Bridgewater Associates, the world’s largest hedge fund, is developing artificial intelligence (AI) software to automate the company’s operations. The project, led by David Ferrucci, who previously headed the team that built IBM’s Watson, aims to have three-quarters of the firm’s decisions made by AI within five years. The software will use historical data and daily reports to make decisions, and will also be capable of ‘learning’ from its mistakes. Bridgewater’s founder, Ray Dalio, believes that AI can make more reliable decisions than humans, as it is not influenced by emotions. The firm is also known for its unique culture, which includes recording all meetings and encouraging brutal honesty. Critics argue that the reliance on AI could lead to job losses, but Dalio insists it will simply free up time for employees to focus on more complex tasks.
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