Wall Street’s AI market is developing across three layers, including financial data, automated workflows and proprietary content, with companies increasingly expanding beyond their traditional businesses.

Data owners such as LSEG, Daloopa and PitchBook supply data to AI labs such as OpenAI and Anthropic. Workflow startups such as Rogo and Hebbia and content owners such as Bloomberg and AlphaSense sell to the same banks.

Financial data providers are supplying both frontier AI labs and specialized startups, allowing the providers to generate revenue regardless of which AI platforms win Wall Street.

Wall Street’s next generation of artificial intelligence companies is taking shape around three businesses, including those that own financial data, those that turn it into research and analysis, and those that control the proprietary content investors rely on to make decisions.

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The emerging market includes established providers such as London Stock Exchange Group (LSEG), Bloomberg and PitchBook alongside startups including AlphaSense, Rogo, Hebbia, Daloopa, Model ML, Samaya AI and Farsight.

Each is competing for a share of the technology budgets of investment banks, asset managers and other financial institutions. However, their business models differ, raising a question about where the economic value of AI in financial services will ultimately accrue.

The competition is intensifying as AI systems move beyond answering questions toward preparing financial models, analyzing transactions and producing investment research. Financial institutions increasingly need access to reliable data, software capable of completing complex tasks and proprietary information that cannot be readily reproduced by general-purpose AI models.

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