entrenched customer workflows and compliance‑sensitive products — create durable moats that plug‑in bots cannot easily displace. Bernstein highlights that while a new generation of generative agents is prompting a re‑rating of software and services, incumbents with deep, proprietary content and long sales cycles can use AI to augment products rather than see them rendered obsolete. For companies operating in legal, scientific and risk markets, the combination of verified content, audit trails and regulatory requirements raises the bar for any newcomer relying solely on large language models.

In practical terms, RELX‑type businesses are integrating AI to enhance search, summarisation and insights while maintaining human oversight and provenance controls that clients demand. AI accelerates routine tasks — faster document review, improved risk scoring, smarter research filters — but professional users still require explainability, documented sources and liability management that machine outputs alone do not provide. Bernstein frames this as a complementarity: generative tools improve productivity and can strengthen customer dependence on platforms that responsibly embed them into validated workflows.

The incumbents also gain from platform economics and network effects when AI features increase the value of their data assets. Embedding advanced models into subscription services deepens customer stickiness, supports higher‑value advisory offerings and creates new revenue streams such as curated model access or regulated decisioning tools. Bernstein’s view suggests that the strategic response for RELX‑like firms is to accelerate product integration, reinforce trust and compliance layers, and translate augmented workflows into measurable client outcomes rather than attempt to compete with raw model access alone.

Bernstein’s eight European “AI risk‑proof” names provide context

Bernstein’s note lists eight European companies it views as structurally resilient — from budget carrier EasyJet and airport operator Flughafen Zürich to logistics distributor Bunzl, games publisher Asmodee, construction group Royal BAM, food and drink maker Princes Group, Madrid REIT Merlin Properties and Spanish gas‑grid operator Enagás — arguing each benefits from tangible advantages that limit AI’s disruptive reach.

The note attributes recent sector volatility partly to an “AI scare trade” sparked by Anthropic’s launch of a new plug‑in for its Claude co‑working agent and amplified selling in U.S. logistics, software, real estate and financials. Aberdeen’s Ben Ritchie says some of the selling looks indiscriminate as investors sort winners from losers amid rapid technological change.