Terms of Service

1. Acceptance of Terms

By accessing or using Watson's Equity Research Terminal (the "Service") you agree to be bound by these Terms of Service. If you do not agree, do not use the Service. The Service is operated by Noah Watson ("we," "us," or "our").

2. Informational Use Only — Not Financial Advice

All content on the Service — including stock fair-value estimates, scenario models, AI-generated analyses, valuation gauges, published research notes, and supporting data — is provided for informational and educational purposes only.

Nothing on the Service constitutes investment advice, an offer to sell securities, a solicitation of an offer to buy securities, or a recommendation tailored to any specific investor's circumstances, financial situation, or objectives. We are not a registered investment adviser, broker-dealer, or financial planner.

You are solely responsible for your investment decisions. Past performance does not guarantee future results. All investments carry risk, including potential loss of principal. Consult a qualified financial professional before acting on any information presented here.

3. Data Sources & Accuracy

Market data, fundamentals, peer lists, analyst ratings, and news headlines are sourced from third parties including Yahoo Finance, Financial Modeling Prep, and other public providers. AI-generated commentary is produced using Anthropic's Claude API. Valuation outputs are computed by our own models from this third-party data.

We do not guarantee that any information on the Service is accurate, complete, current, or free from errors. Data may be delayed, stale, or incomplete. Models rely on assumptions that may not hold. You agree not to rely on the Service as the sole basis for any investment decision.

4. No Warranty

THE SERVICE IS PROVIDED "AS IS" AND "AS AVAILABLE," WITHOUT WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ACCURACY, OR NON-INFRINGEMENT. WE DO NOT WARRANT THAT THE SERVICE WILL BE UNINTERRUPTED, SECURE, OR ERROR-FREE.

5. Limitation of Liability

To the fullest extent permitted by law, in no event shall we be liable for any indirect, incidental, special, consequential, or punitive damages, including without limitation lost profits, lost savings, or trading losses, arising out of or in connection with your use of the Service — even if we have been advised of the possibility of such damages. Our aggregate liability for any claim arising out of these Terms shall not exceed one hundred U.S. dollars ($100).

6. User Responsibilities

You agree to use the Service in compliance with all applicable laws and regulations. You will not: (a) misuse, scrape, reverse-engineer, or attempt to disrupt the Service; (b) misrepresent any of our content as your own original research; (c) use the Service to make investment recommendations to others without making clear that the underlying outputs come from an automated tool; or (d) attempt to circumvent rate limits, access codes, or other technical controls.

7. Intellectual Property

All content authored by us — including published research notes, methodology write-ups, valuation visualizations, and the look and feel of the Service — is owned by us and protected by applicable intellectual property laws. You may view, share, and quote published research with attribution for non-commercial purposes. Bulk redistribution or commercial use requires prior written permission.

8. Third-Party Links and Tickers

The Service may link to third-party sites or display ticker information for securities issued by third parties. We are not responsible for third-party content and do not endorse any security mentioned on the Service.

9. Modifications

We may revise these Terms at any time. Material changes will be reflected by updating the "Last updated" date above. Continued use of the Service after changes take effect constitutes acceptance of the revised Terms.

10. Governing Law

These Terms are governed by the laws of [Governing Jurisdiction Placeholder] without regard to its conflict-of-laws principles. Any dispute arising under these Terms shall be resolved exclusively in the courts located in that jurisdiction.

11. Contact

Questions about these Terms? Contact noah@watsons.ai.