M*****8
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发信人: MB80528 (肥猫(Contrarian)[食MM而肥]), 信区: Military
标 题: Re: 王垠去了intel
发信站: BBS 未名空间站 (Sat Sep 8 16:20:06 2018, 美东)
The fledgling world of AI hedge funds is claiming one of its first
casualties.
Sentient Investment Management is notifying investors of plans to liquidate
the hedge fund it started in late 2016, according to people with knowledge
of the situation. The fund managed less than $100 million and hasn’t made
money this year after gaining 4 percent in 2017, one of the people said.
Sentient, based in San Francisco, used artificial intelligence techniques,
including machine learning and so-called evolutionary algorithms, to trade
stocks globally. It followed a market-neutral strategy in which bets on
rising prices were matched by wagers on falling ones.
Jeff Holman, Sentient’s chief investment officer, declined to comment.
Hedge funds have been exploring AI, upgrading trading technologies and
employing data scientists as the industry confronts years of mediocre
returns. The investments appeared to be paying off -- until now. Before this
year, the Eurekahedge AI Hedge Fund Index gained an average of 10.5 percent
annually since its 2011 inception. This year, the measure of 15 funds is
little changed.
Other funds that say they use AI for trading include Cerebellum Capital,
Acatis Investment GmbH and Man Group Plc’s AHL unit.
Reversal of Fortunes
AI hedge funds are disappointing investors this year
Source: Eurekahedge AI Hedge Fund Index
Note: 2018 returns are through Aug. 31
Read More: Silicon Valley Hedge Fund Takes On Wall Street With AI Trader
Sentient Investment Management grew out of Sentient Technologies Inc., an AI
startup formed by Babak Hodjat and Antoine Blondeau. Before starting the
hedge fund, they spent almost a decade developing an AI system capable of
scouring billions of pieces of data, spotting trends, learning and trading
stocks.
The firm’s team of technology-industry veterans were betting that software
responsible for teaching computers to drive cars, beat the world’s best
poker players and translate languages would give their fund an edge on Wall
Street pros.
Sentient’s hedge fund deployed thousands of computers around the world,
using algorithms to essentially create trillions of virtual traders, which
it called “genes.” These genes were given hypothetical sums to trade in
simulated situations created from historical data. The unsuccessful genes
were discarded, while those that made money were spliced together with
others. Thanks to increases in computing power, Sentient could squeeze 1,800
simulated trading days into a few minutes.
Technology giants including Google kicked off the AI boom several years ago
by showing how a relatively new approach called deep learning could
dramatically improve some software programs and services. Since then,
hundreds of startups have sprouted, AI researchers have been snapped up in
an expensive recruiting frenzy, and the technology has been applied to
multiple fields, including finance, sales, customer service and self-driving
cars.
There’s growing concern, however, among some AI researchers that the
technology may not be reliable enough to tackle real-world challenges, like
autonomous driving or making investment decisions.
Filip Piekniewski, an expert in the AI field, recently predicted the advent
of an “AI Winter,” a period of disillusionment and evaporating funding for
such research. Breakthroughs appear to be slowing and those that do occur
require ever-larger amounts of data and computer power, he said in a blog
post earlier this year.
“Just because you have special tech and AI doesn’t mean you’re off to the
races,” said Vasant Dhar, a professor at New York University who has run
an AI-powered hedge fund for about a decade. “This tech is interesting but
fraught with all kinds of risks.”
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