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