Market Data Expert Meeting Takeaways: AI is Rapidly Increasing Data Consumption

Research evidence excerpt

Market Data Expert Meeting Takeaways: AI is Rapidly Increasing Data Consumption

Equity Research

Industry Update — May 13, 2026

Business & Information Services

Market Data Expert Meeting Takeaways: AI is

Rapidly Increasing Data Consumption

Our Call Jason Haas, CFA

We hosted a meeting with Matt Ober, a venture capitalist at Social Leverage focused on Equity Analyst | Wells Fargo Securities, LLC

Jason.Haas@wellsfargo.com | 212-214-5313

the market data industry. We see AI significantly increasing the demand for financial data

Jun-Yi Xiefeeds, but also see startups increasingly pushing into the space.

Associate Equity Analyst | Wells Fargo Securities, LLC

Jun-Yi.Xie@wellsfargo.com | 212-214-8150

AI increases the demand for financial data feeds, and an increasing number of Keegan Antico

startups are entering the industry to capture this demand, such as Daloopa, Fiscal.AI, Associate Equity Analyst | Wells Fargo Securities, LLC

and Databento. While Ober expects rising industry competition to weigh on pricing, Keegan.Antico@wellsfargo.com | 212-214-3326

greater efficiency and data consumption will more than make up for this. He also noted

incumbent providers like FDS and SPGI maintain strong data accuracy, speed, and access

to specific data sets, such as sell-side estimates.

Front-end terminals and interfaces are becoming more competitive. While Ober does

not expect the terminal business to go away, he sees users becoming less reliant on

them as their data consumption through LLM MCP connections grows. Additionally,

more startups, such as Fiscal.AI and Koyfin are entering the space. While incumbents like

FDS are strong in areas like multi-asset class risk and portfolio tools, Ober believes light

incumbent terminal users could churn to use LLMs or cheaper options.