A study into Bloomberg, its peers and financial markets data, infrastructure and technology
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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
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.
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!!
The Terminalist retweeted
FinChat is now Fiscal .ai — Announcing our $10M Series A and Rebrand
Today we begin writing the next chapter of our Company. We have officially rebranded to Fiscal .ai to build the future of financial data and AI. With this, we are excited to announce our $10M USD Series A funding led by Portage Ventures and continued support from Social Leverage.
When we launched FinChat in 2023, our mission was to empower everyone to query financial data at scale. As we’ve grown, so have our ambitions — beyond the Chat interface. Fiscal .ai represents a bold new vision: to power modern financial data infrastructure through our Terminal and APIs, transforming how the world accesses and uses information in capital markets.
With already over 350,000 registered users and top fintech platforms worldwide leveraging Fiscal .ai’s APIs to serve millions of end users, we are completely rebuilding how investors get the information they require and interact with it day to day.
We may have a new name, but our mission remains the same. Our Team is committed to building beautiful, powerful products — fast.
Fiscal .ai represents the modern intersection of finance + AI and where we will be doubling down. We believe AI will fundamentally change how information is collected and presented in every role across finance.
We’re deeply grateful to everyone who has supported us along the way — our customers, partners, employees, investors, advisors, and families.
Braden Dennis
Cofounder & CEO, Fiscal .ai (formerly FinChat)
Direct media inquiries to [email protected]
The Terminalist retweeted
Check out my next post. A historical detour, and the first of a series that aims to explore how we arrived at modern day market structure and the timeless lessons they hold for modern architects.
Link in the comments
The Terminalist retweeted
And it's out. Hope you enjoy the brevity of my next post.
theterminalist.substack.com/…
The Terminalist retweeted
The @TheTerminalist is out with another banger on Substack.
The pseudonymous author dropped their third big analysis of the economics of organizing and selling finanical data. It covers players such as @Bloomberg , @FactSet , @MSCI_Inc Inc., @MorningstarInc , ICE and the @CMEGroup .
There are a lot of chestnuts in this long report (see link in comments) but the ones that were most interesting to me were about FactSet, which I feel flies somewhat under the radar.
Here are some tidbits:
"FactSet has compounded at 19% for 28.5 straight years. An initial investment of $10,000 in FactSet at its IPO in Jun 1996 would be worth nearly $1.4 million today (year-end 2024). Let that sink in. A similar investment in the S&P 500 would be worth a tad over $130k. FactSet has outperformed the S&P500 by a factor of 10 since its IPO. TEN!
How deep? Consider FactSet. From the last post, you'll remember that FactSet was 'caught in the middle' of the curve with softer metrics than CME and MSCI. But that comparison masked a broader truth. Against the entire S&P500, FactSet's 25% net income margin and 30% return on equity place it in the 85th and 92nd percentile of firms, respectively. Let that sink in: a company in the 'middle' of the financial data curve comparatively outperforms 90% of America's largest firms. That 140x return was well-earned."
The big idea here is that the industry of financial data has been incredibly lucrative, far above average market returns.
If you work in this space, I'd recommend you check out the piece.
substack.com/@theterminalist…
The Terminalist retweeted
Hit an early milestone getting picked by @ByrneHobart, one of the earliest writers on BBG's dominance in the days of Medium, and now the discerning mind behind the all encompassing thediff.co
The Terminalist retweeted
My first post looked at Bloomberg and its competitive moats. My second post looks at the industry's underlying value chain, and uncovers a hidden force that dictates power and fortune.
Your Xmas reading is here and it'll have you excited for what 2025 may bring to financial data
The Terminalist retweeted
Pricing masterclass
Terminal prices increased 2% annually from 2001 to 2023.
Operating expenses at JPM and GS, among their biggest clients, grew at 7% and 5% respectively during the same period.
Bloomberg had a keen sense of their customer's capacity and willingness to pay.
The Terminalist retweeted
India is an innovation superpower and a major force in shaping the global economy:
• Fastest growing large economy, 3rd in the world by 2030 (+6.8% GDP 2024)
• Youngest population and fast rising middle class (65% of 1.4B population < age 35) - 31% of population is middle class in 2024.
• Largest supplier of talent in the world - 25% of incremental workforce in next 10 years.
• By 2030, India’s working age population will exceed 1 billion.
• Nearly all of India’s population has a digital biometric identity - Aadhaar (US SSN equivalent but with full biometric verification - retinal scans and fingerprints)
• India has the 2nd largest base of mobile phone users. The internet population in India, 627 million, is nearly double the entire population of the United States.
• India is the leader by far in Digital Payments, with 46% of all digital transactions worldwide happening in India
• 90+% of India is covered by 5G
• India is the largest consumer of data: reaching nearly 20GB of data per mobile every month (expected to grow to 62GB every month in 2028).
• Big companies are investing in India. More than 1,500 multi-national companies have set up Global Capability Centres employing 1.66 million people. This is expected to witness substantial growth in the next two years, with India poised to have over 1,900 GCCs by 2025 employing over 2 million people.
• India has the 3rd largest Startup Ecosystem: India is also home to the 3rd largest startup ecosystem in the world, contributing to 1 out of 10 unicorns - a total of 111 with total valuation of ~USD 350 Bn @shereenbhan @PMOIndia
The Terminalist retweeted
India is an innovation superpower and a major force in shaping the global economy:
• Fastest growing large economy, 3rd in the world by 2030 (+6.8% GDP 2024)
• Youngest population and fast rising middle class (65% of 1.4B population < age 35) - 31% of population is middle class in 2024.
• Largest supplier of talent in the world - 25% of incremental workforce in next 10 years.
• By 2030, India’s working age population will exceed 1 billion.
• Nearly all of India’s population has a digital biometric identity - Aadhaar (US SSN equivalent but with full biometric verification - retinal scans and fingerprints)
• India has the 2nd largest base of mobile phone users. The internet population in India, 627 million, is nearly double the entire population of the United States.
• India is the leader by far in Digital Payments, with 46% of all digital transactions worldwide happening in India
• 90+% of India is covered by 5G
• India is the largest consumer of data: reaching nearly 20GB of data per mobile every month (expected to grow to 62GB every month in 2028).
• Big companies are investing in India. More than 1,500 multi-national companies have set up Global Capability Centres employing 1.66 million people. This is expected to witness substantial growth in the next two years, with India poised to have over 1,900 GCCs by 2025 employing over 2 million people.
• India has the 3rd largest Startup Ecosystem: India is also home to the 3rd largest startup ecosystem in the world, contributing to 1 out of 10 unicorns - a total of 111 with total valuation of ~USD 350 Bn @shereenbhan @PMOIndia
The Terminalist retweeted
In the eighteenth and early nineteenth centuries, over 1100 private companies laid out and maintained 22,000 miles of tolled roads (‘turnpikes’), giving Britain the best road network in Europe.
