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Welcome to our weekly edition of AI & Finance™!
Hello friends, we're back for another great week of artificial intelligence in financial services news, and we have a very full newsletter to back that up. First of all, however, we'd like to say something pleasant: We were wrong. We love being wrong, folks, because it means we're going to learn something, and in the long run that is going to be more valuable to us than being right and being assured of having already known something. This time, we were wrong about AI in wealth management, particularly, our assertion that AI would be very slow to diffuse into the wealth industry and that adoption would probably take longer there than elsewhere in financial services. Boy, that prediction didn't hold up, to the extent that we've dedicated a fifth round of our "Looking Back" columns to the recognition that wealth management is at the vanguard of AI adoption in finance. And as you'll find, there's plenty more artificial intelligence news for you to chew on this week... CHECK IT ALL OUT BELOW!
We might end up missing the AI boat even though we showed up to the dock on time-because we never bothered to learn to sail correctly. Welcome to AI & Finance, where we're back to a typical full week's worth of AI-related headlines, perhaps hinting that we've already emerged from the mid-year doldrums. We're into the sailing analogies this week, and not just because we've spent a little time ourselves skipping a catamaran across the waves this summer. Adopting a new technology is a little like venturing out on the open ocean where you can't see the next safe piece of land... CONTINUE HERE
Remember that "Weird Al" Yankovic song "Word Crimes?" If not, we need to go ahead and ask: Are we the biggest nerd writing about technology and finance? Probably. Anyway, yeah, word crimes. Linguistically speaking, finance and AI technology are two of the most terrible industries in human history, full of jargon, unclear and misleading terminology and non-sensical acronyms. It is in that spirit that today we will discuss asset management, in particular AI asset management, and take a holistic approach to the topic, discussing not just the financial side of asset management conducted by portfolio managers and financial analysts, but also the enterprise... CONTINUE HERE
This week AI venture capital activity gained back some of its momentum from prior weeks, with all five of our listed announcements coming in over $300 million and ten announcements total coming in over $100 million. The biggest announcement, per FinSMEs, came from San Mateo, Calif.-based AI training infrastructure provider Fireworks, which raised $1.5 billion in a Series D to "continue expanding its engineering team and global compute capacity to meet skyrocketing enterprise demand, and deepen partnerships with cloud partners like Microsoft and NVIDIA," according to its announcement. Our second-place announcement was also from the AI infrastructure space, where London-based Pure Data Centres... CONTINUE HERE
Everything, everywhere, all at once. That's where AI is going. Actually, that's where AI has went, and for every neat new tool available in the highly regulated financial industry, there are probably dozens available to the general public. What's more, there's evidence that the general public is using those artificial intelligence tools to ask financial questions. Are advisors running into clients and prospects using those tools to check their work? There's only one way to find out - We asked! We talk a lot about wealth management around here, but probably not as much as we should to wealth managers themselves. There's really... CONTINUE HERE
Artificial intelligence continued its rapid march through the global economy during the past week, with developments spanning frontier AI models, semiconductor investment, enterprise deployments, international AI policy, cybersecurity, and the growing financial implications of the industry's unprecedented infrastructure spending. The week underscored that the competition among the United States, China and other technology powers is increasingly defined not simply by better AI models, but by access to computing infrastructure, energy, semiconductors and enterprise adoption. At the same time, regulators, journalists, technology executives and investors continued wrestling with questions surrounding AI safety, copyright, governance and the enormous capital required to build the next generation... CONTINUE HERE
For much of the generative AI era, financial services executives have spoken about artificial intelligence in sweeping terms. Bank CEOs have promised productivity revolutions. Technology vendors have unveiled increasingly capable large language models. Regulators have debated governance frameworks. Investors have poured hundreds of billions of dollars into AI infrastructure. Yet until recently, much of that discussion remained aspirational. Firms believed AI would transform finance, but relatively few could point to measurable examples of that transformation occurring inside day-to-day business operations. Over the past several months, that has begun to change. If there is one corner of financial services where artificial intelligence has moved ... CONTINUE HERE
Source: thefinancials.com | Updated every 30 minutes, M-F during market hours
The DWN AI Index™ is a benchmark stock index of the artificial intelligence (AI) sector. The index is comprised of a diversified group of stocks deriving a significant percentage of their revenue from AI applications. REVIEW HISTORICALS HERE
STOCKS COMPRISING DWN AI INDEX:
Amazon (AMZN) * Arista Networks (ANET) * AI (C3.ai) * CrowdStrike Holdings (CRWD) * Duolingo (DUOL) * iRhythm Technologies (IRTC) * Microsoft Corporation (MSFT) * NVIDIA Corporation (NVDA) * Palantir Technologies (PLTR) & * Taiwan Semiconductor * Manufacturing (TSM)
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