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AI hits wealth manager shares

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Shares in UK and European wealth managers plunged as investors punished firms over mounting competition from AI-powered startups, and St. James’s Place fell by double digits.

Financial Times
Shares in UK wealth managers hit as AI contagion spreads

St James’s Place leads declines with double-digit slide on FTSE 100

Shares in UK wealth managers hit as AI contagion spreads
Reposts 3 14h
The Guardian
UK wealth manager and price comparison site shares fall amid AI fears

Drop comes as AI firm Altruist launches service that helps advisers create personalised tax strategies Business live - latest updates Wealth managers and price comparison sites have become the latest companies to be hit by fears that their businesses will be disrupted by new artificial intelligence innovations. Shares in UK wealth management firms tumbled on Wednesday morning, after the AI company Altruist Corp launched a service that it said helps advisers create personalised tax strategies by reading clients’ pay stubs, account statements and other documents. Continue reading. . .

UK wealth manager and price comparison site shares fall amid AI fears
Reposts 7 18h
Corriere della Sera
Tuio and Altruist, the little-known startups that scare the big players (and the markets) thanks to AI: here's what they do

The AI efficiency is driving down the stock prices of major intermediaries, from insurance to asset management. The algorithm represents a new economic Darwinism between those who innovate and those at risk of disappearing.

Tuio and Altruist, the little-known startups that scare the big players (and the markets) thanks to AI: here's what they do
Reposts 0 10h
Handelsblatt
Markets Insight: How the New AI Rival Is Driving Financial Stocks Under Massive Pressure

Another AI application surprises investors. This time it hits the shares of asset managers and brokers, also in Europe. It will have long-term consequences, says Astrid Dörner.

Markets Insight: How the New AI Rival Is Driving Financial Stocks Under Massive Pressure
Reposts 0 12h
The Wall Street Journal
St. James’s Place Leads European Wealth Managers’ Tumble on AI Threat

Wealth management is the latest sector to be threatened by competition from AI-powered startups.

St. James’s Place Leads European Wealth Managers’ Tumble on AI Threat
Reposts 0 17h
The Washington Post
An economist explains why he’s still ‘bullish on America’ — AI and all

Artificial intelligence is moving fast, with new tools changing how people work, create and compete. Whether you’re an AI doomer or AI boomer, it’s hard to ignore what’s coming. Economist and professor Tyler Cowen has spent years analyzing how these developments could reshape the economy and everyday life. He joins host Megan McArdle to talk through how AI could transform talent, human capital and competition - and how to make sure you don’t get left behind.

Reposts 0 17h
Svenska Dagbladet
AI giant is investing billions in Sweden: 'Independence'

Europe must reduce its dependence on the United States and China, says the CEO of the AI company Mistral. Now the French giant is investing nearly 13 billion in Sweden—and building a data center with a Swedish company.

Reposts 0 18h
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