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Welcome to our weekly edition of AI & Finance™!
Hello, friends, we're here again at the conclusion of a big week for financial artificial intelligence. This time, however, we have signs of a slight deceleration in some of our columns, for example, fewer headlines of consequence in our AI & Finance column and an unusual slackening of AI venture capital activity. However, you'll find some weighty items in this newsletter as well, including a discussion of artificial intelligence and fiduciaries, two closer looks at AI-related cybersecurity issues, an AI Intelligence full of exciting new models and regulatory responses, and a deeper dive into Vanguard's moves around AI. If there's any coherent theme connecting our content this week, it should be a general unease and insecurity around AI and what it might mean for the future of financial services and other industries. While we remain optimists and AI enthusiasts, we're not going to pretend like there aren't some serious issues to confront as we move into a more intelligent future. Thankfully, dear readers, that creates wonderful newsletter fodder... CHECK IT ALL OUT BELOW!
We like AI. We use AI. We rely on AI. But, we still don't trust AI. Kind of sounds like a quote from Godfather Part 2, doesn't it? Maybe it doesn't matter whether we trust AI, though. Welcome to AI & Finance, where we have a lot happening in the AI financial world-particularly in the domain of wealth management, where our headlines are dominated by Vanguard's purchase of Altruist, and Altruist's subsequent announcement of an AI-powered financial planner within Hazel, which it claims can complete tasks like estate planning, tax planning, cash-flow planning, investment planning and more in mere minutes. For wealth... CONTINUE HERE
We are of the generation that started to use the internet before we were old enough to make good decisions-and as a result, we have done a few not-so-great things online. Luckily, all of those things were back in the 1990s. In those days we accessed the internet through dial-up internet service providers that offered a nice graphical interface to allow us to enjoy the web, newsgroups, filesharing, email and messaging, all for what was usually a small monthly fee. Certain users, sometimes bad actors, sometimes good, sometimes old fashioned, neutral hackers, were building applications and tools that allowed one to manipulate... CONTINUE HERE
This week our overall AI venture capital activity lost some momentum from recent weeks, with all five of our listed announcements coming in over $150 million and 10 announcements total coming in over $100 million. The biggest announcement, per FinSMEs, came from, London-based Nscale, which raised $3 billion to "fund the deployment of GPU infrastructure and associated networking, storage, and liquid-cooling equipment across both campuses," in Ward County, Texas and Montgomery County, N.C., according to its announcement. Our second-place announcement was from AI infrastructure space, where San Jose, CA-based Lambda raised $926 million of its own to "fund the acquisition and installation of... CONTINUE HERE
The artificial-intelligence news cycle accelerated once again during the past week, culminating in one of the year's most consequential model launches. OpenAI unveiled GPT-6 Astra, while Nvidia expanded its reach beyond chips through its $12.9 billion acquisition of Hugging Face and a multibillion-dollar investment in MediaTek. At the same time, AI became an increasingly important matter of government policy and systemic risk: the Pentagon broadened military access to commercial frontier models, U.S. officials pushed a comparatively permissive regulatory agenda at the G20, financial regulators warned about AI-enabled cyberattacks, and European regulators scrutinized Google's use of publisher content. Taken together, the week's developments showed... CONTINUE HERE
Sometimes, we wonder what the digital Hiroshima will look like. A public-private second Cold War has been going on right under our noses, complete with an epic, rapidly accelerating arms race. But instead of nuclear arms, which absolutely remain a threat to humanity and civilization, we're talking about cybersecurity. One consequence of digitizing nearly everything we do as a society is that it is all now vulnerable to cyber threats. Many people have talked passionately about this issue for years, and occasionally major breaches do make the evening news-the exposure of personal information, theft, celebrity personal photos, but it might take the... CONTINUE HERE
In a year already filled with anxiety about artificial intelligence disrupting wealth management, one of the industry's biggest transactions has effectively combined the AI disruptor with one of the largest investment managers in the world. On Aug. 26, Vanguard announced an agreement to acquire Altruist, the fast-growing technology provider and RIA custodian. Neither company disclosed the purchase price, although Axios reported a $4.6 billion all-cash transaction, while other reports have placed the value between roughly $4 billion and $5 billion. The acquisition is particularly remarkable because Vanguard, with approximately $13 trillion under management, has historically been an unusually reluctant acquirer. Altruist is expected... 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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