PitchBook-AI公共报表和估值指南.pdfVIP

EMERGINGTECHRESEARCH

AIPublicComp

Sheetand

ValuationGuide

InstitutionalResearchGroupKeytakeaways

DimitriZabelin

SeniorResearchAnalyst,

AIandCybersecurityStockreturns

dimitri.zabelin@

pbinstitutionalresearch@PublicmarketsarenotapplyingauniformAIpremium.Capitalhasconcentratedwhererevenueaccelerationandoperatingleverage

PublishedonFebruary24,2026appearstrongest,particularlyininfrastructureandselectpureplays,whilediversifiedplatformsremainmoreselectivelypriced.The

Q4datareflectshowthemarketexited2025,whileYTDperformanceasofFebruary20,2026,providescontextonhowpositioninghas

Contentsevolvedintoearly2026,especiallyinlightofthe“SaaS-pocalypse.”

Keytakeaways2

Stockreturns6

AIcoreconglomerates:90-dayperformanceacrossAI-linkedmegacapswasuneven.Googleledat27%,materiallyaheadofAmazonat

Revenue7

4%,withTeslaandIBMeachat3%.ThedispersionsuggestsinvestorsdifferentiatedbasedonperceivedimmediacyofAImonetization

EBITDA9

withincorebusinesslines.BroadAIexposurealonedidnotdriveauniformre-ratingacrossdiversifiedplatformsYTD;asofFebruary20,