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”.
Foxconn, the main manufacturer for Apple’s smartphones and tablet computers, is looking for locations in the US to invest $10 billion into setting up factories, according to a variety of reports in the media.
The company has already earmarked $7 billion for a display panel factory after buying the Sharp electronics company, although it’s not certain where it will be located.
German industrial giant Bosch is building a massive semiconductor production plant which would represent the single largest investment in the company’s 130-year history.
The high-tech facility, to be located in Dresden, would employ around 700 staff working on 300-millimeter semiconductor chips which Bosch says has growing applications in the automotive market, smart cities and on the industrial internet, all strong markets for Bosch.
Apple CEO Tim Cook recently set up a $1 billion fund for the tech giant to invest in advanced manufacturing in the US, and the company has allocated $200 million of that money to a company called Corning.
Corning – which has been supplying the cover glass for iOS devices for the past 10 years – will receive the $200 million from Apple’s new Advanced Manufacturing Fund as part of what Apple calls its “commitment to foster innovation among American manufacturers”.
uShip, the online shipping marketplace and freight automation software provider, has closed a $25 million Series D round led by DB Schenker, one of the world’s largest logistics companies and an existing uShip partner.
DB Schenker’s funding comes on the heels of unprecedented investment in logistics and supply chain technology.
Forecast of $20.59 billion investment in manufacturing IoT by 2021 as British growth in production relies on manufacturing
UK manufacturing contributed to a 1.1 percent increase in total production between November and December 2016, according to the latest Office for National Statistics figures published today.
These latest figures come amongst the highest levels of optimism seen in the sector since June 2015.
Yet as the weaker pound continues to be a double-edged sword for British industry, the manufacturing sector must become a priority area for innovations that will help UK businesses to compete globally, says systems integrator World Wide Technology.