Instacart cofounder Apoorva Mehta has launched Abundance, a hedge fund that employs thousands of AI agents to autonomously manage trades, research, and stock selection, aiming to entirely replace human portfolio managers.
Why it matters
This article signifies a major disruption in the traditional finance and asset management industry, demonstrating AI's potential to take over highly complex, decision-making roles previously exclusive to humans. If successful, it could set a precedent for full AI autonomy in investment strategies, impacting employment for financial professionals, reshaping how capital is managed, and potentially influencing investment returns across global markets.
A new hedge fund, started by Instacart's cofounder, is using thousands of AI programs to make all its trading and investment decisions, aiming to completely replace human money managers. The founder believes AI can process more information and make better choices than people, with some of their investment strategies already fully run by AI.
Cohere, a Canadian AI company, is merging with German AI firm Aleph Alpha to establish a significant transatlantic AI entity focused on enterprise and government solutions.
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