Facebook’s AI-powered Pluribus system astounded the world when it recently defeated six professional poker players - including World Poker Tour title record holder Darren Elias – in games of no-limit Texas Hold ‘Em. The AI ‘revolution’ is being lauded in pretty much every sector you can imagine from healthcare and agriculture to fast-moving consumer goods and even reading the news.
Worldwide spending on AI systems grew to nearly $35.8 bn this year – a 44% increase in 2018. It’s expected to more than double to $79.2 billion by 2022. In my own sector of international capital markets, the chorus of voices proclaiming the dominance of machine-learning is growing by the day.
After retail, the banking and finance sectors are the second biggest beneficiaries of AI investment. Such levels of spending are undoubtedly going to change the make-up of international capital markets and the traders who operate in them. But we must ask ourselves if we are headed in the right direction.
That AI is so popular with venture capitalists now is clear, but what’s not clear is whether it’s working. For every dollar invested in new technology, a dollar is quickly withdrawn from a project that fails to make money. In many cases, investment pours into ...
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