FactSet vs IHC

AI Earnings Call Claims: More Quantified, Still Early Stage

Exponential View's AI Investment Brief analyzes earnings calls from S&P 500 companies to quantify AI's economic impact. In the June 2026 season, 33% of companies made quantified AI statements, with 35% in the quarter-to-date, up ~10 percentage points year-over-year. 15% of companies made quantified claims of AI's business impact, up from 9% in early 2025. Cost/productivity claims (26%) slightly outpaced revenue/demand claims (16%), with median improvements of 47% and 40% respectively. Deployment language increased from 7% in early 2025 to 12% this quarter, while pilot mentions remained low. The term 'agentic' appeared in 24% of calls, up from 9% in Q1 2025, while 'generative AI' declined from 13% to 6%. These trends suggest AI adoption is gradually being measured and reported, though it remains at an early stage in the broader economy.

• 33% of S&P 500 companies in June 2026 earnings season made quantified AI statements.
• 15% of companies made quantified claims of AI's business impact, up from 9% in early 2025.
• Cost/productivity AI claims (26%) were more common than revenue/demand claims (16%).

Bank of America Bullish on Affirm Despite Modest Guidance

Affirm Holdings issued modest near-term growth guidance but beat fiscal fourth-quarter expectations, and Bank of America remains bullish. The bank reiterated a buy rating and raised its 12-month price target to $104 from $93, citing unmodeled growth vectors and potential catalysts such as a bank charter and brand-sponsored promotions. Affirm guided current-quarter revenue to $1.19 billion–$1.22 billion, above FactSet estimates. The article notes strong analyst support for the stock and recent substantial share gains over the past six months.

• Bank of America has a buy rating on Affirm and raised its 12-month price target to $104 from $93.
• Affirm reported fiscal fourth-quarter results that beat Wall Street expectations.
• Affirm guided current-quarter revenue to $1.19 billion–$1.22 billion, above the $1.16 billion FactSet estimate.

S&P 500 Profit Margins Reach Record Highs

FactSet data shows the S&P 500's blended net profit margin ran at 16.9% in Q2, up from 14.8% in Q1 and 12.9% a year earlier — a level that would be the highest since FactSet began tracking margins in 2009. Alphabet and Amazon are the largest contributors: Alphabet reported a 34% operating margin and a $98 billion gain in other income, while Amazon reported $53.4 billion in other income largely tied to its Anthropic investment and a 13.7% operating margin. Even excluding those two mega-caps, the index's margin was about 15%, also a record. Eight of 11 S&P 500 sectors showed year-over-year margin improvements, led by technology, communication services, consumer discretionary and energy. Vanguard economist Adam Schickling attributed the margin strength to strong demand and operating leverage, while noting competitive pressure in tech could pose future risks.

• FactSet reports the S&P 500 blended net profit margin at 16.9% for Q2.
• The S&P 500 margin rose from 14.8% in Q1 and 12.9% a year ago; five-year average is 12.4%.
• Alphabet reported a 34% operating margin and a $98 billion gain in other income in Q2.

IHC to Acquire Majority Stake in Marlan Space, Advancing UAE Space Technology and Infrastructure Capabilities

IHC announced its intention to acquire a majority stake in Marlan Space, a move that advances UAE space technology and infrastructure capabilities. This follows a related announcement of a $1 billion AI infrastructure project in space involving Marlan Space and Loft Orbital.