No we sell our own research to AI labs as RL envs. Realistic RL envs grows in demand as labs seek better data train better models.

It’s a complimentary business. Simply put: we sell envs to labs, labs make better models, firms buy these models to make more profit. Everybody wins.

Yeah a competitor for us would be fellow quants doing the same thing. But even then every quant firm trades differently (and good ones all make money) so envs can still be sufficiently different.