S&P Global Inc. ($SPGI)

All right. We'll get started here. So thanks, everyone, for the session. I'm pleased to have -- welcome back. Martina Cheung, President and CEO of S&P Global for a second time. So thanks for making it back. We didn't scare you after the first time last year. As always, on this, if you have a question, you can send it through Pigeonhole or you can do it through the scan the QR code, I believe, on your screen somewhere.

Okay. So with that, I'll get started with questions from Martina. So Martina, let's just start on growth at the company. At Investor Day, you laid out 3 strategic pillars for the company, advancing market leadership, expanding into high-growth adjacencies and amplifying enterprise capabilities through AI. You are guiding to 6% to 8%-ish type top line growth, some amount of margin expansion over time. At a high level, which of those 3 pillars is most likely to surprise you think, over the next 12 months -- 12 to 18 months? And is there a scenario where you think growth could be better than what you laid out at Investor Day?

Yes. Thanks, Christian, and it's great to be here again with you. I would say if you think about the combination of our businesses, we are really predominantly a benchmark business. So that's 2/3 of our revenue, 3/4 of our profit. And our benchmarks span, as you know, Ratings, Index and our price assessments in the Energy division. And Ratings and Index, in particular, will be highly sensitive to the market. So over time, particularly if we think about the next 12- to 18-month time horizon, it will probably be those market-driven businesses that to the extent there's an opportunity to surprise to the upside, for example, if issuance were much higher than we imagined or if the U.S. equity markets were much stronger than we imagined as well. And I think maybe the only other point I would raise across the 3 pillars is that third pillar really is around amplifying our enterprise capabilities and AI. And so there, we have a lot of work happening to transform parts of the business in S&P Global. We talked a little bit about this at the IR Day as well with some of the big efforts we have going on within our engineering teams, our enterprise data office and otherwise. And so as we look to accelerate some of that transformational work, there may be potential opportunities there on the productivity front or the speed to market front as well over the next 12 to 18 months. But I would highlight really more the market-sensitive businesses on that time frame.

Okay. Let's start with one of those businesses, Ratings. The backdrop seems incredibly strong for Ratings. When I think about things like hyperscaler issuance, obviously, strong economic growth, -- we have some of the COVID era low bonds coming up for refinancing. Even your results were very strong in the first quarter, double-digit billed issuance. Yet the guidance seems somewhat conservative when I think through the guidance for the year. So can you just help us understand structurally maybe the framework you think about in terms of a longer-term sustainable growth in the Ratings business?

Yes. So the Ratings business, we came into the year and certainly, when we talk about our medium-term plan, we highlighted what we view as strong tailwinds for the Ratings business over the next 3 to 5 years, including a very strong maturity wall, for example, through 2028 of about $8 trillion, and that is historically high. And so we have, I think, a good position and starting point around the Ratings business as we think about the outlook. I think for this year, in particular, we came in thinking, obviously, 12-month maturities. We did not make very strong assumptions around pull forward from '27 onwards as part of what we were looking at. And I think importantly, we also made some assumptions around hyperscaler issuance, which has obviously been a key factor this year. We were assuming around half of the announced CapEx would be financed through debt. And when we look at Q1, we assume that there was pull forward in Q1 of what we were anticipating throughout the year. And so you think about that, we've seen -- obviously, we've seen very strong overall IG issuance even without the hyperscale activity. and some strong M&A as well that came through in Q1. The balance is really between that, the assumptions around the pull forward and then also that little bit of additional uncertainty that we're seeing, whether it is the rate environment such as it is with inflation as well as the geopolitical environment. If we didn't see a major deterioration in the rate environment, the geopolitical environment, there is a possibility that we could see some outperformance on the outlook for this year in Ratings.

Let's switch over to private credit. That has obviously had a lot of noise in recent months. I guess a couple of questions. What are you hearing from LPs, GPs and regulators right now about the state of private credit rating? And more importantly, how do we think about demand for what you offer in private credit, given all the turbulence we've seen so far in that market?

Yes. I think the way to think about this is that additional scrutiny is really increasing the demand for high-quality independent opinions, whether it be ratings, assessments, valuations or otherwise. And so within the Ratings business, in particular, as you know, we've invested over many years in private credit. We have been very engaged across the market. The asset class in and of itself has become more of a sort of a catch-all for credit that is private as opposed to direct lending. And so we've seen infrastructure, data centers. We've seen asset-backed finance, corporate investment grade across the full spectrum really within the set of issuances that we see coming driven by the GPs and otherwise. And so the demand for an S&P opinion is high, and we see that in the growth that we've seen over the course of the last 4 years or so. It's growing off a base now that is in the hundreds of millions of dollars. And we will continue to provide our very strong independent assessments. And we think that, that is appreciated and really needed by the investors who use those ratings, whether they be insurance companies, sovereign wealth funds and others.

Okay. How do you think about the competitive landscape in private credit? Obviously, it's a new asset class, deal structures are newer. My sense is issuers are willing to try some nontraditional rating agencies. So maybe just talk through how you view the competitive landscape, what's S&P's differentiation, either product-wise or expertise-wise?

Yes. Well, I think maybe 4-plus years ago, it was actually us being asked to come into a market that had previously perhaps relied on on smaller niche providers. And that request from LPs and from GPs was to have a very high-quality S&P Global independent rating. And I think there, the ways in which we think about the value that we provide is, first of all, we have invested in making sure we have the capacity and the expertise, which is incredibly important, particularly given the expansion into so many sub-asset classes within sort of this overall private umbrella. And the second thing I would say is a consistent methodology. It's credit that is public or private. And we have a methodology that spans is consistent between both. It's not a different methodology for private. I think that is increasingly important, not just because we've seen issuers take advantage of opportunities to refinance into public markets or otherwise, but also because LPs need to be able to actually track their exposures using a consistent methodology. And that has been, I think, appreciated even more in the past 12 months or so. And so we're going to continue to provide that consistent view with the investments that we've already made in the capacity and the expertise and continue to engage very heavily, including not just within the U.S., but also in the EU and in Asia, where we've seen increased interest over the past 12 to 18 months from LPs in the asset class also.

Okay. Good. Let's switch over to Market Intelligence. Actually, I think yesterday, you just announced that there's some leadership changes within Market Intelligence. Maybe just talk through what investors should think about that or understand about that.

Yes. Well, it's a large company, S&P, you can expect from time to time that we can have these types of things. I've worked with Saugata for a very long time, and we have a wonderful relationship, and I'm very pleased for next opportunity. He left fantastic. And in fact, he's not left yet. He's given us a transition through the end of July. But I think the work that he's done in the past 1.5 years plus has been phenomenal in really setting up Market Intelligence for success. As you know, the first thing that we announced yesterday is actually the transition of the Enterprise Data Office over to Firdaus Bhathena, who has just joined us as the Chief Technology and Transformation Officer. And maybe just to highlight that for one second, this is really a great opportunity for us to marry the data organization with the technology organization in the sense that it's the technology that is going to help us the additional value that we see across our very vast data estate across the enterprise. And so that was a very easy decision to make as we examined the implications of Saugata leaving. I would say if you look at Market Intelligence now compared to where we were 1.5 years ago, we have done with Saugata's team and support from -- across the broader enterprise, we've been able to do a tremendous amount of productivity work, whether it is delayering, whether it is consolidation, of incentive compensation programs within the sales organization and the real transformation of the overall sales and revenue organization. We've also been able to see productivity flowing through from some of the initiatives that we have in technology and in data as well. And so the organization now is set up with durable overarching strategy around developing continued flexibility in our distribution channels and taking advantage of the AI opportunity. And I think, overall, I think a good starting point for what comes next. Now look, in the past 6 months, I don't think any of us could sit here and say that the technology landscape hasn't evolved massively again in that time horizon. And it's a good opportunity for us to really examine and make sure that we have a prioritization of the investment that we're making in MI that, that is something that we still feel good about. And that if there are opportunities there to advance the integration of AI, for example, in certain areas to really think about how we can accelerate the value we provide for customers, how we can think about accelerating the productivity opportunities that we have, now is the time to do that. And we're going to take that opportunity to do that as we examine the leadership and structure for the business. It's something that we will do thoughtfully and very quickly. It's not something that we're going to kind of trail out over a long period of time. I think we can -- with the shift of EDO under Firdaus, that's the first very quick step that we made, and we'll move quickly with the rest of this as well. But overall, I think the business is performing well. We affirmed obviously our guidance as part of the announcement that we made yesterday, and I'm excited about the next steps...

Okay. Let's drill a little bit more into that business and the guidance. And you're right, the business has picked up in terms of growth over the last year or so. But when I just step back and think about the backdrop for, let's say, financial intelligence, data intelligence, it seems pretty robust. There's AI tailwinds. People are spending more on AI. There's a big capital market cycle. So you would imagine there's a lot more demand for the data and the people that use your data. But growth still roughly is in that 6% type range, which is somewhat at the lower end of kind of a longer-term guidance range. So just help us understand the disconnect between what seems like a very strong macro backdrop for the business versus what we're actually...

Yes. So maybe just to start with contextualizing the medium-term guidance for Market Intelligence as with the rest of the divisions as we issued at IR Day is really an average over a 3- to 5-year time horizon. And so we may see over that or kind of under that over that time period. And so that's a bit of context for where we see today, 2026 and the guidance that we provided. We've got a couple of factors in here. The first is the end market in and of itself, and we said this at IR Day, is actually growing a little bit more slowly. And so we have to make sure that we are positioned to grow faster than whether it's taking share or expanding the opportunities and getting into tapping into additional wallets, whether it is in the CIO's wallet or the AI -- Chief AI Officer's wallet. And that's where we're seeing quite a bit of opportunity as we go forward. I would say the other things to think about here are, look, there's not a single customer that I talk to who doesn't look to us and say, we need you even more now in a time when we have to be able to make sure that we can trust what is coming out of these models. And we've had conversations recently with a very large bank that had used one of the frontier models in a sandbox environment and thought that it was working great and then they put it into deployment and had to shut it down very, very quickly because they couldn't trust was coming out of it. And they came to us and said, you must keep investing in your products. We need you guys. Let's talk about an extension of what we're doing with you. And so I think there's -- it's important to understand that the vendor consolidation opportunity is very, very strong. The opportunity for us to partner with our clients as a way to make sure that they're simplifying their vendor stack and getting the most out of our content is really important as well. And as we do that, we take more share and we increase the addressable market within those clients for ourselves as well. I think some of the other sort of puts and takes on MI in general, I mean obviously, we had and we disclosed we had a revenue recognition impact in Q1 was about 50 basis and we expect that to reverse throughout the course of the year. And so that gives us good confidence in the guide for the year, including the fact that we're seeing the pipeline building as we continue to go on. So ongoing strength in execution, continued engagement, both with the Chief Client Office as well as through the strengthened and transformed revenue team and just a real focus on delivery for the year.

Okay. Let's unpack that near-term growth. I think you've talked about growth accelerating through the year. Any more specifics as to what drives...

Yes. I think maybe it was at the risk of repeating myself, I apologize. We've had the revenue recognition piece that I talked about. The pipeline build is incredibly important. I would say, in addition to the pipeline build, we've seen very strong results around retention, and we track that very, very closely. So we look at retention, we look at cancels, we look at the sales pipeline build, the conversion of that. We've seen a compression of the sales time lines or the sales cycles, which we're tracking very closely as well with the MI commercial organization and with Chief Client Office. And so these are the things that we continue to examine and that inform our view in the full year.

Can we just talk through in an AI world, how you monetize this -- the MI business? I think in the world of MCPs, if we think about -- if we imagine your business being more the back end to an LLM front end, how do you think about pricing the business and monetization in a world where maybe the desktop and things like Cap IQ Pro are not as relevant anymore or not the primary interface into tapping into your data?

Yes. Look, I would maybe lay out a couple of starting principles around how we think about this. And I'll answer this specifically in the context of MI, but I think it's fair to say that we would -- we use the same principles across the organization where we're selling data. So the first thing is that we will retain and we do retain the relationship with the customers, the end customer. The second is that the end customer is looking for S&P Global's answer. They're not necessarily looking for Provider X's -- and it's real key, particularly with that investment bank client that I mentioned was like we do not trust the answers that we were getting. We need you. You must keep investing in your products. We want to make sure that we're getting like we have we need to continue our day-to-day, and we can't be distracted by answers that we don't trust, right? So that's incredibly important. I think the other thing that we would talk about or that I would sort of set the stage on here is it is not a new thing that we are distributing through a third party. We've distributed through third parties for a long time. Most recently, we saw this big shift about 5 or so years ago with Databricks and Snowflake with -- and I remember at the time, I guess it was a little bit longer than 5 years ago, being nervous when I was part of MI that Databricks and Snowflake would disintermediate us in some way. And actually, if anything, they actually gave us a pretty big uplift in terms of growth around the data. And so I think that these are all things to take into consideration as part of this. And then I suppose the other point that I would make is, for us, as we work with our customers, there are a lot of customers who are going to continue using the desktop and expect us to build an AI native experience in the desktop, which we're doing. And then there are very sophisticated clients, particularly those who we work with through the CCO, who will have their own internal AI interfaces. And they still want to see the S&P Global Answer. And more now, I think as we're seeing how they're developing, they're also interested in actually the skills that will teach their agents to get the S&P Global that is grounded in S&P Global Standards, S&P Global metadata, the linkages between data sets. They don't want to get into the data management business themselves. And so I consider it as a different way of experiencing the desktop interaction. And honestly, in that environment, trust is paramount. I think the value of our IP is even higher. And so these are the ways that we're working with our customers, and I think we're getting very, very good, very solid results out of those...

Okay. Let's talk through enterprise pricing. You guys are famous for doing enterprise pricing. You're not very seat-based. Your competitors have copied that model. But how do you think about an agentic world, agents running around doing tasks? How does that impact the way you price? Are you beginning to think about that just here?

Yes. I'll answer this question more broadly also, again, sort of a philosophical response, whether it's MI or otherwise. For us, whether it's an agent or a human being, the value that we provide is in the use case that's being used for the access channels, right? So number of channels, the types of functions that are being used, whether it's Agentic or otherwise. And there are many more inputs that go into determining the price, right? So we can tell with the increase in API calls, for example, which clients have already started deploying agents against our data. But for us, it's very much a case of, look, it doesn't matter if it's an agent or a person. The value that we deliver is continuous, if you like, regardless of how many people are actually using it, right? And in many ways, I think it's even higher for the reasons that I mentioned around needing to have that trust and the response that you're getting out of it. And so that's how we think about the value proposition for customers and with all the other pieces that I mentioned around the philosophy of ensuring that we retain the ownership with the customer, the direct customer as well.

I think you talked about you are seeing some good AI usage. I think on the last call, you talked about a 5x increase in API calls. How do we think about that flowing through if you're in this enterprise model, enterprise pricing, is that a 2026, 2027 renewal discussion? Or are you thinking about more usage-based type pricing that should allow some of your value pass through to the P&L?

Yes. So that's going to be with the enterprise model, that's going to basically come through the renewal cycle. right? There are opportunities that we're seeing right now to actually have an upcharge to the renewal cycle already with turning on AI-ready data for clients. It's very early days. We did give some examples in our Q1 earnings call with clients willing to pay anywhere from 35% to 45% more to get the AI-ready version of a data set at the renewal. I would say that we've got some really interesting conversations going. I mean, one very fascinating example is a large global bank that we worked with in Q1. And this is a very sophisticated institution that did 2 things with us, which we think are emblematic of the direction that we'll see the vast majority of our larger clients going. The first is that they actually renewed Cap IQ, but also expanded the use cases for Cap IQ. And that is because they very much like the native AI capabilities that have been built in there. but they also subscribed to AI-ready data and made our AI-ready data their data standard for their internal AI platform. And so these are the types of things that we're seeing with even the most sophisticated of our clients, which I think is a very important signal around the value that they get from S&P Global, whether it is through the AI data or the actual web-based solutions as well.

Okay. I got a couple of more AI questions, but I think I'll -- let me move on to something else. Let's move on to energy and your commodities business. Obviously, a lot going on generally in energy markets here and also in your business, some near-term headwinds from the Iran conflict, et cetera. Maybe just step back and help us think through what sort of normalized growth for that business looks like? Are there any drivers that could -- that excites you over the next couple of years?

Yes. So I look at that business, and it's an incredibly, I would say, strategic and resilient business in the sense that we are the sole provider of Brent crude essentially across the markets. And I actually, a couple of weeks back, visited with our market on close team in London, who've been, as you can imagine, working very, very hard to take in all of the volatility in the markets and manage that price. We do 15,000 price assessments a day. The uptick that we have seen in Q1 on the consumption of our data, our research, et cetera, has been quite significant because we are the only provider of these insights in many cases. We have also seen some challenges in the end market, particularly in areas where there was a huge dependency on oil and gas through the Strait of Hormuz, whether it's in Asia and other regions. And so that's reflected a little bit in some of the comments that we provided in the first quarter earnings call. I think over time, the business itself is just very, very strong, particularly on benchmarks research and the unique IP that we have. And as we also talked about, we've divested the upstream software portfolio, which was a portfolio of very niche and specialized software applications to Schlumberger. And with that, the upstream turnaround is now connected to our new product, Titan, which has gotten really, I would say, very positive reception from our client base in energy, and we'll expect the benefits of having launched Titan to show up over the next several quarters as we continue the transformation of Upstream. So overall, I think the energy business is very, very well positioned going forward, notwithstanding some of the near-term headwinds.

Okay. Perfect. Move over to Index. That's been a very fast-growing business for you, very high-margin business and really centered around your flagship sort of S&P products. Over time, how do you think about sort of the long-term product road map to help you diversify with maybe other asset classes like fixed income and private markets and just be less reliant on the core equities business?

Yes. The team has been very successful at innovation, particularly over the last several years, and I'm very excited about Cathy Clay and what she's doing with the team as well going forward. I've seen incredible opportunities and growth in fixed income with the iBoxx franchise, multi-asset class as well as in the liquid derivative ecosystem as well. And so the team is really going to continue to execute. You've seen them do that with strong growth as well as very strong margins. And I think just a couple of things that got me quite excited in the first quarter there. One was the first digital native U.S. treasuries index that we launched. And we also launched in partnership with Lincoln, a first-of-its-kind private loan series, index series as well covering the U.S. and Europe. And so lots of incredible innovation there, and I think the team is going to continue to go from strength to strength on that. Those areas can be areas that grow very fast, obviously, off a smaller base. And so we continue to see really good signals in the business.

Perfect. Mobility and the spin. So I think that goes live July 1. Beyond the financial cleanup, -- how do you think about the RemainCo going forward, the identity and competitive position of RemainCo? So for an investor who's seen the company or talking about look at the company for the first time, how would you describe the difference in the company post RemainCo -- with RemainCo versus what it is today?

Yes. Well, obviously, with Mobility, I mean, we're excited -- I'm excited for that team, and they had their Investor Day recently. So I don't need to mention anything else about the Mobility business. RemainCo is the strategy that we presented at our IR Day. And so think about advancing Essential intelligence, our market leadership in our core markets like index and ratings and energy and in the vast amount of work that we do across the entire credit system in our Enterprise Solutions business, for example. And then we've also talked about high-growth adjacencies like private markets and the work that we're doing there, whether it's in ratings in index with the example that I just provided and also in being able to really harness the full power of AI. Perhaps maybe some of the comments I would make here, that guidance that we provided for the medium term includes ways in which we continue to prioritize shareholder value, whether it's distributing 85% or more of our adjusted free cash flow through dividends or buybacks, ongoing focus really on margin growth and margin acceleration as well as the revenue side. And maybe one thing I would say is that when we provided that medium-term guidance, it was provided not assuming that we would do heavy transformation with AI. And with our new Chief Technology and Transformation Officer, heavy transformation is on the agenda. And so I think there are opportunities for us over that 3- to 5-year time horizon to do more around growth and productivity as we unlock the full potential of as well.

Okay. And when you say transformation, you mean revenue benefits or more margin?

It can be both. So if you look on the one hand, we have our enterprise data organization by the end of this year, we'll have really added quite a lot of our data to our data fabric. Maybe just to give you some context, the AI-ready data that we have out in the market right now is what I would characterize as a handful of data sets in the context of the broader data estate that we have. We chose those data sets because they have the highest sort of use case application, if you like. As we get to our higher value and even more unique data sets in our data fabric, linked, connected, AI-ready, the possibility of unleashing AI on that is -- and so we'll work through those opportunities. And then on the productivity side, we have the ability now to take some of the work that we talked about at our IR Day, whether it's across our research teams, whether it's taking a deeper look at the Enterprise Data Office and the productivity initiatives we have there, Agentic SDLC, for example, in our engineering teams, there are opportunities really to go further with our workforce transformation there as well.

And just a quick follow-up on the RemainCo and post Mobility spin. What does it mean practically for you as CEO? Is it you have more time? Do you have more capacity? How does it -- how does spinoff a big division sort of impact your ability to manage the business?

I would say that I have been very focused in ensuring that we have -- we've got the right strategy for RemainCo and very focused on engaging clients, partners, stakeholders and otherwise around S&P Global and the 4 core divisions. We had a very senior and very competent SpinCo management team that included folks from our finance team as well as obviously Bill and his team. They have that well in hand. And I've been very focused on S&P Global and the growth trajectory for S&P Global.

You touched on this a little bit, but let's talk -- go back to your sort of expenses and your margin framework and how you think about that going forward. The company moved from sort of setting margins at a segment level to an overall 50 to 75 basis points annual expansion. And obviously, the folks talk about that to be market-driven, et cetera. Maybe talk through why you've changed the framework to go to an overall margin frameworkors versus segment and any advantages that gives you going forward?

Yes. Look, it's intended to allow us to actually report the business the way we manage the business. And we have moved, I think, as is pretty clear at this point to a more enterprise model. And that enterprise model has EDO running across all of the divisions, technology now under Firdaus running across all of the divisions, CCO running across all of the divisions, et cetera. And so this gives us the opportunity to really put on an accelerated path those enterprise capabilities as part of that third pillar of our strategy around amplifying enterprise capabilities, including AI and to deploy those in ways that benefit all of the -- and that allows us then to make the proper targeted investments where they have the best return for the business, for shareholders and for our customers. And so we're going to do what makes sense there. I would say that, that flexibility at the enterprise level makes it actually a little more simplified in terms of how we're going to operate the business going forward. So instead of having 4 versions of a technology strategy, there's one technology strategy, one set of capabilities, et cetera, the same thing with the Enterprise Data Office. And so those are good ways to be able to actually affect and manage the businesses because in some ways, we have more than half our employees, for example, in those 2 functions alone and being able to actually make decisions there that can flow through and benefit the divisions like Market Intelligence where we can actually really bend the curve on margins, I think that's very important.

Okay. Switch over to M&A. How do you think about using M&A to grow the business? You've done a couple of tuck-ins as CEO right here. But where do you see the most opportunities and which businesses would benefit most from inorganic growth?

Yes. I mean, look, to put a fine point on it, at this point, with the valuation the way it is, any deal, even a tuck-in size deal, quite frankly, would have to hit a really high bar for it to be a better outcome for shareholders than returning to shareholders. And so that's where we sit right now. We've also said no transformational M&A -- and generally speaking, tuck-ins that are aligned either with the core areas where we have market leadership or in the transformational or the high-growth adjacencies. But I come back to where we are right now, and we're always going to be very thoughtful about uses of capital and what is best for shareholders and the business. And so right now, it's with a fine -- a very fine assessment of where we are in valuation.

Okay. Good stuff. I've got a few audience questions, so I'll just try and summarize them. A couple of them seem to just talk through, again, AI and risk of AI. So something along the lines of as LLMs get more sophisticated, they can maybe do a lot of the data cleaning, a lot of the data work or data management work that you've talked about has been somewhat of a competitive advantage for you. So over the long term, as that happens, how do you think about sort of pricing power for your business in a world as LLMs get better and better?

Yes. Look, the vast majority of our IP, whether it is data, research, et cetera, is actually not available publicly. And so for there to be a thesis that the value that we provide through the IP is lowered because an LLM can sift through data more quickly, you'd have to assume that the LLM has open and free access to all of that data, and that's just simply not the right? So I think for us, it is to continue to make sure that the unique content and IP that we have is front and center that we are protecting and continuing to grow that IP so that we can actually realize the value of that, whether it is through our own channels or through some of these LLM channels as well. And look, I go back to the example of the investment bank who said like, listen, we can't -- trust is paramount, right? And it may be one thing to say, give me an answer on a financial, et cetera. But if you can't put that into the context of your entire book of business or your portfolio or you can't link it, et cetera, it's not going to be useful for you in your day-to-day.

Another one more on the Ratings business, just around the rates environment as we see rates tick higher here, how do you think that impacts your Ratings business?

Look, I think this is one of the reasons why we're being thoughtful about Ratings and the outlook for the full year. It includes how we think about the rate environment as well as how we think about the geopolitical environment.

Okay. And then last one, kind of focused on M&A, but thinking through to the extent you want to get bigger in things like risk intelligence, reg tech, maybe more of a focus on data and network businesses versus workflow. But yes, I don't know if there's any thoughts.

Yes. Look, I would say that the bar is very, very high. And I would be -- again, I won't go back to the sort of the valuation piece of it, right? -- if you set that aside, I would say the bar is extremely high. It has got to be something that is very unique, not available elsewhere. It's got to fit the profile of our own unique IP. And we will be very, very thoughtful about where we add. I will certainly say that we're going to be extremely thoughtful about not adding in areas where we have, let's say, higher concentrations of undifferentiated content like MI, for example. And so again, we'll be very, very thoughtful, but it's going to be things that reinforce the network and the moats that we have today.

Okay. Maybe just lastly for me to wrap it up. I mean you've mentioned stock value here. And obviously, we can see the prices. it sounds like there's a lot of momentum in the business on the ratings side. Even MI, we're seeing nice momentum. There's a lot of scope for margin improvement, as you've talked about. What do you think investors are missing?

Yes. Look, I -- it's a benchmarks business predominantly. It's 2/3 of our revenue, 3/4 of our profit. And as much as we get so many questions on Cap IQ Pro, it's less than 6% of our revenue and even lesser than that of our operating margin. And I think that's a really important point. It's also important that in this that we have an opportunity to think a little bit about our investment priorities within Market Intelligence and make sure that those priorities are aligned with direction of travel of our customers and that we can accelerate the integration of AI. People will often say to me, "Oh, it's hard to disprove a negative. I want to focus on the positive, which is that we have an incredible business. We are the only providers of the S&P Global rating, the only providers of the S&P 500, the only providers of the Platts Brent crude benchmark. And that is something that is unique to S&P Global and will continue, is deeply mooted, deeply entrenched in the global macro environment and will continue to be so. And so that is the last message, if I could, that I would leave you with.

Fantastic. On that upbeat notes, we'll end it. Thank you very much, Martina.

Great. Thank you.