As MCP connectors expand your distribution and addressable market, what is the risk that AI-native interfaces (e.g., Claude, Perplexity) increasingly disintermediate Morningstar in the distribution layer of the value chain, and how are you thinking about defending pricing power in that scenario?

As MCP connectors expand your distribution and addressable market, what is the risk that AI-native interfaces (e.g., Claude, Perplexity) increasingly disintermediate Morningstar in the distribution layer of the value chain, and how are you thinking about defending pricing power in that scenario? August 25, 2026 We believe that the best way to serve our clients depends on their specific needs. On platform, we’re able to offer targeted workflows and certain proprietary intellectual property (IP) not available elsewhere. Meanwhile Model Context Protocol (MCP) connectors and other AI-native experiences provide additional meaningful opportunities for clients to engage with and extract value from our content. In our experience to date, we’ve found that many clients have been interested in leveraging both MCP and platform access. In each case, we maintain the licensing relationship with our clients so we believe that we can continue to align price with the value that our content delivers.