布局AI变革浪潮（美版）：覆盖40+行业影响分析

Positioning for AI Disruption (U.S.Edition): Impacts across 40+industries Thematic Investing Hannah Greenberg+1 212 526 2457hannah.greenberg@barclays.comBCI, US We expect the AI narrative toshiftfrom industry-widedirectionality toward greaterdifferentiationat the companylevel. Against this backdrop, we integrate insights from 40+U.S. teams, including near- and long-term views on AIbenefits, disruption risks, catalysts, and key companies. Hiral Patel+44 (0)20 3134 1618hiral.patel@barclays.comBarclays, UK William Thompson+1 212 526 8641william.s.thompson@barclays.comBCI, US Listen Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA. (i)This author is a debt research analyst in the Fixed Income, Currencies and CommoditiesResearch department and is neither an equity research analyst nor subject to all of theindependence and disclosure standards applicable to analysts who produce debt researchreports under U.S. FINRA Rule 2242. (iii)This author is a member of the EMEA Equity Research department who may publish equityand debt research (v)This author is a registered US equity research analyst who is subject to US FINRA Rule 2241and who may write debt research under FINRA Rule 2242. Please see analyst certifications and important disclosures beginning on page 184.Completed: 17-Apr-26, 23:19 GMTReleased: 20-Apr-26, 04:10 GMTRestricted - External AI advancements are accelerating, but the investment implications are materializingunevenly. As outcomes diverge, investor decision-making increasingly hinges onselectivity – distinguishing where AI exposure translates to returns or disruption at thecompany level. We provide three tools to aid investor positioning: •Global AI Thematic Framework:Translating bottom-up expertise into a cross-sector view ofAI exposure, timing, and impact•Barclays AI Analyst Sentiment Tracker:Monitoring how AI is translating from narrative toequity fundamentals•40+ U.S. contributions:Comprehensive industry profiles identifying best positionedcompanies and those at relative risk of disruption over the near- and long-term, alongsideprivate disruptors and 2026-27 catalysts For further global perspective, this report is published in parallel with our companion EU Edition. Executive Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Global Thematic AI Framework: Assessing cross-sector impacts. . . . . . . . . . . . . . 9Company Landscape: AI Beneficiaries and At Risk of Disruption. . . . . . . . . . . . . 17Barclays AI Analyst Sentiment Tracker. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19STRATEGY & DATA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24U.S. Equity Strategy: More opportunities than risks. . . . . . . . . . . . . . . . . . . . . . . . 24Data Science & Applied AI: Intensifying focus on hiring broad AI skills. . . . . . . . 31Sustainable Investing: AI supremacy quest meets local speed bumps. . . . . . . 35U.S. Equity Derivatives Strategy: How AI is redefining equity risk. . . . . . . . . . . . 37TMT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39U.S. Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39U.S. Semiconductor & Semiconductor Capital Equipment. . . . . . . . . . . . . . . . . . 43U.S.Software:Large Cap, Infrastructure, & Horizontal SaaS. . . . . . . . . . . . . . . .46U.S.Software:Security, Design, & Vertical SaaS. . . . . . . . . . . . . . . . . . . . . . . . . . . 50IT Hardware and Communications Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . 54U.S. Media. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57China Technology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60INDUSTRIALS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63U.S. Multi-Industry. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63U.S. Industrial Technology & Distributors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66U.S. Machinery & Construction. . . . . . . . . . . . .