AI

Artificial intelligence and machine learning.

AI Investment Frontier

Agentic Trading: Why LLM Trading Agents Need an Evidence Ledger

The arXiv paper “Agentic Trading: When LLM Agents Meet Financial Markets” shows why LLM trading agents need reproducible evidence ledgers, realistic costs, and auditable execution semantics.

AI Signals and Reality Checks

推理正成为路由问题

推理正在变成一个路由问题 重点不在于 AI 实验室和云厂商正在寻找 Nvidia 的替代方案；重点在于，推理正在变成一个工作负载路由问题，因为内存带宽、功耗边界、封装产能、延迟目标和软件支持，正在决定哪些模型调用在经济上可行。 最新信号不是某一个单独公告，而是一组信号同时出现。5 月 21 日，AMD 宣布将在台湾产业生态投入超过 100 亿美元，用于扩大策略合作伙伴关系，并提升面向 AI 基础设施的先进封装产能，其中包括 Helios 机架级平台和 Instinct MI450X 的部署计划。同一天，AMD 还宣布下一代 EPYC “Venice” CPU 已经在台积电 2 纳米制程上进入量产爬坡，并明确把 CPU 描述为 AI 数据移动、网络、存储、安全和系统编排的协调层。

AI Signals and Reality Checks

Inference Is Becoming a Routing Problem

Inference Is Becoming a Routing Problem The important thing is not that AI labs and cloud providers are looking for Nvidia alternatives; it is that inference is becoming a workload-routing problem because memory bandwidth, power envelopes, packaging capacity, latency targets, and software support now decide which model calls are

AI Investment Frontier

气候 Alpha 需要异构天气模型

A new SSRN paper uses machine learning to estimate firm-level weather impacts and finds investor underreaction around earnings. The useful lesson is not a climate trade, but a better event-risk architecture.

AI Investment Frontier

Climate Alpha Needs Heterogeneous Weather Models

A new SSRN paper uses machine learning to estimate firm-level weather impacts and finds investor underreaction around earnings. The useful lesson is not a climate trade, but a better event-risk architecture.

AI Signals and Reality Checks

开放模型正成为科研基础设施

Reflection AI's DOE role points to a sharper AI infrastructure shift: scientific buyers increasingly need inspectable model supply chains, not just API access.

AI Signals and Reality Checks

Open Models Are Becoming Scientific Infrastructure

Reflection AI's DOE role points to a sharper AI infrastructure shift: scientific buyers increasingly need inspectable model supply chains, not just API access.

AI Investment Frontier

AI Alpha 仍需通过治理测试

Mercer's new asset-management survey shows AI adoption is real, but return attribution is still scarce. The builder lesson is to instrument governance before claiming alpha.

AI Investment Frontier

AI Alpha Still Has to Pass the Governance Test

Mercer's new asset-management survey shows AI adoption is real, but return attribution is still scarce. The builder lesson is to instrument governance before claiming alpha.

AI Signals and Reality Checks

溯源正成为分发特性

OpenAI and Google are not just labeling synthetic images. They are moving provenance checks into the places where trust decisions are made: search, browsers, platforms, and enterprise review queues.

AI Signals and Reality Checks

Provenance Is Becoming a Distribution Feature

OpenAI and Google are not just labeling synthetic images. They are moving provenance checks into the places where trust decisions are made: search, browsers, platforms, and enterprise review queues.

AI Investment Frontier

GenAI 风险正在成为横截面测试

A new SSRN paper turns GenAI risk into an asset-pricing question: firms may be punished differently by adverse AI news depending on whether they have real implementation exposure.

AI Investment Frontier

GenAI Risk Is Becoming a Cross-Sectional Test

A new SSRN paper turns GenAI risk into an asset-pricing question: firms may be punished differently by adverse AI news depending on whether they have real implementation exposure.

AI Signals and Reality Checks

Google 正将智能体推入默认界面

Google I/O's sharper signal is not more Gemini features. It is the attempt to make agents inherit Search, Workspace, Android, shopping, and developer distribution by default.

AI Signals and Reality Checks

Google Is Moving Agents Into the Default Surface

Google I/O's sharper signal is not more Gemini features. It is the attempt to make agents inherit Search, Workspace, Android, shopping, and developer distribution by default.

AI Investment Frontier

数据质量是智能体投资的护城河

A fresh Clarity AI workflow note shows why agentic investment systems will be judged less by chat fluency and more by access, provenance, freshness, and methodology.

AI Investment Frontier

Data Quality Is the Agentic Investing Moat

A fresh Clarity AI workflow note shows why agentic investment systems will be judged less by chat fluency and more by access, provenance, freshness, and methodology.

AI Signals and Reality Checks

Codex 正成为工作负载调度平台

The Dell/OpenAI Codex partnership is less about on-prem checkbox buying and more about where agentic work can legally, economically, and operationally run.

AI Signals and Reality Checks

Codex Is Becoming a Workload Placement Product

The Dell/OpenAI Codex partnership is less about on-prem checkbox buying and more about where agentic work can legally, economically, and operationally run.

AI Investment Frontier

风险模型需要瞬态因子

A new arXiv paper from Stanford and BlackRock researchers shows a practical way to extend an existing equity risk model with short-horizon statistical factors learned from realized returns.

AI Investment Frontier

Risk Models Need Transient Factors

A new arXiv paper from Stanford and BlackRock researchers shows a practical way to extend an existing equity risk model with short-horizon statistical factors learned from realized returns.

AI Signals and Reality Checks

推理正在分裂为速度、记忆与管理

The next AI infrastructure fight is not generic GPU scarcity. It is workload-specific inference routing across speed, memory, and managed complexity.

AI Signals and Reality Checks

Inference Is Splitting Into Speed, Memory, and Management

The next AI infrastructure fight is not generic GPU scarcity. It is workload-specific inference routing across speed, memory, and managed complexity.

AI Investment Frontier

LLM 选股预测需要摩擦测试

A recent hedge-fund-oriented review of LLM stock forecasting argues that the hard problem is not only prediction, but leakage control, market frictions, liquidity, and workflow robustness.

AI Investment Frontier

LLM Stock Forecasting Needs a Friction Test

A recent hedge-fund-oriented review of LLM stock forecasting argues that the hard problem is not only prediction, but leakage control, market frictions, liquidity, and workflow robustness.