AI data pricing puts 2027 vendor renewals under pressure

Substantive Research, BCG Expand and TRG Screen reported on 13 October that 12 major data vendors had notified customers of pricing changes for 2027. The changes affect existing agreements already worth seven-figure sums, adding an AI licensing question to annual renewals.[1]

The report describes an “average of up to 50%” increase, but does not identify the vendors, contract sample or weighting method. Its 2026 finding concerns Substantive Research clients whose proposals contained separate AI terms: additional charges ranged from US$30,000 to US$1 million. These are observed proposals, with an unspecified client sample.[1]

A separate BCG Expand estimate puts total market-data spending growth at 7% in 2026. That spending forecast and the 2027 contract changes measure different things; neither supplies a universal AI tariff. The study does not identify whether Nasdaq or S&P Global is included.[1]

The licence defines what the price buys

Nasdaq’s existing AI policy illustrates the contractual distinctions. Version 1.1, updated on 1 June, says AI use may require additional licences and that model training must follow the client’s agreement. A third-party AI application needs permission for the intended use; its provider may also need a direct Nasdaq licence. The policy calls for controls over downstream access and records of entitlements.[2]

Output rights also matter. Under Nasdaq’s definition, derived data must resist reconstruction of the original information and must not serve as a reasonable substitute for it. AI output falling outside that definition may attract fees. Redistribution of derivative material still requires an appropriate agreement.[2]

Delivery is changing alongside the contracts

S&P Global’s separate 15 October release shows a new access route: Visible Alpha consensus estimates, financial line items and segment data are now available through its AI Data Portal. Deterministic Retrieval supports targeted, structured queries in compatible AI applications. Visible Alpha support within the broader Adaptive Retrieval service, designed for complex queries across datasets, is expected later in 2026. The release supplies no AI price schedule.[3]

For a broker or investment firm comparing offers, the purchased product therefore includes permitted use and redistribution as well as the dataset. An AI connection can improve access while leaving a separate commercial decision over which workflows and recipients the licence covers.[2]

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