Exposed third-party infrastructure will likely become a recurring theme because the internet is awash in weak software. As models become more capable, they’ll have more opportunities to find and exploit those weaknesses.

AI-exposed jobs are seeing the largest pay growth in the US: Advertised pay in the most AI-exposed occupations has surged +46% since the start of 2021. At the same time, moderately AI-exposed jobs have seen +41% growth. This compares to a +39% increase in all US posted wages and just +25% for the least AI-exposed jobs. The gap began widening materially in mid-2025 and has continued to do so throughout this year. The divergence suggests employers are increasingly competing for workers in AI-related occupations. AI is reshaping the US compensation landscape.

AI-exposed companies are delivering unprecedented earnings. S&P 500 companies are beating earnings estimates by an average of +27% so far in Q2 2026, on track for the strongest quarter in decades. Nasdaq 100 firms are exceeding expectations by more than double that margin, at +55%. The Bloomberg AI Value Chain index is beating expectations by an even larger amount, at +71%. This index includes chipmakers, cloud and data center operators, memory and hardware suppliers, networking equipment makers, and power infrastructure companies supporting AI. The AI boom is backed by extraordinary earnings results.