Not necessarily stonks, it can also be commodities (oil/etc), or currencies, or anything else. Latency arbitrage is old. Paul Julius Reuter (as in, Reuters) ma

Not necessarily stonks, it can also be commodities (oil/etc), or currencies, or anything else. Latency arbitrage is old. Paul Julius Reuter (as in, Reuters) made his first fortune by using carrier pigeons to transmit trade data from Brussels to Aachen. Then he started a new agency and built telegraph lines. Rice traders in Japan used boats/smoke-signals/runners to transmit information between rice markets in 1700s https://digital.sandiego.edu/cgi/viewcontent.cgi?article=1112&context=sdlr https://digital.sandiego.edu/cgi/viewcontent.cgi?article=111... pages 15-22 has more examples.