Föhrenbergkreis Finanzwirtschaft

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Posts Tagged ‘AI’

Is China Outsmarting America in A.I.?

Posted by hkarner - 29. Mai 2017

Date: 28-05-2017
Source: The New York Times

HONG KONG — Sören Schwertfeger finished his postdoctorate research on autonomous robots in Germany, and seemed set to go to Europe or the United States, where artificial intelligence was pioneered and established.

Instead, he went to China.

“You couldn’t have started a lab like mine elsewhere,” Mr. Schwertfeger said.

The balance of power in technology is shifting. China, which for years watched enviously as the West invented the software and the chips powering today’s digital age, has become a major player in artificial intelligence, what some think may be the most important technology of the future. Experts widely believe China is only a step behind the United States. Den Rest des Beitrags lesen »

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Machine-learning promises to shake up large swathes of finance

Posted by hkarner - 27. Mai 2017

Date: 26-05-2017
Source: The Economist
Subject: Unshackled algorithms

In fields from trading to credit assessment to fraud prevention, machine-learning is advancing

MACHINE-LEARNING is beginning to shake up finance. A subset of artificial intelligence (AI) that excels at finding patterns and making predictions, it used to be the preserve of technology firms. The financial industry has jumped on the bandwagon. To cite just a few examples, “heads of machine-learning” can be found at PwC, a consultancy and auditing firm, at JP Morgan Chase, a large bank, and at Man GLG, a hedge-fund manager. From 2019, anyone seeking to become a “chartered financial analyst”, a sought-after distinction in the industry, will need AI expertise to pass his exams.

Despite the scepticism of many, including, surprisingly, some “quant” hedge funds that specialise in algorithm-based trading, machine-learning is poised to have a big impact. Innovative fintech firms and a few nimble incumbents have started applying the technique to everything from fraud protection to finding new trading strategies—promising to up-end not just the humdrum drudgery of the back-office, but the more glamorous stuff up-front. Den Rest des Beitrags lesen »

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The Dark Secret at the Heart of AI

Posted by hkarner - 15. Mai 2017

Date: 14-05-2017
Source: Technology Review by Will Knight

No one really knows how the most advanced algorithms do what they do. That could be a problem.

Last year, a strange self-driving car was released onto the quiet roads of Monmouth County, New Jersey. The experimental vehicle, developed by researchers at the chip maker Nvidia, didn’t look different from other autonomous cars, but it was unlike anything demonstrated by Google, Tesla, or General Motors, and it showed the rising power of artificial intelligence. The car didn’t follow a single instruction provided by an engineer or programmer. Instead, it relied entirely on an algorithm that had taught itself to drive by watching a human do it.

Getting a car to drive this way was an impressive feat. But it’s also a bit unsettling, since it isn’t completely clear how the car makes its decisions. Information from the vehicle’s sensors goes straight into a huge network of artificial neurons that process the data and then deliver the commands required to operate the steering wheel, the brakes, and other systems. The result seems to match the responses you’d expect from a human driver. But what if one day it did something unexpected—crashed into a tree, or sat at a green light? As things stand now, it might be difficult to find out why. The system is so complicated that even the engineers who designed it may struggle to isolate the reason for any single action. And you can’t ask it: there is no obvious way to design such a system so that it could always explain why it did what it did. Den Rest des Beitrags lesen »

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Robots won’t just take our jobs – they’ll make the rich even richer

Posted by hkarner - 25. April 2017

Date: 24-04-2017
Source: The Guardian

Robotics and artificial intelligence will continue to improve – but without political change such as a tax, the outcome will range from bad to apocalyptic

Instead of making it possible to create more wealth with less labor, automation might make it possible to create more wealth without labor.

Should robots pay taxes?

It may sound strange, but a number of prominent people have been asking this question lately. As fears about the impact of automation grow, calls for a “robot tax” are gaining momentum. Earlier this month, the European parliament considered one for the EU. Benoît Hamon, the French Socialist party presidential candidate who is often described as his country’s Bernie Sanders, has put a robot tax in his platform. Even Bill Gates recently endorsed the idea. Den Rest des Beitrags lesen »

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The Financial World Wants to Open AI’s Black Boxes

Posted by hkarner - 15. April 2017

Date: 14-04-2017
Source: Technology Review

Some of the most powerful machine-learning techniques work in mysterious ways, which is a problem if you need to explain a decision to customers.

Powerful machine-learning methods have taken the tech world by storm in recent years, vastly improving voice and image recognition, machine translation, and many other things.

Now these techniques are poised to upend countless other industries, including the world of finance. But progress may be stymied by a significant problem: it’s often impossible to explain how these “deep learning” algorithms reach a decision.

Adam Wenchel, vice president of machine learning and data innovation at Capital One, says the company would like to use deep learning for all sorts of functions, including deciding who is granted a credit card. But it cannot do that because the law requires companies to explain the reason for any such decision to a prospective customer. Late last year Capital One created a research team, led by Wenchel, dedicated to finding ways of making these computer techniques more explainable. Den Rest des Beitrags lesen »

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The Dark Secret at the Heart of AI

Posted by hkarner - 12. April 2017

Date: 11-04-2017
Source: Technology Review

No one really knows how the most advanced algorithms do what they do. That could be a problem.

Last year, a strange self-driving car was released onto the quiet roads of Monmouth County, New Jersey. The experimental vehicle, developed by researchers at the chip maker Nvidia, didn’t look different from other autonomous cars, but it was unlike anything demonstrated by Google, Tesla, or General Motors, and it showed the rising power of artificial intelligence. The car didn’t follow a single instruction provided by an engineer or programmer. Instead, it relied entirely on an algorithm that had taught itself to drive by watching a human do it.

Getting a car to drive this way was an impressive feat. But it’s also a bit unsettling, since it isn’t completely clear how the car makes its decisions. Information from the vehicle’s sensors goes straight into a huge network of artificial neurons that process the data and then deliver the commands required to operate the steering wheel, the brakes, and other systems. The result seems to match the responses you’d expect from a human driver. But what if one day it did something unexpected—crashed into a tree, or sat at a green light? As things stand now, it might be difficult to find out why. The system is so complicated that even the engineers who designed it may struggle to isolate the reason for any single action. And you can’t ask it: there is no obvious way to design such a system so that it could always explain why it did what it did. Den Rest des Beitrags lesen »

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Artificial Intelligence and Artificial Problems

Posted by hkarner - 4. April 2017

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Robotization Without Taxation?

Posted by hkarner - 23. März 2017

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Sorry, a Robot Is Not About to Replace Your Lawyer

Posted by hkarner - 20. März 2017

Date: 20-03-2017
Source: The New York Times

James Yoon, a partner at Wilson Sonsini Goodrich & Rosati in Palo Alto, Calif., says people are willing to pay for his experience. “What clients don’t want to pay for is any routine work.”

Impressive advances in artificial intelligence technology tailored for legal work have led some lawyers to worry that their profession may be Silicon Valley’s next victim.

But recent research and even the people working on the software meant to automate legal work say the adoption of A.I. in law firms will be a slow, task-by-task process. In other words, like it or not, a robot is not about to replace your lawyer. At least, not anytime soon.

“There is this popular view that if you can automate one piece of the work, the rest of the job is toast,” said Frank Levy, a labor economist at the Massachusetts Institute of Technology. “That’s just not true, or only rarely the case.”

An artificial intelligence technique called natural language processing has proved useful in scanning and predicting what documents will be relevant to a case, for example. Yet other lawyers’ tasks, like advising clients, writing legal briefs, negotiating and appearing in court, seem beyond the reach of computerization, for a while.

“Where the technology is going to be in three to five years is the really interesting question,” said Ben Allgrove, a partner at Baker McKenzie, a firm with 4,600 lawyers. “And the honest answer is we don’t know.”
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Supersmart Robots Will Outnumber Humans Within 30 Years, Says SoftBank CEO

Posted by hkarner - 3. März 2017

Date: 02-03-2017
Source: The Wall Street Journal

Futuristic forecast spurs investment wave from Japanese telecom company

koSoftBank CEO Masayoshi Son

BARCELONA—Within 30 years, artificial intelligence will be smarter than the human brain.

That is according to Masayoshi Son, chief executive of SoftBank Group Corp., who says that supersmart robots will outnumber humans and more than a trillion objects will be connected to the internet within three decades.

These beliefs underpin the wave of large and surprising deals the Japanese internet and telecommunications company has pulled off in the past year, he said Monday. These include starting a $100 billion technology-investment fund with a Saudi sovereign-wealth fund, buying British microprocessor designer ARM Holdings PLC for $32 billion and acquiring U.S. asset manager Fortress Investment Group PLC for $3.3 billion.

This 30-year forecast created urgency, Mr. Son said in a speech at the telecom industry’s biggest trade show, Mobile World Congress. “That is why I’m in a hurry to aggregate cash to invest.”

In a brief interview after his speech, Mr. Son said his $100 billion project with the Saudis, dubbed the SoftBank Vision Fund, was bigger than the $65 billion in combined investments from the venture-capital world. He said the SoftBank Vision Fund would be focused. “Artificial intelligence, Internet of Things, smart robots: Those are the three main things I’m interested in,” he said. Den Rest des Beitrags lesen »

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