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The $2B AI tool automating Wall Street | Term Sheet

Gabe Stengel studied computer science at Princeton and started his career as an investment banking analyst at Lazard. Then he did something a lot of bankers think about but never do: he quit at 23 to build the AI that would automate his old job. After 30 VC passes and two grueling years, his company Rogo just raised $160 million at a $2 billion valuation, and 35,000 bankers at firms like JPMorgan, Bank of America, and his former employer Lazard now use it. Fortune's Allie Garfinkle sits down with Gabe to talk about the future of M&A, why some Wall Street workflows will never need a human again, and what AI means for the next generation of investment bankers.