And hedge funds are uniquely positioned by having a bunch of economists and traders working for them.

The point is it's not considered insider information.

Just like how CDNs are uniquely positioned with traffic data (and payment processors have spend data), right? ;)

Exactly right. What do you think they're doing with that data - acting as social altruists? :-)

Having unique data and insights you develop is not a crime - indeed it's what you specifically want. Sourcing and acting on information from inside the company you're not authorized to have is.

> My point is that FAANG companies are uniquely positioned by having access to this data that the public couldn't possibly have access to.

People working to build unique skills and data is normal competition and building up a competitive advantage, not 'insider trading'.