Speaker 1: We've talked about many of the ways AI is working
Speaker 1: itself into our lives at the office in Hollywood, even
Speaker 1: in the US presidential campaign today. Another place where robots
Speaker 1: are moving in Wall Street. Of course, traders have long
Speaker 1: used data to try to divine which way markets will move.
Speaker 1: Quantitative traders are quants already build sophisticated mathematical models and
Speaker 1: amass huge amounts of information to identify opportunities others have missed.
Speaker 1: But AI can conceivably do it even better by pulling
Speaker 1: in and analyzing vastly more data and much faster. But
Speaker 1: is AI better at beating the market than human stock pickers.
Speaker 1: Bloomberg's Justina Lee and Sam Potter say so far, the
Speaker 1: results are mixed.
Speaker 2: Part of the issue is when you're using machine learning algorithm,
Speaker 2: you lose the explainability of it. So when you're losing money,
Speaker 2: your clients might be like, why did you decide to
Speaker 2: trade that?
Speaker 3: I wonder if someone will discover an achilles heel to
Speaker 3: these machines in the way the machines work that will
Speaker 3: provide an unintended market advantage for those who are looking
Speaker 3: for it.
Speaker 1: Justina and Sam are here to tell us how investment
Speaker 1: firms are using AI and how it actually works, And
Speaker 1: later we speak to Renee Yao, whose firm is leveraging
Speaker 1: this new technology.
Speaker 4: We're not just saying we're using AI to generate supure returns.
Speaker 4: We're using AI combined with good risk controls.
Speaker 1: I'm wes Kasova today on the big take. Can AI
Speaker 1: supercharge your returns? Justina, We're hearing all the time about
Speaker 1: how AI is encroaching on every little aspect of our lives.
Speaker 1: If I suppose it was only a matter of time
Speaker 1: before the markets wanted to use AI to make money,
Speaker 1: and you found there are so many big brains working
Speaker 1: on this question.
Speaker 2: Yeah, I mean maybe we can start with a certain
Speaker 2: category of big brains on Wall Street, which are these
Speaker 2: people we call quants. What quants stand for is quantitative
Speaker 2: traders or strategies or analysts, and they're basically people who
Speaker 2: are using computer models to figure out how to make
Speaker 2: money in the markets. Like usually it's about analyzing some
Speaker 2: pattern and trying to profit from that. And in recent years,
Speaker 2: quants have been especially interested in using a certain kind
Speaker 2: of AI called machine learning, which basically just means that
Speaker 2: they're using very sophisticated techniques, you know, the kind that
Speaker 2: is powering chat GPT, that is powering driverless cars. They're
Speaker 2: using those kinds of techniques to try to figure out exactly,
Speaker 2: you know, where the S and P five hundred is going,
Speaker 2: or where the Apple Stock is going, and trying to
Speaker 2: make money from that.
Speaker 1: And Sam, that's a really good point because Wall Street
Speaker 1: has been using computers and modeling in a really sophisticated
Speaker 1: way long before any of us were talking about AI
Speaker 1: and chat gyput.
Speaker 3: That's absolutely right. Whereas and I think one of the
Speaker 3: things that Justina and I talked about through the process
Speaker 3: of this story was when you look back over the
Speaker 3: past ten years or so, especially places like Bloomberg News
Speaker 3: and other platforms have repeatedly said, you know, AI is
Speaker 3: coming further jobs on Wall Street, Computers are going to
Speaker 3: replace traders. You know, humans are going to be a thing.
Speaker 1: Of the past.
Speaker 3: The AI revolution is upon us. We see those stories
Speaker 3: time and time again. But one question that we had
Speaker 3: through this story was where is it then, especially in
Speaker 3: a year when chat GPT has blown up, everyone's in
Speaker 3: a frenzy about it. It's powered a lot of the
Speaker 3: stock gains this year has been this excitement over stocks
Speaker 3: like Navidia who are building AI technology, and yet wall
Speaker 3: streets and the business of investing seems no closer, Like
Speaker 3: AI has not displace the humans yet. Yes, quants are
Speaker 3: out there and they're using the latest tech, but where's
Speaker 3: the revolution? Is it still happening or are the human
Speaker 3: trade as say for a while?
Speaker 1: Yeah, Justina, what is the difference between what I guess
Speaker 1: you would call traditional quants, that people who are digging
Speaker 1: into numbers and making models what they do, and what
Speaker 1: AI platforms are now trying to do.
Speaker 2: Yeah, that really is a great question, and it's mostly
Speaker 2: a difference in statistical technique. So for traditional quants, a
Speaker 2: lot of the time, if we simplify it, what they're
Speaker 2: trying to figure out is the relationship between stock returns
Speaker 2: and some variable. Right, So for instance, you might look
Speaker 2: at Apple's profit margins and decide that it's a great buy.
Speaker 2: So quants are doing that, but they're doing it statistically,
Speaker 2: and to simplify a little bit, usually they're using what
Speaker 2: we call linear models, which means they're saying this leads
Speaker 2: to this, which is a bit simplistic, but at least
Speaker 2: you can understand it and you can kind of understand
Speaker 2: why that does not always work out because there are
Speaker 2: so many variables moving a stock performance every single day,
Speaker 2: and what machine learning algos generally try to do is
Speaker 2: it can take in hundreds of variables, all the information
Speaker 2: you can find, and try to figure out what the
Speaker 2: relationship between all of them is and how they predict
Speaker 2: the price performance. The downside of that is that you
Speaker 2: don't really understand why the machine has decided to tell
Speaker 2: you to buy a stock that day. But the flip
Speaker 2: side of that is that it kind of comes closer
Speaker 2: to just how complicated the world is.
Speaker 1: And so SAM is part of the idea that the
Speaker 1: models that quants use are based on a certain number
Speaker 1: of these variables that they put together to try to
Speaker 1: make predictions. But these AI models are able to take
Speaker 1: in many, many, many more of these and paint a
Speaker 1: more sophisticated picture of what's happening in the market.
Speaker 3: I would say that YESAI is taking into account many
Speaker 3: more variables than the traditional quant methods. Traditional quants, many
Speaker 3: of them, are trying to adopt these adapt these layer
Speaker 3: them onto the theories, the academic theories that they built
Speaker 3: all those years ago, and there's kind of debates within
Speaker 3: the industry over how effective it is to do that.
Speaker 2: And you know, we always hear that the world is
Speaker 2: producing so much more data these days. Quants are also
Speaker 2: looking at our tweets, for instance, or our news headlines.
Speaker 2: I mean they're not actually reading them directly, but they
Speaker 2: are using a kind of machine learning algorithm called natural
Speaker 2: language processing, where they try to turn all the material
Speaker 2: in the world into numbers that they can analyze.
Speaker 1: And I guess that's really sort of the holy grail
Speaker 1: of this right is trying to understand the human behavior
Speaker 1: that underlies all the decisions that go into markets moving
Speaker 1: up or down.
Speaker 2: Yeah, exactly. I mean that's sort of hardest part. I mean,
Speaker 2: if you can predict where the S and P five
Speaker 2: hundred goes every day, I mean, you would be a
Speaker 2: rich person. And that is the hardest part, especially in
Speaker 2: the US thought market, for instance, which is so efficient.
Speaker 2: So even in my story, when I spoke to a
Speaker 2: lot of these quants who are so optimistic about the
Speaker 2: progress in AI, they always say, you know, we're just
Speaker 2: looking for a small edge, But a small edge on
Speaker 2: Wall Street can mean a lot more money. So even
Speaker 2: if you're not right every day, if you're right, more
Speaker 2: than half the time. I mean, that's good enough.
Speaker 1: Justin in your story, you spoke to a lot of
Speaker 1: the people who are doing this work. Are trying to
Speaker 1: incorporate AI into trading. Who are they?
Speaker 2: Yeah, obviously a lot of quants will say they use
Speaker 2: machine learning, but there are some hedge funds that are
Speaker 2: known for the AI prowess. So, for instance, I spoke
Speaker 2: to Michael Kurrichanoff, who's the co founder of Volon, which
Speaker 2: is one of the few hedge funds known for AI.
Speaker 2: And he's a guy, you know who was a physicist,
Speaker 2: you know, who has a computer science PhD. After a
Speaker 2: period in working in Silicon Valley, he went to Wall Street.
Speaker 2: He started bolly On about sixteen years ago with the
Speaker 2: idea of using machine learning to try to predict where
Speaker 2: the equity market will go. And if you talk to
Speaker 2: people like him, one interesting thing is they almost sometimes
Speaker 2: sound a little bit scornful of all other quants, in
Speaker 2: that they really see themselves as doing something that's different
Speaker 2: from the last generation of quants, and their pitch to
Speaker 2: investors is we can give you something that doesn't look
Speaker 2: like anything else out there. So even when your other
Speaker 2: quant strategies fail, we will be making money and.
Speaker 1: Sam exactly what is it that they're telling potential clients
Speaker 1: that they're going to be able to do with this technology.
Speaker 3: I think one interesting thing about Boleion is that the
Speaker 3: perfect example of this run by a data scientist who
Speaker 3: used to do nuclear physics, and they based themselves near
Speaker 3: the Berkeley campus so that they're close to a center
Speaker 3: of world machine learning. The people trying to harness this
Speaker 3: AI and beat Wall Street and not your classic finance types.
Speaker 3: They are data people, they are statisticians, they are programmers,
Speaker 3: and I think that is an interesting dynamic that this
Speaker 3: sort of power based on Wall Street is potentially moving
Speaker 3: away from the classic finance economist types and towards mathematicians. Basically,
Speaker 3: certainly for Volion, they're presenting something that is uncorrelated. You
Speaker 3: imagine you're a giant investment firm and you're placing your
Speaker 3: money just directly in the stock market or in a
Speaker 3: track of fund and in some bonds. You basically create
Speaker 3: a risk exposure that is the same as the market.
Speaker 3: You are vulnerable to the same things. So a lot
Speaker 3: of what people are looking for on Wall Street is uncorrelated.
Speaker 3: It's why we see a lot of activity in occasionally
Speaker 3: very random commodities funds and things like that. Because these
Speaker 3: big investment houses are trying to spread out their risk,
Speaker 3: they're trying to be smart about it. Cracked, beating the market,
Speaker 3: beating the benchmark doesn't seem so just yet, they do
Speaker 3: say they are providing a return that is going to
Speaker 3: behave differently to anything else, and that's very appealing to
Speaker 3: certain money managers.
Speaker 1: So is the idea that when the herd of the
Speaker 1: market is zigging, that AI will allow these firms to
Speaker 1: zag and take advantage of opportunities that the rest of
Speaker 1: the market just doesn't see.
Speaker 2: Yeah, I think that's exactly right. And the reasoning behind
Speaker 2: that is probably that they are taking in so many
Speaker 2: variables from everything that they can get into a more sophisticated,
Speaker 2: superhuman view of what markets are really doing. And one
Speaker 2: thing that they really emphasized is they don't have a model.
Speaker 2: I mean, they don't have an economic theory, but they
Speaker 2: just trust the data. You know, in the sense that
Speaker 2: you know, chat GPT is reading so much Shakespeare that
Speaker 2: it can write Shakespeare. So it's the same idea, which
Speaker 2: is that the machines are looking at so many years
Speaker 2: of market data that they can tell you based on
Speaker 2: what the market looks like right now, here's where prices
Speaker 2: are going to go. And even if you cannot reason
Speaker 2: it as a human, it will tell you the right
Speaker 2: answer after.
Speaker 1: The break, are these AI models beating the market?
Speaker 3: Same?
Speaker 1: I guess on the flip side, taking advantage of all
Speaker 1: this information may not necessarily lead to a clearer picture.
Speaker 1: We always try to figure out why the stock market
Speaker 1: went up or down on a given day, but often
Speaker 1: it's not really clear. So does all this data that
Speaker 1: says what happens in the past necessarily predict what's happening now.
Speaker 3: I've got a smile on my face because you're talking
Speaker 3: to a guy who ran Bloomberg's Global Wrap for about
Speaker 3: three years. So my job every day was to define
Speaker 3: a narrative. You know, why why stocks are up, why
Speaker 3: bonds are down, et cetera. And it's true. And this
Speaker 3: is where the kind of rubber meets the road in
Speaker 3: the story, the AI and the machines are finding it
Speaker 3: just as tough as everyone else to figure out what's
Speaker 3: the driver and where it's going next. One of the
Speaker 3: problems is regime shifts happen in markets from nowhere when
Speaker 3: the pandemic hit, we obviously had a massive crash. For
Speaker 3: anyone to see that coming machine or otherwise was near impossible.
Speaker 3: And then afterwards, with the various pandemic support and emergency
Speaker 3: aid from governments, we got a rapid rebound and some
Speaker 3: of the AI funds were caught out by that. Basically,
Speaker 3: the AI the machine. It can look at the complete
Speaker 3: history of all stop moves. Ever, something can happen, something external,
Speaker 3: something macro, that makes tomorrow different, tomorrow a thing that
Speaker 3: never happened before, and that's probably there. Arguably the biggest
Speaker 3: shortcoming is you can learn all you want from history,
Speaker 3: but it doesn't tell you what's going to happen next.
Speaker 1: Justine, you also talked about another fun called Man Group. Yeah.
Speaker 2: So Man Group is the biggest listed hatch fund in
Speaker 2: the world and they're a huge company based in London.
Speaker 2: And what I found interesting about their story is they
Speaker 2: actually started looking into applying machine learning back in two
Speaker 2: thousand and nine, but they didn't really start using it
Speaker 2: and actual trading until twenty fourteen. And that just kind
Speaker 2: of tells you how much research and work goes into
Speaker 2: getting it right and making sure it actually helps and
Speaker 2: how even though we've seen so many breakthroughs in Silicon Valley,
Speaker 2: the financial industry can feel like it's many years behind.
Speaker 2: Part of the issue is when you're using machine learning algorithm,
Speaker 2: you lose the explainability of it. So when you're losing money,
Speaker 2: your clients might be like, why did you decide to
Speaker 2: tred that you can't exactly point to a formula or
Speaker 2: point to your reasoning because machine learning, I mean, the
Speaker 2: beauty of it is that it can figure out all
Speaker 2: these complex relationships that you cannot exactly reverse engineer rationally,
Speaker 2: and so it's really hard to explain and that is
Speaker 2: a bigger issue in finance than it might be. You know,
Speaker 2: for chat GPT for instance.
Speaker 1: Same is there any downside to putting so much into
Speaker 1: these AI models? When you look at something like chat GPT,
Speaker 1: one of the big problems is what they call the
Speaker 1: hallucination rate, where it just gets it completely wrong and
Speaker 1: yet asserts it with total confidence. How do we know
Speaker 1: that these models are getting it right? We don't.
Speaker 3: And that's where the real debate in the field is
Speaker 3: coming from those who say we need to overlay some
Speaker 3: economic theory so that they know they have some idea
Speaker 3: what they're looking for. What the advocates of just turning
Speaker 3: the machines loose would tell you is that if you
Speaker 3: let them loose on the data, they will find the
Speaker 3: old school quant rules at the same time that they
Speaker 3: find everything else.
Speaker 2: And I think that's also why a lot of hatch
Speaker 2: funds and financial firms aren't using it to predict prices
Speaker 2: and trade based on that just yet, because they really
Speaker 2: want to be sure that's better than everything they've ever done.
Speaker 1: After hearing this and seeing how so many firms and
Speaker 1: smart people are in are being put into this question,
Speaker 1: is it working? Do these AI models beat the market?
Speaker 1: Do they do better than the old fashioned and new
Speaker 1: fashioned ways of trading?
Speaker 2: I really want to josh the question and.
Speaker 1: Say the cury is still out.
Speaker 2: I mean, if you look at the track record, the
Speaker 2: answer definitely is not mind blowing. So in the story,
Speaker 2: I cite this academic paper that looked at mutual funds
Speaker 2: that use AI and what have found was that most
Speaker 2: of them still did not beat their benchmark, even if
Speaker 2: they were a bit better than the human managed funds.
Speaker 2: And in the exchange traded fund market in the US
Speaker 2: that pick stocks based on an AI that has a
Speaker 2: pretty long track record, and that also has not done
Speaker 2: that well. And I think if you look at the
Speaker 2: more sophisticated AI hatch funds, what people would say is,
Speaker 2: you know, they've done pretty well, but it's not going
Speaker 2: to be like number one on the leaderboard and it's
Speaker 2: not going to like blow your mind. What was clear
Speaker 2: to me is that the use of these methods is increasing,
Speaker 2: but a lot of the time they're using it but
Speaker 2: not necessarily letting it go wild just yet.
Speaker 3: What we've seen with quantum besters and quant strategies of
Speaker 3: the old school is that when they found something that worked,
Speaker 3: everyone quickly piled into the trade, and then suddenly it
Speaker 3: didn't work anymore because there are too many people doing it.
Speaker 3: The gap gets closed very quickly and they can't make money.
Speaker 3: As these AI programs get more sophisticated, more embedded in
Speaker 3: the market, any inefficiencies they find, they're going to disappear faster.
Speaker 3: The market actually could end up way more efficient and
Speaker 3: making excess profit, excess return. Beating other people in the
Speaker 3: market might just get harder and harder because the computers
Speaker 3: get so good at it.
Speaker 1: So we know that this technology looks promising, isn't quite
Speaker 1: beating the market yet overall, But when you look down
Speaker 1: the road, given how quickly this technology in AI in
Speaker 1: general is advancing, what do you see, where do things
Speaker 1: go from here? In how it's used in markets.
Speaker 2: In terms of actually using machine learning to predict prices
Speaker 2: and decide what to trade. I think that's probably going
Speaker 2: to happen, but at a slower pace, just because it's
Speaker 2: much harder to make that decision to hand the reins
Speaker 2: of your money management to a machine that you don't
Speaker 2: understand that well.
Speaker 1: Sam Justina, thanks so much for sharing your reporting. I
Speaker 1: have a feeling we'll be talking about this again.
Speaker 2: Thank you so much for having us.
Speaker 1: When we come back, we'll talk with a trader who's
Speaker 1: all in on AI. Now, let's hear from someone who's
Speaker 1: actually putting these AI models to work. Renee Yao is
Speaker 1: the founder of neo Ivy Capital. It's a quantitative hedge
Speaker 1: fund that uses artificial intelligence in its investment decisions. You
Speaker 1: are a quantitative trader. Exactly what is that and how
Speaker 1: does it differ from AI that's not being used.
Speaker 4: So from a normal person's standpoint of view, market might
Speaker 4: be full of noise or chaos, but behind those chaos
Speaker 4: or randomness market actually does appear certain patterns, and AI
Speaker 4: works better as a noise cancelor compared to traditional mesters.
Speaker 4: If you look at the history of QUANTU investment, it
Speaker 4: actually undergone three different generations of big changes. The first
Speaker 4: generation quants probably dates back to nineteen eighties nineties, where
Speaker 4: people like Solomon Brothers are trying to mimic what the
Speaker 4: financial analysts we're trying to do and they use simple
Speaker 4: implementation methods like Excel spreadsheet to do this their calculations.
Speaker 4: And later the second generation quant they realize they not
Speaker 4: only need to have a forecast of each of the stocks,
Speaker 4: they need to have different forecasts that has uniqueness that
Speaker 4: others don't have, which is why they're trying to hire
Speaker 4: hundreds of thousands of people to try to achieve that
Speaker 4: unique edge.
Speaker 1: And they're all trying to create computer models and other
Speaker 1: methods to look at the market and find holes in
Speaker 1: the market that other people don't see.
Speaker 4: Yes, they're trying to do data minings, pattern recognitions from
Speaker 4: historic data and trying to see if there's certainly pattern
Speaker 4: that happened in the historic data and hopefully that's going
Speaker 4: to happen again in the future. And then what happens
Speaker 4: is we do we consider ourselves to be the third
Speaker 4: generation quant which is we're not trying to do data
Speaker 4: mining pattern recognition. Instead, we use over AI I augorism
Speaker 4: to trying to come up with fast new ideas automatically
Speaker 4: for us, and they look at leading indicators to predict
Speaker 4: the future instead of the lagging indicators of what happened
Speaker 4: already in the past.
Speaker 1: So you no longer need the hundreds or thousands of
Speaker 1: individual incredibly smart people all working away on computers to
Speaker 1: find patterns. You just let AI do it for you.
Speaker 4: Yes, in some scenario, I think our AI allg has
Speaker 4: replaced the functionality of the human researchers.
Speaker 1: That's really interesting where you put it that there's o
Speaker 1: this noise. What's an example of noise? And how does
Speaker 1: it get in the way of figuring out which way
Speaker 1: a market is going to move?
Speaker 4: So solving the market direction is like try to solve
Speaker 4: a crime see problem, Like we're trying to figure out
Speaker 4: who is a suspect. If we have a video showing
Speaker 4: what happen happen exactly at the crime scene, that will
Speaker 4: be like perfect signals because it can leads us to
Speaker 4: directly who the suspect is. However, in most of the
Speaker 4: time that's not the case. We don't have a video
Speaker 4: capture what happened back then. So what we can do
Speaker 4: is we look at things that are relevant that will
Speaker 4: give us certain indications as to what the suspect looks like.
Speaker 4: For example, certain things might lead to hey, the expect
Speaker 4: late is a male or female, and so AI it's
Speaker 4: good at capturing rules, little small pieces and put them together, and.
Speaker 1: So AI is able to sort through all the different
Speaker 1: things that might be causing a market to move, and
Speaker 1: it's always difficult to tell which one of the many
Speaker 1: many things it might be in zero in on the
Speaker 1: ones that might be the most important. Yes, exactly, and
Speaker 1: how does it do that?
Speaker 4: A good example of traditional how machine learning organism will
Speaker 4: be IBM's The Blue All Go, where IBM built and
Speaker 4: released in the nineteen nineties and they use that to
Speaker 4: be the Russian chess champion. Now, the reason we can
Speaker 4: use traditional machine learning for chess game is because chess
Speaker 4: game has so many well defined rules, like queens can
Speaker 4: only move in a certain way in knights can move
Speaker 4: in a certain way, So after each movement you have
Speaker 4: only finite possible solutions for next step. That's why, as
Speaker 4: long as you have enough computing power, you can literally
Speaker 4: tell your machine to go through every possible scenarios of
Speaker 4: the next steps and handpick you the highest winning hand. However,
Speaker 4: we don't have that luxury in real market problem right,
Speaker 4: Like we don't know where sp is going to land
Speaker 4: by the year end.
Speaker 1: And there's a million rules and so many participants, and
Speaker 1: so it's not a finite set of variables. Precisely, how
Speaker 1: effective has it been? Are you finding that these models
Speaker 1: are much better than previous models without AI?
Speaker 4: I definitely think so. If you only look at lagging
Speaker 4: nicular historic information and then you hope the market will
Speaker 4: be in a history repeat itself pattern, then that's probably
Speaker 4: going to have a lot of constraints because we live
Speaker 4: in a day where every day like something unexpected happened, Like,
Speaker 4: for example, just the past five years, we experienced COVID,
Speaker 4: we experienced the sudden collapse of Silicon Valley Bank, one
Speaker 4: of the largest regional banks in the US. Those are
Speaker 4: all unprecedented events that didn't happen historically, So naturally that's
Speaker 4: going to post a challenge for the traditional much learning models.
Speaker 4: Where relies on history repeat itself. But for AI, because
Speaker 4: the model is learning in real time like we do,
Speaker 4: then it's able to navigate those different market conditions smartly
Speaker 4: and deliver good returns.
Speaker 1: You're not saying, though, that AI has the ability to predict,
Speaker 1: say the collapse of a Silicon valley bank, but that
Speaker 1: it's able to respond more quickly to figure out what
Speaker 1: to do in the event that that happens.
Speaker 4: Yes, our goal is to respond quickly and smartly as
Speaker 4: to what to react if such unprecedented things happen.
Speaker 1: So you said you're having good success with this, but
Speaker 1: if you look at the overall numbers, I guess that
Speaker 1: these AI algorithms aren't yet doing a great job of
Speaker 1: just beating the overall market, doing better than say the
Speaker 1: S and P five hundred.
Speaker 4: That's actually one of the myths with AI. People's attitude
Speaker 4: towards AI tends to go to the two extremes. Some
Speaker 4: people just don't believe it. They think it's just a
Speaker 4: ring name of a traditional technology that has been existing
Speaker 4: for more than fifteen years. Or some people will say,
Speaker 4: oh AI is God, it can do anything, it can
Speaker 4: do everything. Well, my experience is AI is not stupid
Speaker 4: nor it's god. AI does has its limitations because there
Speaker 4: are periods of time where markets are completely randomness and
Speaker 4: there's just no pattern for you to capture, SOI no
Speaker 4: traditional machine learning will work in those periods of time. However,
Speaker 4: during the period of time when market does have a pattern,
Speaker 4: AI works better as a noise canceler compared to traditional
Speaker 4: mation learning.
Speaker 1: Where do you see all of this heading, do you
Speaker 1: think that AI is going to more and more work
Speaker 1: its way into markets and work its way into the
Speaker 1: way trading is done.
Speaker 4: I definitely think so. Eight years ago, when I first
Speaker 4: came out and becoming a pat then build NEYV not
Speaker 4: many people are interested in muchine learning of AI. But
Speaker 4: now with Tauchipt, with Task last Auto Drive, more and
Speaker 4: more people began to realize how powerful AI is and
Speaker 4: how much more it can be done without just involved
Speaker 4: over human So that's why I believe in the future
Speaker 4: AI is definitely going to play a much more important
Speaker 4: role than today in terms of its applications in the
Speaker 4: financial market.
Speaker 1: Renee, thanks so much for giving us a look inside
Speaker 1: what quants do.
Speaker 4: Thank you so much.
Speaker 1: Wes, thanks for listening to us here at the Big
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