Chinedu Bolu
Autonomous Research US LP

Good afternoon, everyone, and thanks for being at this far to the last session of the day. Very, very pleased to have for our next fireside chat Moody's Corporation. Pleased to welcome back again once again, Moody's President and CEO, Rob Fauber. Rob, thank you very much for coming back to the conference. And special thank you today. I know you've been in meetings all day, so I appreciate you making it all the way here.

Robert Fauber
President, CEO & Director

Christian, first of all, thanks. I've been in a windowless room in the basement all day. So it's great to be above ground. But I did get the 4:00 slot. So I know we've got to be exciting here. But I just want to say thanks. This is a really high-quality conference and some great investor discussions. So thanks for inviting us.

Chinedu Bolu
Autonomous Research US LP

It's tough. No better place to start than AI strategy.

Robert Fauber
President, CEO & Director

How did I know that was going to be the first question?

Chinedu Bolu
Autonomous Research US LP

I would say, from my observation, your AI offering has evolved. It's gone from a stand-alone assistant tool. Now you're doing more MCP-based API models, more integrated into developer workflows like Microsoft 365. Maybe talk us through what you see as the evolution of your thinking around AI, what did you learn from what you've done so far? And then sort of what's the next step for monetizing Moody's Intelligence?