The AI Resilience Report: Which Sectors Can Weather the Storm?
Recent market volatility, dubbed the “AI scare trade,” has rattled investors across several sectors. But a new report from Bernstein identifies a surprising cohort of companies – particularly in Europe – that appear structurally resilient to the disruption. The analysis, released February 13, 2026, suggests that established moats and specific business models can offer protection against the rapid advancements in artificial intelligence.
The Sectors Feeling the Heat
The U.S. Logistics, software, real estate, and financials sectors have been particularly vulnerable. This sell-off was catalyzed by Anthropic’s launch of a new plug-in for its Claude co-working agent, perceived as a potential competitor to established software-as-a-service (SaaS) companies specializing in legal, sales, and data analysis.
European Companies Identified as AI-Resilient
Bernstein’s curated list of outperformers includes EasyJet, a budget airline; Flughafen Zürich, the owner and operator of Zurich Airport; Royal BAM Groep, a Dutch construction services business; Bunzl, a logistics company; Asmodee, a French publisher of board games; Princes Group, a food and drink manufacturer; Merlin Properties, a Spanish real estate investment trust; and Enagás, Spain’s gas grid operator.
Why These Companies Might Thrive
The common thread? Strong, defensible moats. EasyJet, for example, benefits from its slots at crowded airports and the size of its fleet. Bernstein analysts believe AI will enhance airline operational efficiency, reinforcing the advantages of incumbents rather than eroding them. Similarly, Flughafen Zürich, even as potentially facing long-term pressure on business travel if AI significantly reduces white-collar jobs, is largely protected by the core function of its airport operations.
Asmodee’s success is rooted in the fundamental appeal of physical, tactile board games – something AI cannot replicate. AI can, but, assist with development and productivity. Royal BAM Groep operates in a sector where execution, reputation, and client relationships are paramount, and AI is currently used as a standard industry tool, not a competitive differentiator.
Real Estate and Infrastructure: Unexpected Beneficiaries
Merlin Properties stands out as a potential beneficiary of the AI boom, undergoing a transformation into a major data center owner-operator. Enagás, as a regulated transmission system operator, is largely insulated from disruption, with AI serving only as an incremental tool.
The Broader Market Reaction and Investor Sentiment
Ben Ritchie, head of developed market equities at Aberdeen, noted a degree of indiscrimination in the recent sell-off, with investors struggling to identify winners and losers in the rapidly evolving technological landscape. He emphasized the importance of revisiting the original investment case and assessing whether the underlying barriers to entry remain intact.
Ritchie highlighted software provider RELX and consumer credit/data provider Experian as companies that have been heavily de-rated but still possess strong investment opportunities. However, he cautioned that it may take quarters, or even years, for these companies to demonstrate their resilience.
The Importance of Underlying Business Performance
The key takeaway is that companies with solid underlying business performance and defensible positions are more likely to weather the AI storm. Investors are advised to focus on these fundamentals rather than succumbing to short-term market panic.
Pro Tip
Don’t automatically assume AI is a threat. Consider how it might enhance existing business models and strengthen competitive advantages.
FAQ
Q: Which sectors are most vulnerable to AI disruption?
A: Logistics, software, real estate, and financials have recently experienced volatility due to concerns about AI competition.
Q: What is a “moat” in business terms?
A: A “moat” refers to a company’s sustainable competitive advantage that protects it from competitors.
Q: Is AI always a negative for established companies?
A: No, AI can often enhance operational efficiency and strengthen existing advantages.
Did you recognize?
The $1.5 billion settlement between Anthropic and copyright claimholders in August 2025 represents the largest copyright settlement in U.S. History.
Explore further: Authors Guild on the Anthropic Settlement
Share your thoughts: What sectors do you believe will be most impacted by AI? Leave a comment below!
