As if active portfolio managers did not have enough challenges from computer-driven passive investing strategies, now machines are directly horning in on their territory.
San Francisco-based EquBot LLC is launching the first ever exchange-traded fund (ETF) to use artificial intelligence (AI), according to a company statement on Tuesday.
Employing International Business Machines Corp’s (IBM) Watson platform, the AI Powered Equity ETF, ticker AIEQ, will attempt to mimic an army of equity research analysts working around the clock, EquBot cofounder Art Amador said.
“There has been an explosion of information,” Amador said by telephone. “AI provides a more informed way of investing.”
The fund, which is being run in partnership with ETF Managers Group of Summit, New Jersey, will use AI and machine learning to scan more than 6,000 US publicly traded companies each day to create a diversified fund, Amador said.
The program will parse regulatory filings, more than a million news stories, company management profiles, sentiment gauges and financial models to establish a portfolio of 30 to 70 stocks.
Once the stocks are chosen, a team of human managers at ETF Managers Group will rebalance the portfolio based on the selections — theoretically, every day if the computer proposes changes.
“When something is in our portfolio, we know why it’s in there,” Amador said.
“We have an investment thesis about that position, and we can explain all the reasons why we own it or all the reasons why we’re going to get rid of it,” Amador added.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”