This experience will only spread, in my view. The historical best practice to get smart on a name was read the filings, read the transcripts, and read a big stack of sell-side research, then model out the company. This hadn't really changed much in decades (outside of innovations in alternative data & expert network transcripts). Having a comprehensive offering of sell-side research was important at the institutional level. We have reached threshold on numerous fronts where a public market investor can achieve similar or deeper comprehension on a name with AI, and doesn't necessarily need that same comprehensive sell-side offering. That random sell-side report that went deep on a certain aspect of the business or industry can now be created with an AI agent sitting on the right data pipeline. One example I've shown in the past on DKNG...in the past, if I'm trying to get smarter & sharper on a deep dive on state level taxation, the right sell-side note dropping at the right time is supremely helpful. Now, I can run that analysis when I need it at the push of a button. The cohort of investors who build off of sell-side models will, very soon, be at push-button AI capabilities (and more may move modeling off Excel into JSON). The moat of the sell-side is melting. And I believe the sell-side has, collectively, overplayed their hand in being adversarial to the agentic path. My view is they will eventually fold, but not before many clients learn to build around the commercial friction and, maybe, eventually come to the same conclusion as Just Another Pod Guy. Like most things the top decile sell-side analysts will be fine, decades of investor trust and relationships will continue to monetize. But what happens to the 16th best analyst on a name? It think it's obvious the industry just needs fewer voices on a name, so how do you pivot? Corporate access has enduring value (if you don't believe it, be a fly on the wall when there is one seat at a key meeting and 5 pods wanting that same seat...). But I think it's deeper than that...how does the sell-side drive differentiated client insight? Not just regurgitate publicly available information (never much value, and now zero value). Cleveland Research to me is the working mental model of deep embedding of their analysts into the operational flow of industries driving a regular & valuable flow of investible insights.