The Terminalist

A study into Bloomberg, its peers and financial markets data, infrastructure and technology

[The Terminalist @TheTerminalist]

If you have been sent here by a friend, it is probably for my deep dive into Bloomberg. So here it is - https://t.co/tPRQQZf6J3

To stay up to date with occasional highlights from my writing, follow me here.

[anand iyer @ai]

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.

[goldenlabubuwatch @pandawatch88]

The last thing you see before becoming fully aware of your situation

[The Terminalist @TheTerminalist]

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.

[Virat Singh @virattt]

Claude Code is connected to the markets.

[The Terminalist @TheTerminalist]

@adamlawrencium @RWA_xyz Inflection incoming 🚀🚀

[The Terminalist @TheTerminalist]

Not him too... 😔

[Simon Taylor @sytaylor]

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

[The Terminalist @TheTerminalist]

'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....?

[Eoghan McCabe @eoghan]

https://t.co/4bjaeYNcTP

[The Terminalist @TheTerminalist]

@valuwiki @virattt following with interest, and happy to be of help where i can

[The Terminalist @TheTerminalist]

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.

[Virat Singh @virattt]

https://t.co/mAd7NB9oX7

[The Terminalist @TheTerminalist]

@neoworldlife @virattt following with interest

[The Terminalist @TheTerminalist]

Nic is more generous than I am about the moats that remain, but he is right to rip into the ones that don't. The re-pricing of findata stocks isn't over as second order effects are yet to be realized. My hands are a bit tied at the moment, but I'd love to dive into these soon.

[Nicolas Bustamante @nicbstme]

https://t.co/v7sot4WCI2

[Virat Singh @virattt]

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.

[Nicolas Bustamante @nicbstme]

https://t.co/7BHqiRygfP

[The Terminalist @TheTerminalist]

@nicbstme @openclaw Internal use or.....👀

[The Terminalist @TheTerminalist]

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.

[Nicolas Bustamante @nicbstme]

https://t.co/KT2QfXnFad

[The Terminalist @TheTerminalist]

@venupsv @mjmauboussin Whoa! This is super cool 🚀

[The Terminalist @TheTerminalist]

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!

[Michael Mauboussin @mjmauboussin]

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. https://t.co/xla0wXEe0I

[The Terminalist @TheTerminalist]

@SalehOfTomorrow Never thought I'd see anyone reference Cede & Co on X. Really need to know the pipes to arrive at it. Couldn't mind Vlad achieving his objective, will definitely improve the system. 😉

[The Terminalist @TheTerminalist]

@PureOwlpha I write, then do absolutely nothing about distribution.... Ah the battles we pick!

[The Terminalist @TheTerminalist]

Have to take it in light of Q3 call, lots of defensive posturing given the narrative shift. Innovation day was wanting, didn't give investors much to be excited about, and I think they are severely misreading investors patience for promises with no target metrics. £80 here we come again!

[The Terminalist @TheTerminalist]

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.

[Kalash Jain @kalashjain1]

@TidefallCapital @TheSusInvestor 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
https://t.co/VHeMGYOkhM

ended up diluting the very good other businesses