Proprietary data as the moat

In an industry, the firms with deep data of their own capture more of a technology shift than the makers of the tools.

• Artificial intelligence
• Banking
• Technology

2 ideas that carry it

• ArgumentArtificial intelligenceLetter located

  The vertical AI revolution belongs to firms with proprietary data, not to the tool makers

  In any industry, ask who holds the data the models need; the shift favours them more than the vendors of the models.

  Bank and fintech coverage, the question of who wins from AI in finance, and any moat built on data.

  From Capital One's 2024 letter from Rich Fairbank · Rich Fairbank

• Company insightArtificial intelligenceVideo located

  What banks actually deploy is narrower and more governed than the consumer conversation

  Institutional AI is scoped, governed and data-limited; expect to work inside those limits and to be able to explain them.

  Questions about AI in banking, technology roles inside financial firms, and any claim about what AI is doing to the industry.

  From Goldman CIO Marco Argenti on the Warp-Speed Improvements in AI · Bloomberg Odd Lots