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Research notes
Methodology updates, sourced data additions, and reading the numbers as the pilot evolves.
September 3, 2026
The daily research pipeline starts paying off: 121 institutions, 160 relationships
A scheduled automation now scans the web every night and opens a pull request with what it finds β this is the first time its findings were reviewed, spot-checked, and merged into the live dataset. 28 new institutions, 43 new relationships, and a pattern worth naming: foundation models are showing up inside connector protocols now, not just chat windows.
Read the note βSeptember 2, 2026
A correction: Citigroup, and a gap between our methodology and our practice
Three of Citigroup's four "Confirmed" model-family relationships turned out to be sourced from an article about venture investing, not model usage. Here's what was wrong, what's fixed, and what we're adding to the methodology page so this is harder to miss next time.
Read the note βSeptember 2, 2026
New: a portfolio simulator, and a graph that scales past 90 institutions
The live relationship graph was designed for a 15-institution pilot and it showed β 93 names on one ring had started to overlap into noise. It's been rebuilt to scale, and a new tool lets you build a hypothetical portfolio and see its real concentration, not a hypothetical one.
Read the note βSeptember 1, 2026
The pilot goes global: 93 institutions, 27 countries
The largest single expansion since launch, by far β 24 new institutions across 17 new countries in one pass, from Santander's four simultaneously confirmed model families to the pilot's first entries in Latin America, Africa, and Southeast Asia.
Read the note βAugust 31, 2026
What we don't count as a vendor relationship
As the sample grows, so does the list of things that looked like a match and weren't. Three categories of near-miss we've started excluding on purpose β with real examples from this pilot.
Read the note βAugust 31, 2026
The concentration risk regulators and reinsurers are already flagging
A central bank and a major reinsurance broker independently described the same structural risk this year, from opposite ends of the financial system. Neither had a way to measure it. That gap is what this index exists to close.
Read the note βAugust 30, 2026
Deepening, not widening: 69 institutions, 92 relationships across the same 10 countries
No new countries this round β instead, a systematic pass to close coverage gaps in the 10 we already track. The result: Switzerland's largest bank enters the sample, and Allianz joins a small group of institutions confirmed on three model families at once.
Read the note βAugust 21, 2026
Going international: 60 institutions, 10 countries, and a fifth model family
The pilot leaves the US for the first time β and the headline 100% confirmed-on-OpenAI-or-Anthropic figure doesn't survive the trip. Also: Mistral AI joins as a fifth tracked model family.
Read the note βAugust 21, 2026
The pilot expands to 28 institutions, 42 relationships
The largest single update since launch: 15 new institutions across banking, insurance, asset management, exchanges, and broker-dealers β including two firms that shipped both ChatGPT and Claude integrations in the same announcement.
Read the note βAugust 21, 2026
Travelers and Raymond James join the sample β 13 institutions, 22 relationships
Two new institutions, four new documented relationships β including one, Raymond James, running all three major vendors at once. Also: the data explorer now has a live 3D relationship graph.
Read the note βAugust 19, 2026
American Express joins the sample (Anthropic/Claude)
Eleventh institution added to the pilot: American Express, via its Resy subsidiary's integration as an app inside Claude. The sample now stands at 18 documented vendor relationships.
Read the note βAugust 18, 2026
Why we classify by model family, not vendor name
Microsoft often hosts OpenAI models via Azure. Counting "Microsoft" as a vendor distinct from "OpenAI" would understate true concentration β here's why the methodology groups by underlying family.
Read the note βAugust 17, 2026
Pilot launch β 10 institutions, 17 vendor relationships
The Correlation Index opens with a first sourced sample: ten US financial institutions and their documented relationships with foundation model vendors.
Read the note β