One of the world’s largest investment banks, JPMorgan, is preparing to employ a robot to work in its global equities business because it’s shown itself to be more efficient than traditional methods of buying and selling, according to a report on the Financial Times website.
The artificial intelligence-based algorithm, which is called LOXM, has been tested in the US and Asia over the first quarter of this year, adds the FT.
The newspaper quotes David Fellah, of JPMorgan’s European Equity Quant Research team, as saying the work LOXM will do was previously done by humans, “but now the AI machine is able to do it on a much larger and more efficient scale”.
Nikola Tesla was a famous scientist who developed alternating current, the means of distribution for electricity for the vast majority of devices, appliances and machines in households and factories and just about every other electrified thing in the world today.
But even as Tesla was inventing much of the technology used in the alternating current electricity supply system, another famous inventor, Thomas Edison argued that direct current was the best way to distribute electricity.