Morningstar's moat threatened by LLMsMorningstar, Inc.BATS:MORNBlueberryMorningstar has been a quiet compounder for decades. Built on data, research and ratings, it carved a niche as the go-to source for fund analysis and financial information. The problem now is that most of its earnings still come from information services, licensing contracts and analytics. AI can scrape, organise and summarise financial information at near zero cost, which puts real pressure on Morningstar’s ability to charge premium prices for data and insight. The business is also overwhelmingly B2B. Its customers are asset managers, advisers and institutions. That looks sticky on the surface, but it also means the buyer is highly cost-sensitive. If a large asset manager can replace Morningstar data with an internal AI solution or a cheaper competitor, they will. Once a few make the switch, pressure on pricing and renewals will cascade through the client base. Then comes the talent question. Morningstar is built on domain expertise—analysts, ratings committees, sector specialists. But the new economy runs on AI engineers, data scientists and model builders. Big Tech and hedge funds pay top dollar for those skills. It isn’t clear Morningstar can compete. If it can’t, it risks slipping into irrelevance just as the market is pricing it like a durable franchise. That gap is the bearish case, especially having recently breached its 200-day moving average and with a PE ratio that is still around 24-25x. The forecasts provided herein are intended for informational purposes only and should not be construed as guarantees of future performance. This is an example only to enhance a consumer's understanding of the strategy being described above and is not to be taken as Blueberry Markets providing personal advice.