Bank of America is jumping on the AI bandwagon.
Bloomberg News reports that for the first time, the bank’s currency strategists are using machine-learning programs – which enable computers to comb through vast amounts of data to draw inferences and make predictions on their own – to tell clients what to buy and sell. They began producing AI-based research last month, as political turmoil in Italy roiled financial markets and sparked fears of another existential crisis in Europe.
The machine’s advice? Keep calm and carry on.
Of course, such seemingly high-level analysis isn’t exactly new. Quant funds have used machine learning for years. But at a time when Wall Street research is increasingly commoditized, it’s not hard to see why Bank of America is trying to capitalize on one of the hottest buzzwords in finance.
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