Summary

• AI can strengthen or weaken industry economics by changing costs, competition and pricing power.
• In our assessment, industries with a low risk of functional displacement and clear structural tailwinds from AI span the economy, from metals and mining to software and hyperscalers.
• The build-out of AI technology and the infrastructure to support it depend on a narrow set of commodities - and the capabilities to extract and process them.
• Much of the routine service and software needs of developed economies have been outsourced to EMs, creating a greater potential exposure to AI disruption.

By Adriaan du Toit | Elizabeth Bakarich, CFA | Christian DiClementi

The rise of artificial intelligence could redefine leaders and laggards in emerging markets.

Artificial intelligence (AI) leadership is no longer a developed-market monopoly. Emerging markets (EM) now have their

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