Do you anticipate an unbundling of the Direct offering, where AI-native platforms control the interface and clients purchase narrower, more targeted subsets of Morningstar data rather than a full license?

Do you anticipate an unbundling of the Direct offering, where AI-native platforms control the interface and clients purchase narrower, more targeted subsets of Morningstar data rather than a full license? As client needs evolve, we continuously evaluate how we package, price, and deliver our data, research, and intellectual property (IP). With the emergence of AI-native workflows, clients are asking us for both a curated, integrated experience and more flexible ways to access Morningstar content. Many continue to value Morningstar Direct as a product that brings together our data, research, analytics, and workflows, which is why we're investing in new AI capabilities within the platform. At the same time, clients increasingly want to use our content in their own applications and third-party AI platforms, creating new opportunities to extend and monetize our data, research, and IP. We see these models as complementary, and our focus is on giving clients access to Morningstar content in the ways that best meet their needs, while preserving its quality, independence, and differentiation. We are focused on accelerating the pace of our IP launches and creating more connections between user segments such as advisors and asset managers.