Everyone knows AI can help a company become more efficient, do more deeply researched work, create more accurate projections and improve execution. But just what is that worth?

In a recent report, KPMG looked at how businesses looking to make acquisitions are quantifying AI defensibility—defined as how durable a company’s competitive advantage and economic returns are as AI disrupts the entire industry. Close to four out of five dealmakers say AI has changed their assessment criteria when looking for potential targets. But dealmakers had different views on what drives lasting value. More than half felt that AI to deal with regulatory, compliance or security barriers and deep workflow integration were key, but after that, significant portions found aspects from proprietary data and feedback loops to constantly improve the system, to human expertise, to outcome-based pricing more worthwhile.

Liz Claydon, global head of deal advisory at KPMG, told me only time will tell where dealmakers find the best value with AI, but discussed where actual value is cropping up so far. An excerpt from our conversation is later in this newsletter.

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As the Federal Reserve Open Market Committee’s next policy meeting opens tomorrow, many analysts are assuming a rate hike is inevitable. According to CME FedWatch, 92.5% of analysts predict a quarter-point rate hike at this month’s meeting, bringing baseline interest rates to 3.75%.

It’s a common-sense bet, given there haven’t been any particularly positive indicators of economic recovery in recent weeks. Total inflation last month remained 3.4%, according to the Bureau of Labor Statistics—the same rate as July, and well above the Federal Reserve’s 2% inflation benchmark. And while higher energy prices unsurprisingly make up the lion’s share of that inflation—compared to a year ago, fuel oil is up 52% and gasoline is 27.4% more expensive—August’s core inflation, without food or fuel, was 2.4%.

Oil prices aren’t letting up, either. Average diesel prices have been above $6 per gallon since last Friday, and seem to be setting new records every day since. Forbes senior contributor Mike Patton writes skyrocketing diesel costs will eventually make everything cost more, since diesel powers many big trucks and trains. Gold and silver prices have also been lower, with analysts saying........

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