Handling Nonpublic Information Responsibly

As a financial analyst, you are involved in the acquisition of a competing firm. During the due diligence process, you come across sensitive information regarding that firm's upcoming product launch, which has not yet been made public. You have a personal friend who works at a hedge fund that is known for trading on companies' nonpublic information. Your friend asks you to share any insights about the potential impact of that product launch.

The CFA Institute Code of Ethics and Standards of Professional Conduct emphasizes the importance of integrity and handling nonpublic information. Considering your obligations under these standards, which action is most appropriate?