Nasdaq Inc. today is far more than the electronic marketplace most investors associate with tech stocks. It has quietly become a diversified technology and data company that happens to own and operate major exchanges. In a world of surging AI names, elevated volatility, and tightening regulation, Nasdaq’s business straddles two powerful trends: more trading and more need for sophisticated market and risk technology. Its evolution—accelerated by acquisitions like Adenza, AxiomSL, Calypso, and Verafin—has turned it into a core piece of financial infrastructure serving banks, brokers, regulators, and asset managers globally.
This article looks at what “owning the exchange” really means in 2026: how Nasdaq makes money in a volatile, AI‑heavy market; how its technology and anti‑financial‑crime platforms are becoming as important as listings and trading; and what risks and opportunities lie ahead.
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