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Welcome to our weekly edition of AI & Finance™!
Hello, friends, we're back with another big AI newsletter, and we're going to do something a little different this week. Instead of summarizing the content we have for you below, and there's an awful lot of it, we're going to discuss a few current issues, starting with the date. Though we publish on Saturday, we don't think it's right that we put together a financial technology newsletter on the 25th anniversary of the Sept. 11 attacks without mentioning them. How can we forget? Even all these years later, we're still haunted by the images of that day, and far beyond New York, Washington and Shanksville, communities, companies, cities, states and the world bear the scars from that tragedy. We're also going to take a moment to mention a growing AI controversy that we'll try to give more coverage in a future newsletter. Jacob Coxon resigned his position as a researcher at Anthropic this week with a social media screed warning of progress towards artificial superintelligence with potentially apocalyptic consequences. We're skeptics by nature, but the sheer volume of former AI researchers who now sound like apocalyptic preachers should raise an eyebrow or two. Anyway, as we said, you won't find any of that below-but you will find a pretty brisk Labor Day week of financial AI news... CHECK IT ALL OUT BELOW!
Summer's over in my shore town. Our traffic's back to nearly tolerable levels, the lines at the grocery stores and gas stations are shorter, the waits for tables at our favorite restaurants have disappeared, and the seasonal places are all shutting down for the year. Those of us who live near the beach get to enjoy "local summer," the last few cigar puffs of beautiful weather and warm water before colder days set in. We send the kids off to school, and it becomes a nice time to relax and think about the adventures we've had over the past few months. Welcome to... CONTINUE HERE
New York and New Jersey have a bridge and tunnel problem, which means some of the most notoriously impatient people on the planet have to wait. What could possibly go wrong? Manhattan, in case you weren't aware, is an island, with a limited number of ways to get on and off of it, namely, bridges and tunnels. In fact, if you're on a train going into Manhattan from New Jersey, you're going through a tunnel to get there. The problem is that there are only a handful of train tunnels between New Jersey and Manhattan, and they were all built decades ago. During... CONTINUE HERE
This week our overall AI venture capital activity gained back some of its momentum from recent weeks, with all five of our listed announcements coming in over $240 million and 9 announcements total coming in over $100 million. The biggest announcement, per FinSMEs, came from Denver-based Crusoe Energy Systems, which raised over $3 billion to "fund high-performance data center design and construction, purchase massive fleets of deep learning graphics processors (GPUs), scale its specialized systems engineering and cloud architecture teams, and expand its global project development pipeline, which sits at over 40 gigawatts of total capacity," according to its announcement. Our second-place announcement ... CONTINUE HERE
The artificial intelligence industry spent the past week confronting two increasingly intertwined realities: frontier AI systems are becoming substantially more capable, and the political, economic and security consequences of those capabilities are becoming harder to contain. OpenAI's new GPT-6 Astra model intensified both enthusiasm about AI's usefulness and anxiety about autonomous systems, while revelations about rogue AI agents added urgency to calls for stronger oversight. OpenAI itself made a notable turn toward mandatory federal safety requirements, while the United States and China prepared for unprecedented bilateral discussions about AI safety. At the same time, the commercial race accelerated: Meta introduced an autonomous personal... CONTINUE HERE
The competition between OpenAI and Anthropic has moved decisively from the general-purpose artificial intelligence market into financial services. On September 10, OpenAI introduced ChatGPT for Financial Services, a specialized offering aimed initially at investment banking and equity research and developed with Morgan Stanley and Evercore as design partners. The release arrives roughly 14 months after Anthropic introduced Claude for Financial Services and after Anthropic spent much of the intervening period adding financial data connections, Microsoft Office integrations, specialized skills and, more recently, ready-to-run financial agents. That sequence matters. Financial institutions are no longer being asked simply to decide whether employees should have access... CONTINUE HERE
Last column I said the scarcest thing in middle-market real estate had become capital. Specifically the bank credit that quietly financed the asset class for forty years and then stepped back. In one corner of the market, that is already the wrong answer. For data centers, capital is not the problem. Power is. The scarcest input in the fastest-growing real estate sector in the country is not land, and it is not money. It is a megawatt you can actually plug into. Why one building eats as much power as a small city A normal office or warehouse is a building with a... CONTINUE HERE
To date, software has been built around a simple assumption: users should adapt the way they work to fit the capabilities of the software. Wealthtech provider Feathery says it wants to reverse that relationship. According to a recent press release, the company has launched Robin, an AI operations assistant built for financial services. Robin lets teams describe what they want to accomplish in plain English. It then turns that request into a structured workflow. The system uses Feathery's pre-tested building blocks: Teams can review the workflow in a visual builder. They can also change it through conversation as their needs evolve, thereby changing... CONTINUE HERE
Just weeks after CogniCor appointed Shannon Eusey, Chairman and Co-Founder of Beacon Pointe Advisors, to its Advisory Board, the Palo Alto-based intelligence and orchestration platform for RIAs and wealth management enterprises announced the further expansion of this Board. The company said in a release that bringing together executives with experience across the RIA and wealth management industry as well as experts who have developed and commercialized wealth technology and invested in financial technology creates a board that can focus on helping CogniCor address the growing demand for AI-enabled expansion among growing RIAs. CogniCor supports multi-advisor firms managing $2 billion or more in assets... 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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