#sell-side-infrastructure

#sell-side-infrastructure

"The current administration has signaled that it is very pro-business and wants to make it as easy as possible for these new fintech business models such as prediction markets and crypto to operate."

Spade takes a fundamentally different approach: rather than training models on noisy transaction data, the company built a proprietary database of verified merchant records and treats enrichment as a search problem, matching each transaction to a real business in real time.

Escalating geopolitical risk continued to dominate global markets' concerns, with safe-haven demand keeping the dollar index anchored near a multi-week high.

Futures are exploding higher, as President Trump chose not to 'end civilization in Iran' and agreed to a two-week pause on attacks on Iran.

The current pressure is largely driven by tensions in the Middle East, as signals from the U.S. and Iran remain conflicting. While the U.S. has indicated that negotiations are ongoing, Iran has firmly denied any talks, increasing uncertainty around the prospects of de-escalation.

From its IPO in 2016 to its peak in late 2024, the stock gained more than 4,000% as it regularly put up revenue growth of 20% or more, and delivered strong profit margins as well. The stock also benefited from a premium valuation. However, over the last year, The Trade Desk has collapsed. The adtech stock has fallen 83% from its peak in late 2024 as the business has slowed to its weakest growth rate ever, except for a brief dip during the pandemic.

Hedge funds and other money managers spent $2.8 billion on alternative data in 2025, according to a new report from consultancy Neudata, a 17% jump from the year before. It's more than double what asset managers spent on alternative data in 2021, which includes a wide range of non-traditional information sources. The report projects that the total spend on alternative datasets could jump to more than $23 billion in the consultancy's bull case in 2030 and just under $8 billion in the bear case.

Braze's Q4 revenue of $205.2 million surpassed the consensus estimate of $198.23 million by 3.50%, marking a significant 27.9% year-over-year growth.

The deal represents a defining milestone for the firm. It reflects not only the continued strength of the non-QM RMBS market, but also the confidence investors place in our platform and in AD non-QM mortgages as a premier asset class.

The new battleground in banking is intelligent operations and scalable execution. In 2026, banking is about moving money smarter, faster, and with fewer humans in the middle. Across corporate finance and global retail operations, banks are experimenting with technology and operational design in ways that challenge long-held assumptions about scale, speed, and control. Three recent developments exemplify what's happening in money movement: Goldman Sachs deploying AI agents, Truist automating corporate receivables, and Nubank expanding abroad with a lean digital model.

AI is set to reshape roughly 44% of banking work by 2030, according to consulting firm ThoughtLinks - and Wall Street's biggest firms are racing to get there first. JPMorgan Chase, the largest US bank by assets, is spending $18 billion a year on technology, with AI a central focus. CEO Jamie Dimon is a "tremendous" user of the bank's generative AI tools, which have now been rolled out to more than 200,000 employees.

The Commission has full authority to police illegal trading practices occurring on any DCM, including those described above related to prediction markets. Kalshi used its own announcement to underscore that we ban insider trading and said it had launched about 200 investigations over the past year. More than a dozen of those inquiries led to formal enforcement actions.

This is a natural progression. We can't just primarily rent the technology to do this. People expect Morgan Stanley - they trust our brand - to be no fail.

Competition for top quant talent has never been stiffer. With top hedge funds and high-frequency trading firms in expansion mode - and increasingly encroaching on the same turf - the mathematicians, physicists, data scientists, and engineers who power them are in high demand. The emergence of AI labs, which can outbid even the top-tier finance firms with war chests of tens of billions in capital, has only ratcheted up the competition.