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AI is indeed coming – but there is also evidence to allay investor fears

The Guardian

Traders on the floor of the New York Stock Exchange as markets fell on Friday morning trading after a steep drop on Thursday, as investors continue to worry about the impact of AI on business and the wider economy. Traders on the floor of the New York Stock Exchange as markets fell on Friday morning trading after a steep drop on Thursday, as investors continue to worry about the impact of AI on business and the wider economy. The message from investors to the software, wealth management, legal services and logistics industries this month has been clear: AI is coming for your business. The release of new, ever more powerful AI tools has coincided with a stock market slide, which has swept up sectors as diverse as drug distribution, commercial property and price comparison sites. Advances in the technology are giving increasing credulity to predictions that it could render millions of white-collar jobs obsolete - or, at least, eat into the profits of established companies.


AI bubble fears return as Wall Street falls back from short-lived rally

The Guardian

Fears of a growing bubble around the artificial intelligence frenzy resurfaced on Thursday as leading US stock markets fell, less than 24 hours after strong results from chipmaker Nvidia sparked a rally. Wall Street initially rose after Nvidia, the world's largest public company, reassured investors of strong demand for its advanced data center chips. But the relief dissipated, and technology stocks at the heart of the AI boom came under pressure. The benchmark S&P 500 closed down 1.6%, and the Dow Jones industrial average closed down 0.8% in New York. The tech-focused Nasdaq Composite closed down 2.2%.


The A.I. Boom and the Spectre of 1929

The New Yorker

As some financial leaders fret publicly about the stock market falling to earth, Andrew Ross Sorkin's new book recounts the greatest crash of them all. As stocks plummeted on the morning of October 24th, 1929, a large crowd gathered on Wall Street outside of the New York Stock Exchange. Pat Bologna, a local shoeshiner whose life savings were invested in the market, dodged into a packed brokerage nearby. "Everybody is shouting," he later recalled. "They're all trying to reach the glass booth where the clerks are. Everybody wants to sell out. The boy at the quotation board is running scared. He can't keep up with the speed of the way stocks are dropping. The guy who runs it is Irish. I can't hear what he's saying. But a guy near me shouts, 'the sonofabitch has sold me out!' " The stock-market crash of 1929 occupies a dark but indelible place in the national imagination, and for good reason.


Enhancing Financial Data Visualization for Investment Decision-Making

Patel, Nisarg, Shah, Harmit, Mewada, Kishan

arXiv.org Artificial Intelligence

Navigating the intricate landscape of financial markets requires adept forecasting of stock price movements. This paper delves into the potential of Long Short-Term Memory (LSTM) networks for predicting stock dynamics, with a focus on discerning nuanced rise and fall patterns. Leveraging a dataset from the New York Stock Exchange (NYSE), the study incorporates multiple features to enhance LSTM's capacity in capturing complex patterns. Visualization of key attributes, such as opening, closing, low, and high prices, aids in unraveling subtle distinctions crucial for comprehensive market understanding. The meticulously crafted LSTM input structure, inspired by established guidelines, incorporates both price and volume attributes over a 25-day time step, enabling the model to capture temporal intricacies. A comprehensive methodology, including hyperparameter tuning with Grid Search, Early Stopping, and Callback mechanisms, leads to a remarkable 53% improvement in predictive accuracy. The study concludes with insights into model robustness, contributions to financial forecasting literature, and a roadmap for real-time stock market prediction. The amalgamation of LSTM networks, strategic hyperparameter tuning, and informed feature selection presents a potent framework for advancing the accuracy of stock price predictions, contributing substantively to financial time series forecasting discourse.


Rage Against the Machine singer recalls band storming New York Stock Exchange and shutting it down

FOX News

Fox News Flash top entertainment and celebrity headlines are here. Check out what's clicking today in entertainment. Rage Against the Machine is one of the most politically outspoken bands currently making music today and singer Tom Morello loves to toe the line. In a recent interview with Yahoo, he recalled the moment his band stormed the New York Stock Exchange in Manhattan while shooting their 1999 music video for "Sleep Now in the Fire," directed by Michael Moore. "The band shut down the New York Stock Exchange, which was the first time that that happened in its 200-year history, in the middle of a Tuesday afternoon," Morello, 56, recalled to the outlet.

  artificial intelligence, morello, new york stock exchange, (9 more...)
  Country: North America > United States > New York (0.89)
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Uber stock set to launch at $45 a share in milestone for 'sharing economy'

The Japan Times

NEW YORK - Uber is set for its Wall Street debut Friday, with a massive share offering that is a milestone for the ride-hailing industry and the so-called sharing economy but which comes with simmering concerns about its business model. Shares will be priced at $45 for the initial public offering, valuing the startup at more than $82 billion, according to a filing with the U.S. Securities and Exchange Commission. San Francisco-based Uber was set to begin trading on the New York Stock Exchange under the eponymous ticker "UBER" in one of the technology sector's largest IPOs. Despite the eye-popping valuation, Uber dialed back some of its earlier ambitions for a value exceeding $100 billion after the rocky start seen by U.S. ride-share rival Lyft Inc. Analyst Daniel Ives of Wedbush Securities said Uber has the potential to be a game-changing company and "is paving a similar road to what Amazon did to transform retail/ecommerce and Facebook did for social media." Uber has the potential to grow, Ives said, as it morphs its ride-sharing platform into a more diverse set of services, with Uber Eats, Uber Freight and self-driving vehicle initiatives.


New York stock exchange closed for first time in history by a robot

Daily Mail - Science & tech

A robot has completed the prestigious task of ringing the famed New York Stock Exchange bell to signal the end of trading. Traders witnessed the modern twist to the historical tradition as Universal Robots' UR5e successfully completed the task. The collaborative robot - or cobot - rang the day's closing bell with the help of a two-finger gripper from Robotiq. The UR5e robot has a range of uses and a maximum load of five kilograms (11 pounds). It can operate successfully within a radius of up to 33.5 inches (85 cm) and they are used extensively throughout industries that require low-weight processes, such as picking, placing, and testing.

  Country: North America > United States > New York (0.63)
  Industry: Banking & Finance > Trading (0.92)

Spotify Is, For Now, The World's Most Valuable Music Company

NPR Technology

The Spotify banner hangs from the New York Stock Exchange on the morning that the music streaming service begins trading shares, on April 3, 2018 in New York City. The question now is: Where to? The Spotify banner hangs from the New York Stock Exchange on the morning that the music streaming service begins trading shares, on April 3, 2018 in New York City. The question now is: Where to? Following its successful public listing yesterday, the music streaming service Spotify is now worth around $25 billion, making it the largest music company in the world -- but when Spotify first débuted, back in 2008, it was reasonable to think it would fail. Headquartered in Sweden, a country whose recording industry had shrunk to a third of its previous size due to piracy, the company was located far from the Silicon Valley sphere of influence.


Cost of Driverless Vehicles to Drop Dramatically: Delphi CEO

#artificialintelligence

Delphi Automotive Plc, which is changing its name to Aptiv Inc., wants to cut the cost of self-driving cars by more than 90 percent to around $5,000 by 2025, according to Chief Executive Officer Kevin Clark. Aptiv, which starts trading on Tuesday under the stock symbol APTV on the New York Stock Exchange, also wants to help automakers rethink the way vehicles are engineered and built and make money on the data generated by autonomous electric vehicles. A spinout, Delphi Technologies, will continue to trade under the symbol DLPH on the New York Stock Exchange and will focus on traditional engine components. Aptiv will concentrate on self-driving and other technologies. The changes are effective after the exchange closes on Monday.


Market Timing, Big Data and Machine Learning

#artificialintelligence

"There is a stigma against market timing. This stigma existed for good reasons, but the explosion of vast data sets and new analytical techniques has now made timing the market possible. Just as it was considered irresponsible to time the market over the last 30 years, it will be considered irresponsible NOT to time the market in the next 30 years." Light food and drinks provided. The speakers will be Blair Hull, most recently founder of Ketchum Trading, and Matthew Dixon of the Illinois Institute of Technology's Stuart School of Business and founder of Quiota, LLC.