Let's all be honest... You get the data room, then you drop it into Claude or ChatGPT to move faster. Everyone's doing it. But did anyone read the NDA first? Here's the part some people might miss - it's not about whether the NDA mentions AI. Most NDAs limit disclosure to "Representatives", which includes employees, advisors, financing sources... but a public AI tool isn't one of them. So an NDA that says nothing about AI can still put you in breach the moment you paste the financials in. The other piece is public vs. enterprise. Consumer tools can retain your prompts and train on them. Enterprise and API versions with zero-retention don't. Same task, but the risk is different. And some people don't know which one they're actually using. The sell side is starting to catch on and I'm hearing that there are clauses banning public AI, blocking anything that trains on inputs, or requires consent before AI touches the data room. So a few real questions: Buy side - are you seeing AI clauses in NDAs yet, or still silent? If it's silent, are you assuming it's fair game, or getting consent? Sell side - are you comfortable with a buyer feeding your numbers to an LLM? Does your NDA say anything about it? Not fearmongering here, just curious what everyone has seen and how people are adapting to this in practice.