Morningstar’s New Generative AI Index Could Unlock Opportunities in OpenAI and Anthropic for Everyday ETF Investors

Core Insights - The Morningstar PitchBook GenAI 20 Index launched on January 15, 2026, is expected to lead to the emergence of related ETFs, highlighting the growing interest in AI-focused investment products [1][3]. Group 1: Index Characteristics - Morningstar has created a "perpetual benchmark" that connects private tech companies with the public stock market, distinguishing it from traditional indexes [3]. - The index is designed to include private companies even after they go public, which is a unique feature compared to other indexes [6]. - The index specifically excludes hardware companies, focusing solely on software and models, thus omitting major players like Nvidia and Taiwan Semiconductor [6]. Group 2: Major Holdings - The index is heavily weighted towards four private companies, referred to as the "Big Four," which include Anthropic (19% of index assets), Databricks (21% of assets), and OpenAI (19% of assets) [3][4][5]. - Anthropic is in discussions to raise $10 billion at a valuation of $350 billion, with plans for an IPO in late 2026 [3]. - Databricks has raised $4 billion at a valuation of $134 billion, with a revenue growth of approximately 55% over the past year, and is also expected to go public this year [4].