A study into Bloomberg, its peers and financial markets data, infrastructure and technology
UK
Joined September 2024
- Tweets192
- Following270
- Followers1.2K
- Likes438
Pinned Tweet
If you have been sent here by a friend, it is probably for my deep dive into Bloomberg. So here it is - substack.com/home/post/p-149…
To stay up to date with occasional highlights from my writing, follow me here.
The Terminalist retweeted
Latham & Watkins, the 2nd largest US law firm, is buying Nvidia hardware to fine-tune open weights in-house.
Open weights + proprietary data + local compute = enterprise sovereign AI stack.
Latham & Watkins buys Nvidia servers to set up in-house AI systems ft.trib.al/0CRKbBl
After Warren Buffett, Michael Bloomberg was the second centi-billionaire to come from financial services.
Not Simons, Soros, Griffin, Tepper, Cohen, Englader, Platt, Dalio, Hohn, Shaw, Ackman or Jones.
They each compete for alpha against one another. Bloomberg takes a permanent annual fee from each one, never once having to step into the ring. Unforgiving!
The third entrant was crowned in May 2026, also never having to step into the ring. And intentionally never having stepped into the limelight. Go find his story to be rewarded with your inspiration for the week.
Not him too... 😔
Perplexity just gave every retail investor a Bloomberg Terminal. For free.
Watch this demo. It's wild.
@perplexity_ai connects to brokerage accounts via @Plaid and builds a custom investment dashboard in seconds.
Perplexity Computer pulls from 40+ live finance tools like:
- SEC filings
- FactSet
- S&P Global
- Coinbase
- LSEG.
75% of Perplexity's paying users were already asking finance questions monthly. The demand existed before the product did.
But you couldn't DO anything with that information.
---
Now you can connect it to your data for better insights.
Connect your brokerage accounts through Plaid, and suddenly an AI agent can see your actual holdings across multiple institutions — then query institutional-grade data against them.
"Show me my sector concentration risk" or "How exposed am I to rising rates" — answered in seconds with your real portfolio, not hypotheticals.
---
It still can't trade for you, though.
That's a deliberate regulatory design choice that lets Perplexity move fast while every neobank and robo-advisor is still waiting for compliance sign-off.
Fintech companies spent a decade building Plaid as pipes for fintech apps to read your bank data.
But I'm much more interested in when we give them to AI
Readers added context they thought people might want to know
The Perplexity finance features described require a $200/month Max subscription, not free. They offer AI-powered insights but are not identical to a Bloomberg Terminal.
perplexity.ai/help-center/en…
venturebeat.com/technology/per…
'We switched up our board, removing mature and experienced leaders for startup founders.'
Only in founder mode do you get this kind of conviction. Alas, will we all live to see the day this will occur in the CMID (capital markets infra and data) sector, full of leaders that should have retired 10 years ago....?
Great to see developers experiment with what is possible, even better to see what can be accomplished with disciplined execution. Keep an eye on @virattt, compressing both the data and agent layer simultaneously. Many proof points in his solopreneur journey on what the future holds for the findata stack, open source projects, and for the incoming generation of AI-native investors.
The Terminalist retweeted
Dexter hit 10,000 stars on GitHub.
It’s OpenClaw and Claude Code, for finance.
What Dexter can do:
• find undervalued stocks
• break down financials
• turn research into a thesis
All our code is open source.
What most people don't know is how dirty @nicbstme has already got his hands working with LLMs. He sold his first AI startup into the legal industry. The gradient here is obvious in hindsight. Law is a text-only field. Now he is solving in Financial Services, which adds skills-MD to absorb real-world knowledge and evals for judgement. In five years he'll be solving physical engineering problems with an army of Optimus.
Fly high my friend.
The cycle of history offers a few lessons for those building information systems within capital markets. Check out how we went from the telegraph to the transformer!
I love this post by @TheTerminalist. Fabulous history of information capture, dissemination, and markets. It’s fascinating to see how much has changed in 500 years. open.substack.com/pub/theter…
Underrated view. Keep building till it's inevitable
i think ultimately @openbb_finance can be the visualization layer for anything
imagine building a widget in any frontend, making it an openbb widget. now imagine multiple mini apps (what i like to call them) talking to copilot, who can grab insights from all of them
1/3
I've only looked skin deep - disclosed financials. Something about the Microsoft partnership feels suss as do comments to investors which are parroted by sell side research. In the following months I'll be picking these apart. Stay tuned.
Idk, yes it was all stock, but it was still pretty horrid capital allocation to buy the declining market share Refinitiv business at a rich multiple. see @TheTerminalist's very well done article here
theterminalist.substack.com/…
ended up diluting the very good other businesses
Much to unpack here on implications. B2C a lot less immune to the shock of AI-native apps that win on distribution and on function.
B2B will be cracked the same way, albeit much slower. But if you can fund the later with the former, you may just have staying power...
The Terminalist retweeted
A brutal analysis of the @Refinitiv @LSEGplc deal
The Terminalist retweeted
This one took many late nights, as you'll see with the number of footnotes.
But hopefully the lessons cut deep and are worth learning. I hope you enjoy my next post!!
Took 50,000 words across six posts to finally get a like from @MarcRuby.
Need to set the bar higher as he does.
I've been a paid sub of NetInterest for a long time, which continues to be a source of inspiration. Must read for any student of financial markets!
This one took many late nights, as you'll see with the number of footnotes.
But hopefully the lessons cut deep and are worth learning. I hope you enjoy my next post!!