Closing Bell 10/13/26

Enterprise AI adoption is still early but inflecting fast, while Fortress sees credit risk in data-center financing outweighing equity-like upside.

• Vista's agentic shift: Robert Smith says 93 portfolio companies are being evaluated for AI, 68 are now agentic, with one hitting a 76% EBITDA margin (a 'rule of 86' company, up from rule of 40) while growing ~10%; agentic revenue is emerging as a multiple of prior SaaS revenue.
• Fortress turns cautious on data centers: Drew McKnight says credit investors get 'equity like downside' without equity upside, prefers 'picks and shovels' (sold 30 mobile gas turbines to SpaceX, backed a data-center cooling firm) and kept software exposure near 6% after cutting from 25% since 2019.

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