Morningstar is focused on making our AI-ready data, research, and capabilities available in the AI platforms our clients are using to build applications, and the AI tools their employees are using. Examples include Morningstar and PitchBook’s relationships with LLM providers like Anthropic, which enable entitled users to access Morningstar’s content within Claude for Financial Services through our investment in AI-optimized Model Context Protocol (MCP), and Perplexity, where users will find the quality and accuracy of Morningstar and PitchBook reports. In addition, PitchBook has also announced strategic collaborations with leading enterprise LLMs and AI-powered tools including Rogo, Hebbia, Finster, Model ML, and Farsight.
We are focused on implementing contractual safeguards to protect our data and proactively adapting to new legal standards, especially as they relate to AI and internet scraping. We have formed multi-disciplinary forums that include representatives from legal, compliance, and product teams to assess the latest trends, risks, and legal precedents arising from the rapid growth of AI.We have always sought to protect our data in client agreements and have adapted to include additional restrictions and protections related to AI use cases over the past two years.
In AI-oriented agreements and third-party AI platform integrations, we’re focusing on MCP, Agentic, and traditional API delivery methods. These delivery mechanisms provide robust entitlement, observability, and usage reporting mechanisms that support our agreement frameworks. Importantly, these delivery methods provide AI-ready data for specific queries rather than requiring full copies of entire data sets. Use cases tied to traditional data feed delivery are subject to additional restrictions and requirements in our agreements.