If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
As if active portfolio managers didn't 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 to use artificial intelligence, according to a company statement on Tuesday. Employing International Business Machines Corp.'s Watson platform, the AI Powered Equity ETF, ticker AIEQ, will attempt to mimic an army of equity research analysts working around the clock, according to Art Amador, co-founder of EquBot. "There has been an explosion of information," Amador said by phone. "AI provides a more informed way of investing."
IBM (NYSE: IBM) and MIT today announced that IBM plans to make a 10-year, $240 million investment to create the MIT–IBM Watson AI Lab in partnership with MIT. The new lab will be one of the largest long-term university-industry AI collaborations to date, mobilizing the talent of more than 100 AI scientists, professors, and students to pursue joint research at IBM's Research Lab in Cambridge--co-located with the IBM Watson Health and IBM Security headquarters in Kendall Square, in Cambridge, Massachusetts--and on the neighboring MIT campus. In 2016, IBM Research announced a multi-year collaboration with MIT's Department of Brain and Cognitive Sciences to advance the scientific field of machine vision, a core aspect of artificial intelligence. Currently, the Computer Science and Artificial Intelligence Laboratory, the Media Lab, the Department of Brain and Cognitive Sciences, and the MIT Institute for Data, Systems, and Society serve as connected hubs for AI and related research at MIT.
Surveyed executives from businesses that have outperformed their competition for the past three years in revenue growth, profitability, or other factors, made up 13 percent of the study. Of these surveyed Outperformers, 93 percent believe cognitive computing is mature and market ready, and 91 percent assert that cognitive computing is good for their organizations. Surveyed executives from businesses that have outperformed their competition for the past three years in revenue growth, profitability, or other factors, made up 13 percent of the study. Of these surveyed Outperformers, 93 percent believe cognitive computing is mature and market ready, and 91 percent assert that cognitive computing is good for their organizations.
A scathing report from investment bank Jefferies claims that from an earnings per share perspective "it seems unlikely to us under almost any scenario that Watson will generate meaningful earnings results over the next few years". While exact figures for Watson aren't given, Jefferies pulled together a range of information, including market research data and public filings, to build financial models predicting Watson's future prospects. "Watson services are offered on either a subscription or a pay-per-use basis and everyone can get started for free," an IBM spokesperson told WIRED. "Watson is clearly part of IBM's Strategic Imperatives, whose figures are reported," an IBM spokesperson told WIRED when quizzed on whether the supercomputer is making any money.
Two tech giants in the field of cognitive technology have recently announced plans to bring artificial intelligence to major international sports events. International Business Machines Corp. will partner with the Wimbledon tennis tournament, which starts July 3, while Intel Corp. will introduce a host of new technologies at the 2018 Olympic Games in South Korea. An Intel spokesperson declined to comment on specific applications of the company's AI technologies in the Olympics. IBM said it plans to talk up the benefits of AI June 28 with members of the Congressional Artificial Intelligence Caucus, a bipartisan group led by Rep. John Delaney (D-Md.)
In terms of where AI will prove most impactful, respondents listed information technology, sales, and information security as the top three priorities for the technology. In regards to IT, cognitive solutions can improve software development and testing, lead to better efficiency and agility, and boost solution design the release said. As part of the study, IBM also gave specific recommendations on how business could use AI or cognitive computing to power their digital transformation efforts. Apply a targeted operating model and governance that support this strategy," the press release said.
The increasing usage of cloud-based solutions in the BFSI industry, rising demand for the data-driven solutions, increasing internet banking penetration, and scope of deriving market risk are fostering the market growth. The system replaces the human thought process with a simulated digital model that includes a self-learning system, which derives patterns by using data mining, speech recognition, and language processing techniques. The cognitive systems require AI platform to derive the complicated business issues. Globally, the growing demand for digital technology and changing customer demands have led the BFSI players to adopt cognitive systems and AI implementation in their operations to deal with ever-changing regulatory & compliance laws to face the market risk and understand both income tax & corporate tax laws in an efficient way.
NEW YORK CITY - 15 Jun 2017: LivePerson, Inc. (Nasdaq: LPSN), a leading provider of cloud mobile and online business messaging solutions, and IBM (NYSE: IBM) have announced LiveEngage with Watson, the first global, enterprise-scale, out-of-the-box integration of Watson-powered bots with human agents. The new offering combines IBM's Watson Virtual Agent technology with LivePerson's LiveEngage platform, allowing brands to rapidly and easily deploy conversational bots that get smarter with each interaction, and lets consumers message those brands from their smartphone - via the brand's app, SMS, Facebook Messenger, or even the brand's mobile site - instead of having to call an 800 number. IBM Global Business Services, the company's consulting unit, is providing a set of strategy and implementation services to help companies integrate LiveEngage with Watson as part of their broader business transformation. LivePerson, Inc. (NASDAQ: LPSN) is the leading provider of mobile and online messaging business solutions, enabling a meaningful connection between brands and consumers.
In other words, our algorithm discovers symbols that represent some level of importance based on propositional logic to drive a causational model. In a nutshell, the AI part of the analysis is to read the transcript like a human researcher and bring out positive points, negative points, and points with both positive and negative aspects. There are two type of Meta Objects, namely, Machine Generated Hashtag (or MGH) nodes and Supporting Fact (or SF) nodes. In a similar manner, the software system uses visual charts to depict the discovered subjects, relationships, underlying context, properties, and references to source documents.
The Watson win was a major win for IBM IBM, -0.31% at the time, underscoring its transition to a new-age technology company with artificially-intelligent computers. On Friday, shares of IBM fell 3% to $154.45 after billionaire investor Warren Buffett announced that his company Berkshire Hathaway Inc. BRK.A, -1.07% It has unloaded 30 million shares so far in 2017, from the 81 million shares it held at the end of 2016. Buffett bought more than $10 billion in IBM shares the year Watson won "Jeopardy," and increased his stake a few more times in the years proceeding. IBM reported profit and revenue declines, even as its newer software-as-a-service business saw revenue gains of 60%.