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Category: finance – Page 48

Tang Yu, the AI CEO of the gaming company NetDragon Websoft, was assigned typical duties of the company that included reviewing high-level analytics, making leadership decisions, assessing risks, and fostering an efficient workplace. Tang Yu was the first CEO of a company that worked 24×7, without receiving compensation. The company said while appointing the AI chatbot as CEO that it will play a crucial role in the development of talents and ensuring a far and efficient workplace for all employees.

“Tang Yu’s appointment highlights the Company’s “AI + management” strategy and represents a major milestone of the Company towards being a “Metaverse organization”. Tang Yu will streamline process flow, enhance the quality of work tasks, and improve speed of execution. Tang Yu will also serve as a real-time data hub and analytical tool to support rational decision-making in daily operations, as well as to enable a more effective risk management system,” NetDragon Websoft said in a blog post.

Interestingly, the AI bot helped the company in generating revenue. As per reports, the company outperformed the Hang Seng Index, which tracks the biggest companies listed in Hong Kong.

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Black box optimization methods are used in every domain, from Artificial Intelligence and Machine Learning to engineering and finance. These methods are used to optimize functions when an algebraic model is absent. Black box optimization looks into the design and analysis of algorithms for those problem statements where the structure of the objective function or the limitations defining the set is not known or explainable. Given a set of input parameters, black box optimization methods are designed to evaluate the optimal value of a function. This is done by iteratively assessing the function at multiple points in the input space so as to find the point that generates the optimal output.

Though gradient descent is the most used optimization approach for deep learning models, it is unsuitable for every problem. In cases where gradients cannot be calculated directly or where an objective function’s accurate analytical form is unknown, other approaches like Evolution Strategies (ES) are used. Evolution strategies come from evolutionary algorithms, which refer to a division of population-based optimization algorithms inspired by natural selection. Basically, Evolution Strategies (ES) is a type of Black Box Optimization method that operates by refining a sampling distribution based on the fitness of candidates and updating rules based on equations.

In a new AI paper, researchers from Deepmind, have introduced and developed a new way to use machine learning to learn the update rules from data, called meta-black-box optimization (MetaBBO), to make ES more flexible, adaptable, and scalable. MetaBBO works by meta-learning a neural network parametrization of a BBO update rule. The researchers have used MetaBBO to discover a new type of ES called learned evolution strategy (LES). The learned evolution strategy LES is a type of Set Transformer that updates its solutions based on the fitness of candidates and not depending upon the ordering of candidate solutions within the Black box evaluations. After meta-training, the LES can learn to choose the best-performing solution or update solutions based on a moving average.

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16,000 financial advisors of the bank must be nervous.

Multinational investment management and financial services company Morgan Stanley is deploying a sophisticated chatbot to support the bank’s army of financial advisors powered by the most recent OpenAI technology, according to CNBC

The tool’s goal is to help the bank’s advisors access its data.

Getty Images.

According to Jeff McMillan, head of analytics, data, and innovation at the company’s wealth management division, the bank has tested the artificial intelligence tool with 300 advisers. It intends to make it broadly available in the upcoming months.

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The bank has been testing the artificial intelligence tool with 300 advisors and plans to roll it out widely in the coming months, according to Jeff McMillan, head of analytics, data and innovation at the firm’s wealth management division.

Morgan Stanley’s move is one of the first announcements by a financial incumbent after the success of OpenAI’s ChatGPT, which went viral late last year by generating human-sounding responses to questions. The bank is a juggernaut in wealth management with more than $4.2 trillion in client assets. The promise and perils of artificial intelligence have been written about for years, but seemingly only after ChatGPT did mainstream users understand the ramifications of the technology.

The idea behind the tool, which has been in development for the past year, is to help the bank’s 16,000 or so advisors tap the bank’s enormous repository of research and data, said McMillan.

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March 13 (Reuters) — BuzzFeed Inc (BZFD.O) said on Monday that most of its cash and cash equivalents were held at Silicon Valley Bank (SIVB.O), which was shut down last week.

The digital media firm said it had about $56 million in cash and cash equivalents at the end of 2022.

Startup-focused lender SVB Financial Group last week became the largest bank to fail since the 2008 financial crisis, sending shockwaves through the global financial system and prompting regulators to step in to contain the fallout.

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The firm faced financial collapse during the pandemic but is now serving customers in 15 countries.

U.K.-based OneWeb is one launch away from having enough satellites in orbit to cover the entire expanse of the Earth. Once ready, Elon Musk’s Starlink won’t be the only company offering such as service, the BBC

Both OneWeb and Starlink use constellations of satellites in low Earth orbits (LEO) instead of the conventional geostationary orbits (GEO). The lower altitude of the LEO satellites helps in reducing latency or the delay that data takes to make a round trip over a network.

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Exploiting the natural and energy resources of the moon and asteroids can spark a space-based industrial revolution that could be a boon to all humankind. Pure science alone will be enough reason for the people who pay the bills to finance space exploration. Accessing the wealth that exists beyond the Earth is more than enough incentive for both public and private investment. Science will benefit. Someone will have to prospect for natural and energy resources in space and to develop safe and sustainable ways to exploit it.

Conflict between scientists and commercial space is already happening. Astronomers complain that SpaceX’s Starlink satellite internet constellation is ruining ground-based observation. Some critics fear that commercial exploitation of the moon’s resources will impede the operation of telescopes on the far side of the moon.

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Retro Biosciences’ mysterious backer has finally been revealed!

In 2021 the longevity industry received one of its largest investments to date, with a $180m investment being made into the pharmaceutical start known as Retro Biosciences, or Retro Bio for short. Not only was this investment cause for celebration within the field of regenerative medicine, but it also came with a tantalising mystery, as the backer, or indeed backer, did not make themselves publicly known. It was assumed that due to the secrecy involved, it was likely that this investment had come from a small number of individuals, potentially just a single backer. This mystery backer, combined with the notable capital investment, led to much media attention at the time, and has since garnered a significant amount of interest in Retro Bio from both the general public and future potential financial backers. That was until last week, when the mystery backer finally decided that now was the right time to reveal their identity to the general public.

In an interview with MIT Technology review, American entrepreneur Sam Altman revealed that he was the sole backer for the pharmaceutical start-up, who single handily provided the entire $180m investment. Sam Altman, who primarily made his fortune in the tech industry (specifically through social media companies such as Loopt) has become somewhat of an angel investor for a slew of world changing, innovative companies which are involved in everything from artificial intelligence to nuclear energy. It is hoped that this significant single investment marks the beginning of a longevity tech boom, similar to what was seen during the dot-com boom (but hopefully without the disastrous ending).

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