Bill Ackman's Pershing Square is betting that Intercontinental Exchange's proprietary data will gain value as artificial intelligence reshapes how investors access and pay for financial information
As artificial intelligence drives down the cost and abundance of information, the value of data that cannot be replicated by algorithms comes into sharper focus. Bill Ackman is betting that scarcity will prevail.
In August 2026, ICE reported record open interest in interest rate futures, reaching 16.8 million contracts as of August 31, alongside double-digit growth in average daily volume and open interest across major asset classes.
Scarcity Premium
ICE's core business is providing access to data, analytics, and infrastructure that are not available from public sources. While AI can rapidly process and summarize public filings and news, institutional investors continue to require trusted pricing, reference data, and audit trails that meet regulatory standards. ICE's proprietary datasets fulfill these needs, supporting Ackman's view that a scarcity premium will emerge as AI commoditizes other forms of information.
ICE is advancing technology to integrate its data into AI workflows, including a Model Context Protocol server that enables clients to incorporate regulated ICE data directly into machine learning systems. CEO Jeff Sprecher has stated that this integration increases the value of ICE's data in an AI-driven environment.
Recent financial results reinforce this perspective. According to a Reuters financial review, ICE reported $3.61 billion in revenue for the second quarter of 2026, a 4.8% year-over-year increase, and earnings per share of $1.90, surpassing the consensus estimate of $1.84. The Fixed Income and Data Services segment, which contains much of ICE's proprietary data, generated $645 million in sales, up 8% from the previous year. Recurring revenue for this segment reached $1.35 billion, also up 8%. ICE raised its full-year recurring revenue growth outlook for this division to 7%-8%, reflecting ongoing demand for its data and analytics, as reported by 24/7 Wall St..
AI's Double-Edged Impact
Ackman's investment thesis extends beyond data licensing. ICE is also positioning itself to benefit from the infrastructure requirements of AI. In July, ICE announced plans to introduce futures contracts based on GPU compute power, effectively making processing capacity a tradable asset. As AI adoption grows, the ability to hedge or speculate on compute costs could represent a new revenue stream for exchanges.
After its Q2 2026 earnings report, ICE shares traded around $157.67, reflecting a moderate market reaction despite the company exceeding expectations on both EPS and revenue.
For additional context, the Federal Reserve's target federal funds rate was 5.25%-5.50% as of August 2026, maintaining elevated borrowing costs and increasing the importance of recurring, high-margin revenue streams such as ICE's data business. According to public MCP project information, ICE management is actively promoting the integration of its regulatory and market data into clients' AI processes, positioning this as an enhancement of ICE's data value.
Risks and Competitive Pressure
However, Ackman's thesis is not without risks. Financial institutions may resist data pricing, particularly as alternative datasets and open-source models become more prevalent. ICE's mortgage technology division has faced sector-specific challenges unrelated to AI. The company also competes with other major exchanges, including CME Group and Nasdaq, both of which are developing their own data and technology platforms.
ICE's competitive advantage lies in its ownership of proprietary infrastructure and information that AI systems increasingly require. Unlike the competition to develop the largest language model or the most advanced GPU cluster, ICE's position is secured by regulatory acceptance and the uniqueness of its data. This represents a distinct approach to AI in finance-one that relies on the enduring value of irreplaceable information rather than technological breakthroughs.
Pershing Square's strategy aligns with its history of investing in companies with pricing power, high barriers to entry, and stable cash flows. ICE's growth in recurring revenue and its ability to monetize both data and infrastructure place it in a strong position to benefit from AI's impact on the industry. While much attention is given to which companies AI might disrupt, a more nuanced question is who controls the information that AI cannot replicate. Ackman's investment in ICE reflects this perspective, and current financial results support the thesis.
Financial data is essential to modern markets, but not all data holds equal value. Proprietary, regulated datasets-such as those managed by ICE-are often necessary for compliance, risk management, and institutional trading. As AI reduces the cost and accessibility of public information, the value of exclusive, auditable data may increase. In the AI era, investors should recognize that the true beneficiaries may be the gatekeepers of critical information, not only the innovators.
