It's better at coding, but they are essentially paying for users.
I would also argue that the product could be built over two weekends with a small team. They offer some groundbreaking solutions, but since we know that they work and how, it's easy to replicate them. That also means they have significant talent there.
Hence, they are also buying the employees.
The code base itself is basically worth nothing, in my opinion.
No, these are documents with no super consistent standards. There are requirements regarding the content of the 13F filing, but not so much about formatting. And they are PDFs, which makes them difficult to parse using traditional scripts.
This is why I love LLMS. I drop 200, 100+ page 13F filing reports into Gemini, and after 10 minutes, it finds anomalies for me. This was impossible before, as these reports are not standardized at all.