big data race
The big data race reaches the City
Even Goldman Sachs has entered the race for data, leading a 15m investment round in Kensho, which stockpiles data around major world events and lets clients apply the lessons it learns to new situations. Say there's a hurricane striking the Gulf of Mexico: Kensho might have ideas on what this means for US jobs data six months afterwards, and how that affects the S&P stock index. Many businesses are using computing firepower to supercharge old techniques. Hedge funds such as Winton Capital already collate obscure data sets such as wheat prices going back nearly 1,000 years, in the hope of finding patterns that will inform the future value of commodities. Others are paying companies such as Planet Labs to monitor crops via satellite almost in real time, offering a hint of the yields to come.