Thanks for this, it’s a sharp point. The general-equilibrium argument holds true for access to information: if everyone has the same AI, raw data offers no edge.

But I argue the edge shifts from Access to Interpretation. Everyone has Bloomberg Terminals (same data). Nevertheless, there are winners and losers.
Or think of it this way: If you give 10 experienced PMs the exact same 10-K report, you will get 10 different price targets. Why? Because they weigh risks and drivers differently based on their philosophy.

The same is true for AI.

So, AI doesn't equalize results; it amplifies the divergence in investment philosophies. The 'Process' (how you interpret) becomes the only moat left.