Newsweek

Goldman Sacked: How AI Will Transform Wall Street

High-earning traders will quickly become an endangered species as AI takes over the financial sector.
Traders work on the floor of the New York Stock Exchange (NYSE) as the Dow Jones industrial average closed above the 20,000 mark for the first time on January 25 in New York City.
03_10_Traders_01 Source: Spencer Platt/Getty

For the past year, we as a society have been worried sick about artificial intelligence eating the jobs of 3 million truck drivers. Turns out that a more imminently endangered species are the Wall Street traders and hedge fund managers who can afford to buy Lamborghinis and hire Elton John to play their Hamptons house parties.

So maybe “hooray for AI” on this one?

Financial giants such as Goldman Sachs and many of the biggest hedge funds are all switching on AI-driven systems that can foresee market trends and make trades better than humans. It’s been happening, drip by drip, for years, but a torrent of AI is about to wash through the industry, says Mark Minevich, a New York-based investor in AI and senior adviser to the U.S. Council on Competitiveness. High-earning traders are going to get

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