Big funds muzzle their AI machines

Fears over interpretability, crowding and overfitting have put a damper on efforts to unleash AI for asset management

Data-science wizardry now permeates every niche of Wall Street, and the prospect of autonomous machines is now tantalisingly imaginable. Google’s director of engineering and artificial intelligence (AI) oracle Ray Kurzweil has prophesied that computers will achieve human intelligence by 2029 and surpass it by 2045, a passage referred to as ‘the singularity’.

Yet despite the Street’s very real and expensive romance with tech, the big asset managers who oversee trillions are guarded. The idea

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