News/Finance
Tiger Brokers embraces DeepSeek as Chinese brokerages pounce on AI
Online broker Tiger Brokers has integrated DeepSeek's AI model into its chatbot platform, marking a significant development in the Chinese financial sector's adoption of artificial intelligence. DeepSeek, a Chinese AI startup, has gained attention for developing its R1 model at a fraction of the cost of Western competitors, prompting widespread adoption among Chinese financial institutions. The big picture: The integration of DeepSeek-R1 into Tiger Brokers' TigerGPT platform represents a broader trend of Chinese financial institutions racing to implement AI solutions. At least 20 Chinese brokers and fund managers, including Sinolink Securities and CICC Wealth Management, have begun integrating DeepSeek models...
read Feb 12, 2025SoftBank reports loss after AI investment announcement with Trump
Falling star...gate? The Japanese technology investment giant SoftBank Group Corp. has faced significant financial fluctuations in recent months, posting both notable gains and losses across its diverse portfolio. The company's strategic focus on artificial intelligence investments, including a major recent partnership with U.S. tech leaders, comes amid these varying financial results. Latest financial results: SoftBank Group reported a 369.2 billion yen ($2.4 billion) loss for the fiscal third quarter, contrasting sharply with its 950 billion yen profit in the same period last year. Quarterly sales showed a modest 3% increase to 1.83 trillion yen ($11.9 billion) The company's nine-month performance...
read Feb 10, 2025AI and Trump enthusiasm cools as markets reassess hype, anticipate trade wars
The global economic landscape is being shaped by two key factors in early 2025: Donald Trump's trade policies and the evolving artificial intelligence sector. What began as market optimism around these factors in late 2024 has transformed into growing investor uncertainty. Market sentiment shift: Trump's recent trade rhetoric and cooling AI enthusiasm are creating new headwinds for financial markets in 2025. Trump's threat of reciprocal tariffs triggered a stock market decline, with additional steel and aluminum tariffs expected to further pressure markets The AI sector faces fresh scrutiny after Chinese startup DeepSeek claimed its training costs were significantly lower than...
read Feb 9, 2025Nearly half of Americans now prefer AI over humans to do their taxes
Americans' dread of tax filing season and their need for professional help has taken an unexpected turn, as new research shows shifting trust from human professionals to artificial intelligence solutions. The growing acceptance of AI in financial matters reflects broader changes in how people approach complex administrative tasks in the digital age. Key findings: A recent survey by accounting software company Invoice Home reveals a significant shift in Americans' preferences for tax filing assistance. Nearly 43% of Americans would trust AI over a human tax professional for their tax filing needs Only 40% of Americans express confidence in their ability...
read Feb 8, 2025AI fintech company Jump secures $20m in Series A funding
Breaking News: AI-powered fintech company Jump has secured $20 million in Series A funding, with Battery Ventures leading the investment round. Investment Details: This funding announcement represents a significant milestone for Jump in the competitive fintech landscape. Battery Ventures, a well-established venture capital firm known for backing technology companies, spearheaded the Series A round The $20 million investment positions Jump to expand its AI-driven financial technology solutions Funding Context: The Series A raise comes amid ongoing interest in AI-powered fintech solutions from venture capital firms. The funding demonstrates continued investor confidence in companies combining artificial intelligence with financial services Battery...
read Feb 7, 2025Ark series is a new ‘large vision language model’ purpose-built for finance and accounting
Core innovation: The Ark series represents a significant advancement in automated bookkeeping, utilizing large vision language models (LVLMs) specifically trained for understanding financial and accounting documents. The models demonstrate marked improvements in document comprehension, data extraction, and automated processing capabilities Two primary versions have been developed: Ark I (8B parameters) and Ark II (26B parameters), with each showing progressive performance improvements The system combines both Chain of Thought and Tree of Thought prompting methods to handle complex document processing tasks Technical framework: The models employ sophisticated training methodologies to achieve high accuracy in specialized accounting tasks. Implementation uses Low-Rank Adaptation...
read Feb 6, 2025Russia’s Sberbank plans AI collaboration with China after DeepSeek advance
Sberbank, Russia's largest bank, announced plans to collaborate with Chinese researchers on artificial intelligence projects, following DeepSeek's development of a cost-effective AI model that challenges U.S. competitors. Key development: Sberbank's First Deputy CEO Alexander Vedyakhin revealed the bank's intention to leverage its scientific talent pool for joint AI research initiatives with Chinese partners. The announcement comes in the wake of DeepSeek's breakthrough in creating a powerful AI model at significantly lower costs compared to U.S. alternatives Sberbank's strategic move indicates a growing trend of international AI collaboration outside of traditional Western technology hubs The bank aims to utilize its existing...
read Jan 22, 2025McKinsey and C3 partner to accelerate AI adoption in manufacturing, energy and finance
McKinsey and C3 AI have formed a strategic alliance to help enterprises accelerate their AI transformations, combining McKinsey's QuantumBlack AI practice with C3 AI's enterprise software capabilities. Partnership overview: McKinsey and C3 AI announced their collaboration at Davos, aiming to deliver enterprise-scale AI solutions across multiple industries. The alliance merges QuantumBlack's technical expertise and industry deployment experience with C3 AI's enterprise and agentic AI software applications The partnership focuses on addressing complex business challenges, from supply chain optimization to asset performance management QuantumBlack, acquired by McKinsey 10 years ago, brings extensive experience in AI technologies, tools, and IP development Key...
read Jan 20, 2025SaaS rebounds as Insight Partners secures $12.5B for B2B investments
Insight Partners has secured a $12.5 billion fund focused on B2B and AI investments, marking the largest venture capital fundraise of the past year. The fundraising achievement: Insight Partners exceeded their revised target of $10 billion but fell short of their original $20 billion goal that matched their 2022 fund size. The new fund represents a significant commitment to B2B software and AI investments, despite being smaller than their previous fund The successful raise demonstrates continued institutional investor confidence in the B2B technology sector Insight Partners has maintained its position as one of the most active growth-stage venture capital firms...
read Jan 20, 2025How agents will reshape industries, from healthcare to finance, with autonomous decision-making
Agentic AI systems - artificial intelligence capable of autonomous perception, decision-making, and action - are creating significant impacts across multiple industries, from healthcare to urban planning. Key characteristics of agentic AI: Agentic AI differentiates itself from traditional rule-based software through its ability to learn from environments and adapt behavior to achieve objectives. Boston Dynamics' Atlas robot demonstrates this capability by dynamically adjusting movements to maintain balance during complex tasks DeepMind's AlphaFold independently explores protein structures using novel approaches that surprised its creators These systems exhibit autonomy, adaptability, and intentionality rather than following fixed programming Healthcare applications: AI systems are enhancing...
read Jan 19, 2025How to use AI to make better personal finance decisions
The core concept: Generative AI tools like ChatGPT can serve as personal finance coaches, helping users develop and maintain frugal habits through interactive dialogue and personalized guidance. Key applications: AI assistance with frugality goes beyond simple budgeting advice to provide comprehensive financial wellness support. AI can offer emotional encouragement and accountability for making mindful purchasing decisions These tools can deliver customized financial literacy education tailored to individual circumstances Users can engage in practice scenarios with AI to strengthen their frugal decision-making skills Best practices for AI interaction: Effective use of AI for financial guidance requires the right approach and awareness...
read Jan 16, 2025The new wave of AI banking apps helping consumers manage their finances
AI-powered financial management tools are gaining popularity as affordable alternatives to human financial advisors, with 96% of users reporting positive experiences according to recent Experian data. Key Benefits of AI Finance Tools; AI-driven financial applications offer automated analysis of spending patterns, personalized budgeting advice, and fraud detection capabilities at a fraction of the cost of traditional financial advisors. These tools can quickly analyze years of transaction data to provide customized financial insights Some AI apps, like Cleo, can automate tasks such as bill negotiations The technology makes financial management more accessible through user-friendly interfaces and plain-language explanations Current Limitations and...
read Jan 15, 2025How these AI-powered finance apps are helping young adults manage tight budgets
AI-powered financial apps Cleo and Bright are marketing personalized chatbot advisers to Gen Z and millennial users while simultaneously promoting financial products and services. The core offering: Both Cleo and Bright connect to users' bank accounts to analyze spending patterns and provide automated financial guidance through conversational AI interfaces. Cleo positions itself as a financial "confidant or coach" according to CEO Barney Hussey-Yeo The apps promise to help users better understand and manage their money through AI-driven insights The technology aims to provide personalized financial advice based on individual transaction data and spending habits Revenue model and monetization: These AI...
read Jan 6, 2025AI stocks surge as investor enthusiasm rebounds
Market momentum: Wall Street saw a significant jump on Monday, with artificial intelligence stocks leading the charge despite rising bond yields. The 10-year Treasury yield traded above 4.6%, with three important bond auctions scheduled for the week AI-related stocks showed particular strength, with Nvidia climbing approximately 5% toward a record high close Market sentiment shifted from bond-focused concerns to renewed enthusiasm for AI investments AI sector catalyst: Foxconn's strong quarterly performance in AI server manufacturing sparked renewed confidence in the semiconductor and AI technology sector. The better-than-expected results from Foxconn positively impacted companies supplying chips for its servers Anticipation built...
read Jan 3, 2025AI-powered stock bot delivers record-breaking 500% return in one week
Galileo FX trading robot has demonstrated remarkable performance, achieving a 500% return on a $3,200 investment within one week and showing a 72% win rate. Key Performance Metrics: The AI-powered trading system has demonstrated capabilities that far exceed traditional human trading benchmarks. The bot achieved a 3.2 profit factor and generated returns of 560% over a five-month period Traditional skilled human traders typically aim for 5-10% annual returns that beat inflation and the S&P 500 The system maintains a 72% win rate across its trading activities Technical Capabilities: Galileo FX employs a sophisticated approach to automated trading that combines multiple...
read Dec 21, 2024Leap Financial secures $3.5M for AI-powered global payments
Key funding details: Fintech startup Leap Financial has secured $3.5 million in seed funding led by Fuel Venture Capital, with participation from Ascendo Venture Capital. The funding will support expansion efforts and strengthen the company's partnership with Mastercard Resources will be allocated to acquire AI talent and enhance the platform's capabilities The investment demonstrates growing confidence in AI-powered financial solutions Technology innovation: Leap's proprietary X-Border Payments Platform combines AI technology with embedded financial services to transform traditional remittance processes. The platform features a Native AI super agent named Lola that facilitates transactions Transaction fees are reduced to under 1%, compared...
read Dec 19, 2024Why your finance team should be involved in big AI decisions
Artificial intelligence adoption in businesses has been rapid, yet many companies struggle to translate their AI investments into tangible financial returns, highlighting a critical gap between technological understanding and practical value creation. Current state of AI implementation: A recent survey of 750 executives across industries reveals a notable disconnect between perceived AI knowledge and actual business impact. 65% of executives believe they possess advanced understanding of AI and its benefits, while 18% claim cutting-edge knowledge Despite high confidence levels, only 6% report having cutting-edge ability to generate meaningful profit and loss impact from AI technologies The survey included 150 technology...
read Dec 18, 2024The Edgelord who wooed Marc Andreessen and then made millions with an automous crypto agent
The rapid rise of an experimental AI chatbot called Truth Terminal has sparked discussions about AI safety and financial autonomy after accumulating millions in cryptocurrency through social media influence. Project origins and development: Truth Terminal emerged as a performance art project by New Zealand developer Andy Ayrey, designed to explore AI alignment through training on chatbot conversations. The AI began posting on X (formerly Twitter) in June 2024, quickly amassing over 200,000 followers The project gained attention for its peculiar fixation on predicting a "Goatse Singularity," based on an internet meme Venture capitalist Marc Andreessen took interest in the project,...
read Dec 17, 2024Basis secures $34M to advance autonomous accounting agents
Major funding announcement: AI startup Basis has secured $34 million in Series A funding, led by Khosla Ventures, to develop its autonomous accounting automation system. Notable investors include former GitHub CEO Nat Friedman, OpenAI board members Larry Summers and Adam D'Angelo, and Google's chief scientist Jeff Dean The investment reflects growing confidence in AI-powered autonomous agents, which can perform complex tasks independently The funding round was supported by NFDG, an AI-focused fund run by Friedman and former Apple executive Daniel Gross Product capabilities and integration: Basis's AI agent functions as a junior accountant, performing essential accounting tasks while integrating with...
read Dec 15, 2024AI boosts bank productivity but monetization remains challenging
The financial services industry is rapidly adopting artificial intelligence technologies, though the path to monetization remains unclear despite significant productivity improvements. Current state of AI adoption: Major financial institutions are implementing AI across multiple business functions, with a primary focus on operational efficiency and internal processes. Goldman Sachs reports potential coding productivity improvements of 20-30% among their 11,000 engineers through AI implementation BNY Mellon has democratized AI access, enabling thousands of employees to build and deploy AI agents for daily tasks Banks are successfully using AI for virtual client assistants and supporting functions in human resources, risk management, compliance, and...
read Dec 11, 2024McKinsey: To gain value from AI, banks must move beyond experimentation
The financial services industry stands at a critical juncture as artificial intelligence presents unprecedented opportunities to transform banking operations, customer service, and business models. Strategic imperative: Banks must transition from experimental AI initiatives to comprehensive, enterprise-wide transformation strategies that enhance both operational efficiency and revenue generation. Financial institutions that limit AI deployment to isolated use cases risk falling behind competitors who take a more holistic approach Success requires reimagining entire business domains rather than implementing narrow solutions Banks need to balance cost efficiency with revenue growth and improved stakeholder experiences Technical framework: A four-layer AI capability stack forms the foundation...
read Dec 9, 2024Jack Ma envisions AI-driven future for Ant Group
The reemergence of Alibaba co-founder Jack Ma at Ant Group's 20th anniversary celebration marks a significant moment for the Chinese fintech giant, which has undergone substantial regulatory scrutiny since 2020. Recent developments: Ant Group is entering a new phase of leadership and strategic direction as it recovers from years of regulatory challenges. The company announced that President Cyril Han will take over as CEO from Eric Jing starting March 1 Ma gave up control of Ant Group in 2023 as part of broader organizational changes to comply with financial regulations The company recently paid a nearly $1 billion fine in...
read Dec 8, 2024IDFC FIRST Bank unveils AI holographic avatar of brand ambassador
IDFC FIRST Bank has introduced a groundbreaking AI-powered holographic avatar featuring Bollywood superstar Amitabh Bachchan, marking a significant advancement in interactive banking technology in India. Technology Innovation: This initiative leverages Holographic Extended Reality (HXR) technology to create an interactive digital representation of brand ambassador Amitabh Bachchan that customers can engage with through touch-based interactions. The holographic system provides information about various banking services, including Zero Fee Banking, Monthly Interest Credits, and Mobile Banking features The technology represents a first-of-its-kind innovation in the banking sector, combining artificial intelligence with holographic displays The system is designed to create a more engaging and...
read Dec 8, 2024How Ally Financial found success with AI adoption
The financial industry's cautious yet strategic adoption of generative AI is exemplified by Ally Financial's methodical approach to building and deploying AI solutions while maintaining strict security protocols. Strategic Implementation Framework: Ally Financial has developed a comprehensive generative AI platform and playbook that balances innovation with security requirements in the highly regulated financial sector. The company launched Ally.ai in June 2023, creating a proprietary platform built on AWS and Microsoft Azure OpenAI while maintaining LLM neutrality A structured Technology Operating Model called ATOM guides AI initiatives through five stages: Discover, Ideate, Elaborate, Execute, and Measure An AI Working Group was...
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