Why We Think Veeva Systems Is Still Built to Last After the Stock’s Selloff
How fears around AI likely led to the stock’s slide, and why we haven’t changed our long-term view of Veeva’s competitive advantage.
Economic Moats
More on Economic Moats
What Top Investors Think of the Software Apocalypse
The divide is between firms with moats and firms with none.
10 Wide-Moat Stocks Trading at Attractive Discounts to Their Fair Values
The stocks of these companies with durable competitive advantages look undervalued today.
Why Your Favorite Company’s Economic Moat May Not Be Built to Last
Great products and network effects don’t always signal durable competitive advantages—just look at PayPal.
Pat Dorsey: Economic Moats and More
Morningstar’s former head of equity research on what investors get wrong with moats, what to look for in company management, why quantitative screens are less useful than they were, and the process he uses to filter out signal versus noise.
How Much Volatility Is Too Much in a Stock’s Fair Value?
What investors can learn from Oracle stock’s swings in fair value, and what a downgraded moat means for the tech giant.
27 Companies With Wide Moats That Won’t Be Snuffed Out by AI
We expect these companies to be winners in an AI world.
These Top Tech Stocks Can Stand Up to AI Risks
Plus, why some software stocks are not down and out yet.
AI Isn’t an Economic Moat Killer, but It Will Disrupt Industries
How we’re rethinking companies’ competitive advantages in an AI-first world.
3 Cybersecurity Stocks to Invest In as AI Reshapes Industries
And why this industry in particular stands to benefit from AI disruption.
3 Moat Downgrades Caused by AI Disruption—and 1 Wide Moat That Stayed That Way
Which previous software stock picks we think AI threatens the most, and why this company stands out from its peers.
The Morningstar Wide Moat Focus Index and the Changing Wide-Moat Landscape
AI, while not a universal disruptor, has inspired a wave of economic moat downgrades.
An Oversold Stock to Buy Amid AI Disruption Fears
We think the 2026 pullback in this wide-moat stock is overdone.
How AI Will Likely Disrupt IT Services Moats
Business process outsourcing will be impacted more than consulting services.
AI and Economic Moats: Which Stocks Are Most at Risk?
Behind the scenes of Morningstar equity analysts’ review of the economic moats for 132 companies.
Baidu: Moat Downgraded to None from Wide; AI Segment Growth to Offset Search Decline In Long Run
We’ve also lowered our fair value estimate of Baidu stock.
Markets Brief: How Will AI Affect Economic Moats? Morningstar’s Take on the New Paradigm
A broad assessment of AI’s threats and opportunities leads to moat-rating changes for more than three dozen companies.
What AI Means for Software Companies’ Moats
We’re no longer certain that software firms will outperform over the next decade, but positive outcomes remain possible for names like Salesforce.
Updating Moat Ratings and Fair Value Estimates for Payroll Firms
Our update on select stocks from the Software - Application industry.
Capital Markets Information Services: Reviewing Our Moats for the Rise of AI
We downgraded our moat ratings to none from narrow for FactSet and SS&C.
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