Most of what you pay for in expensive sell-side research is now reproducible by AI- but once a model can reproduce the output, the output stops being the alpha. Yes, a model can replicate the work. And it can do it cheaper and faster than a human analyst! But it can't replicate the accountability behind it, or the instinct that came from years of tacit knowledge.
Turns out the expensive part of expertise isn't the part that's easy to automate :)