The dataset for Extel's 2026 All-America Research Providers is now live. Macro shocks, political uncertainty and a relentless pace of AI investment made 2026 a demanding year for U.S. equity investors. According to the leaders of the top-ranked research firms, it also played to the sell-side’s strengths. Low correlations and high dispersion meant calling the macro was not enough, and clients wanted stock-specific work that separates real AI monetization from narrative.

Extel spoke to five heads of research about what clients demanded, how AI is changing their output and how they are competing for talent: Ken Goldman of J.P. Morgan, Bryan Spillane of BofA Securities, James Van Tassel of UBS, Christopher Ferrara of Wells Fargo and Michael Eastwood of Jefferies.

On the threat from large language models, Eastwood was unequivocal: “Our success is driven by our content being predominantly un-AI-able.”

The full article also breaks down the 55th All-America Research Team results, including J.P. Morgan’s third straight No. 1 finish, the rise of UBS and Wells Fargo, and Jefferies’ jump to the top of the individual analyst rankings.

2026 All-America Research Hall of Fame

Please be upstanding and welcome a new All-America Research Hall of Famer: Yin Luo from Wolfe Research. Ten years at the top, congratulations, Yin. 

Plus we hear from two equity research titans, Greg Badishkanian from Wolfe Research (15 #1 placed positions) and Andrew Lazar from Barclays (20 #1 placed positions).

Read the article here.