Lifeboat Foundation

THE FINANCE industry has had a long and profitable relationship with computing. It was an early adopter of everything from mainframe computers to artificial intelligence (see timeline). For most of the past decade more trades have been done at high frequency by complex algorithms than by humans. Now big banks have their eyes on quantum computing, another cutting-edge technology.

A fundamentally new kind of computing will shake up finance—the question is when.

Finance & economics Dec 19th 2020 edition.

Continue reading “Wall Street’s latest shiny new thing: quantum computing” »

University of Copenhagen researchers have advanced their quantum technology to such a degree that classical computing technology can no longer keep up. They have developed a chip that, with financial backing, could be scaled up and used to build the quantum simulator of the future. Their results are now published in Science Advances.

First came Google. Now, researchers at the University of Copenhagen’s Niels Bohr Institute in collaboration with University of Bochum have joined Google in the race to build the world’s first quantum computer with what they are calling a “major breakthrough.”

“We now possess the tool that makes it possible to build a quantum simulator that can outperform a classical computer. This is a major breakthrough and the first step into uncharted territory in the world of quantum physics,” asserts Professor Peter Lodahl, Director of the Center for Hybrid Quantum Networks (Hy-Q).

“We are allocating serious resources, both financial and administrative ones, on creation and development of technologies. It is not about spending these funds, purchasing high-status gadgets and other household appliances. Artificial intelligence is not about a so-called fashion hype or a prestigious trend, that will fade away, vanish tomorrow or the day after tomorrow. No, this will not happen,” the president noted.

He recalled that “global history knows many cases when large, global corporations and even countries literally slept through a technological breakthrough and were swept off the historical stage overnight.”

“We must remember this. I want my colleagues in ministries, departments, regions of the Russian Federation, in state companies, research centers and universities to hear me now: we have to tackle issues of a fundamentally new level of complexity,” the head of state said.

Imagine an algorithm that reviews thousands of financial transactions every second and flags the fraudulent ones. This is something that has become possible thanks to advances in artificial intelligence in recent years, and it is a very attractive value proposition for banks that are flooded with huge amounts of daily transactions and a growing challenge of fighting financial crime, money laundering, financing of terrorism, and corruption.

The benefits of artificial intelligence, however, are not completely free. Companies that use AI to detect and prevent crime also deal with new challenges, such as algorithmic bias, a problem that happens when an AI algorithm causes systemic disadvantage for a group of a specific gender, ethnicity, or religion. In past years, algorithmic bias that hasn’t been well-controlled has damaged the reputation of the companies using it. It’s incredibly important to always be alert to the existence of such bias.

For instance, in 2019, the algorithm running Apple’s credit card was found to be biased against women, which caused a PR backlash against the company. In 2018, Amazon had to shut down an AI-powered hiring tool that also showed bias against women.

The founder of a startup that helps cars drive themselves just became a billionaire — and he’s barely old enough to rent a car on his own.

Luminar Technologies CEO Austin Russell, 25, secured a hefty fortune after his company’s stock market debut this week. The Florida-based firm — which he founded when he was just 17 — makes so-called lidar scanners that use lasers to give autonomous cars a three-dimensional view of the road and what’s around them.

Luminar’s share price surged nearly 28 percent on its Thursday debut to close at $22.98, giving the company a market value of about $7.8 billion, the Wall Street Journal reported.

It’s my firm belief that the AI revolution we’ve all been so excited about simply has not happened yet. In the next two to three years however, as the hardware that enables “real” AI power makes its way into more and more hands, it will happen. As far as predicting the change and disruption that will come from widespread access to the upper echelons of powerful ML and AI — there are few ways to make confident predictions, but that is exactly the point!

Much like cellphones put so much power in the hands of regular people everywhere, with no barriers to entry either technical or financial (for the most part), so will the coming wave of software-defined hardware that is flexible, customizable and future-proof. The possibilities are truly endless, and it will mark an important turning point in technology. The ripple effects of AI democratization and commoditization will not stop with just technology companies, and so even more fields stand to be blown open as advanced, high-powered AI becomes accessible and affordable.

Much of the hype around AI — all the disruption it was supposed to bring and the leaps it was supposed to fuel — will begin in earnest in the next few years. The technology that will power it is being built as we speak or soon to be in the hands of the many people in the many industries who will use their newfound access as a springboard to some truly amazing advances. We’re especially excited to be a part of this future, and look forward to all the progress it will bring.

A congressional investigation into the 2016 U.S. presidential election has unearthed evidence that major banks processed $2 trillion in transactions despite suspecting they were connected to illegal activity.

So-called suspicious activity reports, filed by banks with government regulators, indicate the banks were concerned the transactions would help suspected terrorists, drug dealers, corrupt foreign officials and other bad actors move trillions of dollars around the world, as well as perpetuate investment frauds. The private reports, which covered 1999 through 2017, were obtained by BuzzFeed News and shared with the nonprofit International Consortium of Investigative Journalists.

The two organizations published their investigations into the documents over the weekend, but did not publish the complete reports. Both also declined to make public most of the information contained in the reports, including the customers who the banks suspected of illegal activity.

When Gabrielle Diamond and her boyfriend, Brian Cox, showed up for eviction court on October 15, they were more than a little nervous.

The two had been renting a bedroom in transitional housing for veterans in Kansas City, Missouri, since January, paying $600 per month for their month-to-month lease. Almost as soon as they moved in, Diamond says, the issues started. The building was unclean and attracted mice, and the landlord would make unannounced weekly visits; at one point, the couple were asked to move out temporarily for house repairs without any assistance, financial or otherwise.

Earlier in the year, many funders agreed to extend deadlines for research projects halted or delayed by the pandemic — but fewer offered extra funding to cover this period. Worryingly, most of the funders we approached still have no concrete plans to provide such additional financial support to postdocs. Many postdocs are not eligible for the government salary subsidies, or furlough schemes, that have been made available to many workers during the pandemic. Expanding access to such schemes is arguably the one intervention that could do the most to ease pressures at this time.

Most funders have no plans to provide postdoctoral researchers with additional pandemic funding. Society will pay a high price if this neglect continues.