In its Q2 2026 investor letter, the Madison Large Cap Fund stated that Intercontinental Exchange (ICE), as an operator of leading financial exchanges and ancillary data products, delivered strong results this quarter. However, its stock price was impacted by a broad market sell-off in "AI loser" light-asset companies. The fund believes that ICE's exchanges can actually benefit from AI trading strategies, and its data and software are regulatory-compliant, highly proprietary, and deeply embedded in client workflows, thus the market's concerns about the potential impact of AI are misplaced.