This is paragraph reflects a common mistake:
"Investors haven’t lost their appetite to beat the market, only their willingness to pay high fees for weak results. If active managers can meaningfully reduce the cost of generating alpha, they can once again offer compelling value relative to passive products."
If active managers meaningfully reduce the cost of generating alpha, more of them will do it and there will be less overall alpha.
Too much of the discussion of AI in investing reflects this sort of partial equilibrium thinking. Alpha comes from an edge in terms of data or analytics. Broad access to powerful AI destroys edges. It doesn't create them.