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☆ Here's why this financial technology fund could break out during earnings season
▼ + stars: | 2024-04-24 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Technical analyst Rob Ginsberg said in a note to clients Wednesday that the Global X FinTech ETF (FINX) looks attractive after a long period of underperforming the broader market. "Now that we're past much of the big bank earnings, there are a number of fintech and financial service names on the docket this week and next. FINX 5Y mountain The FINX ETF has shown early signs of a rebound in 2024. Ginsberg wrote that the ETF has some positive technical signals of its own. To be sure, earnings reports could prove to be a downside catalyst for financial technology stocks and the fund.

Persons: Rob Ginsberg, Ginsberg, — CNBC's Michael Bloom Organizations: titans, Wolfe Research, Paypal Locations: Fintech, FINX

☆ Here are Wednesday's biggest analyst calls: Tesla, Amazon, Airbnb, Domino's, Walmart, Disney & more
▼ + stars: | 2024-04-24 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Bernstein reiterates Tesla as underperform Bernstein said it still sees minimal positive catalysts ahead for Tesla following earnings on Tuesday. Bank of America upgrades Tesla to buy from neutral Bank of America said it sees a slew of "positive catalysts" ahead for Tesla shares following earnings on Tuesday. Citi downgrades Molson Coors to sell from neutral Citi said it's concerned about slowing growth. Citi upgrades SiriusXM to neutral from sell Citi said the risk/reward is now more balanced. Citi reiterates Amazon as buy Citi raised its price target on the stock to $235 per share from $215.

Persons: Piper Sandler, Piper, Bernstein, Tesla, underperform Bernstein, KBW, Wells, Citi downgrades Molson, it's, Oppenheimer, Domino's, it's bullish, DPZ, SIRI, Morgan Stanley, Morgan Stanley it's, GenAI, Guggenheim, Enphase, Jefferies Organizations: Tesla, Mizuho, Bank of America, of America, Packaging Corporation of America, Citi downgrades, Citi downgrades Molson Coors, Citi, TAP, Deutsche Bank, Deutsche, Computer, Micro, Sea Limited, fintech JV, Amazon, Disney, Atlanta Braves, Braves, Microsoft Locations: Singapore, BNPL

☆ Klarna scores major payment deal with Uber ahead of hotly anticipated IPO
▼ + stars: | 2024-04-24 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Rafael Henrique | SOPA Images | LightRocket via Getty ImagesKlarna on Wednesday announced a global partnership with Uber to power payments for the ride-hailing giant's Uber and Uber Eats apps. The partnership will see the Swedish financial technology firm added as a payment option in the U.S., Germany, and Sweden, Klarna said in a statement. In the U.S., Germany, and Sweden, Klarna will roll out its "Pay Now" option, which lets customers pay off an order instantly in one click, in the Uber and Uber Eats apps. The company will also offer an additional payment option for Uber users in Sweden and Germany which allows users to bundle purchases into a single, interest-free payment that gets taken out of their monthly salary. The firm recently launched a monthly subscription plan in the U.S. to lock in "power users" ahead of its anticipated IPO.

Persons: Rafael Henrique, Uber, giant's Uber, Klarna, Sebastian Siemiatkowski, Siemiatkowski, SoftBank Organizations: Getty, Wednesday, Klarna, Bloomberg News, CNBC, Nike, Instacart Locations: Swedish, U.S, Germany, Sweden, Ukraine

☆ Walmart-backed fintech One introduces buy now, pay later
▼ + stars: | 2024-04-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWalmart-backed fintech One introduces buy now, pay laterCNBC's Melissa Repko and Hugh Son join 'Power Lunch' to report on. Walmart’s fintech startup One beginning to offer buy now, pay later loans for big-ticket items at some stores in the U.S.

Persons: Melissa Repko, Hugh Son Organizations: Walmart Locations: U.S

At stake is the role of a wide spectrum of players, from fintech firms to card companies and established banks. Walmart's Fintech startup One is now offering BNPL loans in Secaucus, New Jersey. Buy now, pay later has gained popularity with consumers for everyday items as well as larger purchases. A Capital One Walmart credit card sign is seen at a store in Mountain View, California, United States on Tuesday, November 19, 2019. Meanwhile, Walmart said last year when its lawsuit became public that it would soon announce a new credit card option with "meaningful benefits and rewards."

Persons: Joe Raedle, Goldman Sachs, Omer Ismail, Hugh Son, BNPL, Jason Mikula, Amazon's, Karma, John Furner, John David Rainey, Dot, " Rainey, Rainey, Morgan Stanley, Walmart's, Yichuan Cao Organizations: Walmart, Getty, CNBC, New Jersey Walmart, Apple, Electronics, Adobe Analytics, Bank of Walmart, Robinhood, Walmart U.S, Coastal Community Bank, Capital, PayPal Locations: Hallandale Beach , Florida, Bentonville , Arkansas, Manhattan, Secaucus , New Jersey, New Jersey, U.S, Mountain View , California, United States

☆ Jack Dorsey’s payments company, Block, is building its own bitcoin mining system
▼ + stars: | 2024-04-23 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Jack Dorsey says that his payments company, Block (formerly Square), is expanding its bitcoin mining ambitions from designing chips to developing a full bitcoin mining system. "Building on these insights and pursuant to our goal of supporting mining decentralization, we plan to offer both a standalone mining chip as well as a full mining system of our own design." "Mining isn't accessible to everyone," Dorsey wrote when Block first entered the business of building mining hardware in 2021. "Bitcoin mining should be as easy as plugging a rig into a power source. The company was light on the details in this latest announcement, but Dorsey posted in 2021 that the company was considering a "bitcoin mining system based on custom silicon."

Persons: Jack Dorsey, We've, Dorsey, Block, Thomas Templeton Organizations: Mining Locations: China, Kenya, Malawi, Zambia

☆ Steer clear of Apple ahead of earnings, tech investor Dan Niles says
▼ + stars: | 2024-04-22 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +1 min

Things are not looking up for Apple ahead of its fiscal second-quarter earnings, according to tech investor Dan Niles. Apple, which is due to report May 2, has dropped 14% this year — lagging behind other major technology stocks, such as Nvidia and Meta Platforms. Apple is also lagging behind its peers in the artificial intelligence race, which is why it keeps on exploring opportunities with potential partners such as Alphabet , Niles added. "On a longer-term basis at this valuation with no growth, I don't know why you would be bullish on it," the portfolio manager said. Niles has been bearish on Apple in the past.

Persons: Dan Niles, Satori, haven't, Niles, CNBC's, he's Organizations: Apple, Nvidia, Meta, Satori Fund, Huawei isn't Locations: China

☆ Hong Kong’s biggest stock is ready for a turnaround, analysts say
▼ + stars: | 2024-04-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

The firm is overweight on Tencent shares, with a price target of 400 Hong Kong dollars ($51). Also helping analysts' optimism on the stock are Tencent's share buybacks. HSBC has a buy rating on Tencent, with a target price of 385 Hong Kong dollars. Pan said that low liquidity in Hong Kong has also affected share prices in that market, but he hopes that can improve with a new CEO. The Hong Kong exchange's co-COO Bonnie Chan is set to become head of the business in late May.

Persons: Morgan Stanley, Gary Yu, Morgan Stanley's Yu, Tencent, Prosus, Charlene Liu, HSBC's, Grant Pan, Noah Holdings, Pan, Hong Kong exchange's, Bonnie Chan, — CNBC's Michael Bloom Organizations: Hong, Jefferies, Naspers, Internet, Gaming Research, HSBC Locations: Hong, Hong Kong, Asia, Japan, Netherlands, Tencent, 1Q24, Asia Pacific, HKD500m, China

☆ AI has racist tendencies. Scientists and founders are trying to fix it.
▼ + stars: | 2024-04-20 | by ( Monica Melton | ) www.businessinsider.com time to read: +11 min

The police had used a facial-recognition AI program that identified her as the suspect based on an old mugshot. AdvertisementThe Detroit Police Department said that it restricts the use of the facial-recognition AI program to violent crimes and that matches it makes are just investigation leads. AdvertisementThe study also found that in a hypothetical murder trial, the AI models were more likely to propose the death penalty for an AAE speaker. A novel proposalOne reason for these failings is that the people and companies building AI aren't representative of the world that AI models are supposed to encapsulate. Bardlavens leads a team that aims to ensure equity is considered and baked into Adobe AI tools.

Persons: —, Woodruff, who's, Ivan Land, Joy Buolamwini, Timnit Gebru, Valentin Hofmann, OpenAI's, AAE, Geoffrey Hinton, Christopher Lafayette, Udezue, OpenAI, Google's, John Pasmore, Latimer, Buolamwini, Timothy Bardlavens, Microsoft Bing, Microsoft Bardlavens, Bardlavens, Esther Dyson, Dyson, Arturo Villanueva, I'd, Villanueva, Alza, We're, Andrew Mahon, Alza's Organizations: Service, Detroit, Business, Court of Michigan, Detroit Police Department, Microsoft, IBM, Allen Institute, AI, Dartmouth College, Center for Education Statistics, Big Tech, Udezue, Meta, Google, Tech, Companies, Adobe Locations: That's, American, Africa, Southeast Asia, North America, Europe, Spanish

☆ Buy these five stocks ahead of earnings before it's too late, Bank of America says
▼ + stars: | 2024-04-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

CNBC Pro combed through Bank of America research to find the firm's favorite buy-rated stocks ahead of company earnings. They include: CoStar Group, Fidelity National Information Services, Cisco, Home Depot and Adobe. Bank of America upgraded the stock to buy from neutral earlier this week, citing several positive catalysts. "A growth company buying a growth company," he said of the deal. Home Depot "A growth company buying a growth company.

Persons: Tal Liani, Liani, Robert Ohmes, Ohmes, Jason Kupferberg, Kupferberg Organizations: Bank of America, CNBC, Fidelity National Information Services, Cisco, Home, Adobe, Cisco Time, Home Depot, Fidelity National Information, FIS Locations: Bank, Atlanta, buybacks

☆ What does Goldman Sachs want in a coder? For them to have studied philosophy
▼ + stars: | 2024-04-18 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

Read previewArtificial intelligence is redefining what it takes to be a software engineer on Wall Street. A typical software developer holds a computer science degree. Goldman Sachs' chief information officer, Marco Argenti, recently encouraged his daughter, a college student, to concentrate her education on philosophy if she wants to pursue a career in engineering. AdvertisementZafar said he's paying more attention to people with "a computer science degree and an English minor," or "a psychology major and a computer science minor." Advertisement"That software engineer might get replaced by a sort of prompt engineer," Vyas said.

Persons: —, Goldman Sachs, Marco Argenti, Argenti, he's, it's, Citi's, Shadman Zafar, Zafar, Jensen Huang, Ken Griffin, Deepali Vyas, Korn, Vyas Organizations: Service, Wall, Business, Harvard, Amazon Web Services, Nvidia, World, Citadel Locations: Dubai

☆ Gold is shining ‘bright like a diamond’ and could hit $3,000, says Citi
▼ + stars: | 2024-04-16 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices continued to hover near record highs days after Middle East tensions flared, boosting the safe-haven appeal of bullion. Gold prices notched another record close Monday, with the most-active June contract for gold futures trading 0.37% higher to settle at $2,383 per ounce, and some say there's more room to run. "The recent gold rally has been aided by geopolitical heat and is coinciding with record equity index levels," Citi wrote in a note dated April 15. Market watchers are closely monitoring a potential retaliation by the Jewish state, which has vowed to "exact a price" from Iran.

Persons: Israel —, Bartosz, Conotoxia Organizations: Co, Citi, U.S . Locations: Bangkok, Thailand, East, Iran, Israel

☆ Blackstone hires Walmart AI whiz to supercharge its portfolio companies
▼ + stars: | 2024-04-15 | by ( Bianca Chan | ) www.businessinsider.com time to read: +4 min

Private equity is ramping up its AI hiring efforts, with Blackstone snagging a key executive to oversee how AI will be applied at its some 230 portfolio companies. Mehrotra will lead Applied AI within Blackstone's data science team, Matthew Katz, Blackstone's global head of data science, told Business Insider in a written statement. Mehrotra comes to Wall Street from Walmart, where he led applied AI efforts at the retailer and managed a team of more than 400 data scientists. Related storyWhile at Walmart, Mehrotra was the vice president of applied AI, leading a team responsible for how AI was mixed into merchandising, including assortment, pricing, and inventory management. AdvertisementLike its peers, Blackstone is eager to take advantage of AI, which stands to shake up businesses across virtually all industries.

Persons: Blackstone, Prakhar Mehrotra, Mehrotra, Matthew Katz, Blackstone's, Franz Edelman, Katz, Deepali Vyas, Zac Maufe, Manoj Mahenthiran, Thomas H, Lee Organizations: Service, Walmart, Twitter, CalTech, Blackstone, Blackstone . Data Locations: Boston, Blackstone

☆ I left Silicon Valley for a dream job in Chicago. I wasn't prepared for how crushing the loneliness could be.
▼ + stars: | 2024-04-12 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +6 min

I interned for a company called Bridge Money during my MBA at Stanford. I wanted to work at a fintech company, and this opportunity with Bridge Money was the exact type of role I wanted. AdvertisementI'd heard that Chicago was becoming more of a startup hub but not on the same level as Silicon Valley. Bridge Money offered me the possibility of an equity grant — if all went well at the company, my equity would increase in value. At Bridge Money, I was one of the first 10 full-time hires.

Persons: Jaime Muñoz, —, I'd, Stanford, Muñoz, Jaime Muñoz I'd, I've, I'm, Everyone's, It's Organizations: Stanford, Service, Chicago, Accenture, San Locations: Chicago, California, Bay, Silicon, San Francisco

☆ Private equity firms are 'clamoring' to hire AI executives with some offering pay packages of up to $2 million
▼ + stars: | 2024-04-11 | by ( Bianca Chan | ) www.businessinsider.com time to read: +3 min

PE firms are eager to hire leaders with AI and machine-learning experience. She is now engaged in more than 10 more assignments for similar hires among middle-market and large PE firms. PE firms have more recently started to embrace cloud and AI technology and see it as a business differentiator. Unlike other Wall Street firms that invest billions in their own tech stacks, PE firms are upgrading their portfolio companies' technology. It's not just at the leadership level where PE firms are looking for this kind of talent.

Persons: Deepali Vyas, Vyas, It's, Thomas H Organizations: Service, Business, Blackstone, JPMorgan, Artificial Intelligence Management, Lee Partners Locations: Boston, Swedish

☆ These are Goldman's top tactical stock picks going into earnings season
▼ + stars: | 2024-04-11 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Analysts expect the S & P 500 to have a year-over-year earnings growth rate of 3.2%, FactSet data shows. If that's the case, it would mark the third consecutive quarter of earnings growth. The reporting period could also be a good time for tactical opportunities in the stock market. The bank also expects these names to see sharp moves after posting earnings, based on what the options market shows. The options market implies a 4.1% move for Nasdaq on after the April 25 report is released.

Persons: Goldman Sachs, John Marshall, Goldman, Lizzie Dove, Per Goldman, Toshiya Hari Organizations: JPMorgan Chase, Citigroup, Royal Caribbean Cruises, Nasdaq, Semiconductor, Broadcom Locations: Wells, China, Asia

☆ There are green shoots appearing in the IPO market. Here are the stocks to watch going public soon
▼ + stars: | 2024-04-10 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Two months ago, I wrote a story entitled, "The IPO market is looking very shaky and facing challenges galore." Two months later, the IPO market is still shaky, but there are definite signs of improvement. Second, three $100 million IPOs have filed to go public in the past week, including Viking (the cruise line operator) and Rubrik, a data management platform. Greg Martin at Rainmaker Securities told me that the recent performance of Reddit and Astera Labs, "Were nice shots in the arm for the IPO market. Even with markets at new highs, the specter of interest rates creeping up is still hanging over the IPO market.

Persons: Matt Kennedy, Reddit, Greg Martin, Ibotta, Ingram, Del, Viking, Howe Ng, I'm, Martin, Rainmaker, Santosh Rao Organizations: IPOs, Viking, Renaissance Capital, Astera Labs, Rainmaker Securities, NYSE, UL Solutions, Underwriters Laboratories, Nursing, Centuri Holdings, Labs, Companies, Ingram Micro, Epic, Manhattan Venture Partners Locations: IPOs, Del Monte

☆ AI fever is triggering a new hunt for tech talent on Wall Street. 5 recruiters outline in-demand tech roles that can pay from $250,000 to $2 million.
▼ + stars: | 2024-04-09 | by ( Bianca Chan | ) www.businessinsider.com time to read: +8 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWall Street firms are switching into hiring gear. Banks, hedge funds, and private equity firms are back on the hunt for tech talent, several recruiters told Business Insider. Across the Street, finance firms are witnessing the AI transformation being led by tech giants like OpenAI and Nvidia. Hodzic added that, on average, the technology business at Selby Jennings is registering 25% more job orders a week compared to this time last year.

Persons: —, Giancarlo Hirsch, Deepali Vyas, she's, Vyas, Ben Hodzic, Selby Jennings, Hodzic, Glocomms, Hirsch, whittle, Banks, Andy Legg, Dennis Baden, Baden, Korn Ferry's Vyas Organizations: Service, Finance, Business, Blackstone, JPMorgan, Vyas, Nvidia, They're, Wall, Riviera Partners, Google, Banks Locations: Selby

☆ Here are RBC's favorite stocks as the second quarter gets underway
▼ + stars: | 2024-04-09 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

RBC Capital Markets has refreshed its top stock picks for the second quarter, adding a few new names that could be poised to rise. To that end, RBC made updates for the second quarter to its list of top 30 global ideas, which includes "high-conviction, long-term" stock picks. Fintech firm PayPal is a new addition to the RBC list for 2024. GFL Environmental is also a new addition to the RBC list, and the waste management stock has climbed 2.5% in 2024. GFL YTD mountain GFL Environmental stock.

Persons: Graeme Pearson, Daniel R, Perlin, GFL, Sabahat Khan, Khan Organizations: RBC Capital Markets, RBC, PayPal, Mastercard

☆ Jamie Dimon had a lot to say in his annual letter to shareholders
▼ + stars: | 2024-04-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at Jamie Dimon's annual letter to shareholders and why this edition is so different . The big storyDimon sounds offWin McNamee/Getty Images; Chelsea Jia Feng/BIWhen Jamie Dimon talks, people tend to listen. Dimon's annual letter to shareholders grabs the business world's attention in ways most executives can only imagine. Dimon described the tech as just as innovative and impactful as the printing press, steam engine, electricity, and the internet, writes Business Insider's Jyoti Mann. The polarization of politics was something Dimon touched on in his letter, urging people to resist being "weaponized."

Persons: —, Jamie Dimon's, Jamie's, Win McNamee, Chelsea Jia Feng, Jamie Dimon, Larry Fink, Dimon, Insider's Jyoti Mann, BI's Theron Mohamed, BI's Juliana Kaplan, Alex Brandon, Rebecca Zisser, he's, it'd, David Rosenberg, Jenny Chang, Rodriguez, Elon Musk, Tesla, Musk, Gabor Cselle, Brooks Kraft, Zers, they'll, they've, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, JPMorgan, Democratic, Monetary Fund, Microsoft, Google, Twitter, Brooks Kraft LLC, Getty, Warner Bros, Oxford High, Boeing Locations: Pennsylvania, Asia, Hong Kong, Singapore, Dubai, Abu Dhabi, London, New York

☆ Lead Bank CEO on what's next for fintech
▼ + stars: | 2024-04-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLead Bank CEO on what's next for fintechJackie Reses, co-founder and CEO of Lead Bank, joins CNBC's 'The Exchange' to discuss the banking sector's health, regulatory impact on fintech, and more.

Persons: what's, Jackie Reses Organizations: Lead, Lead Bank

☆ These are the 32 most exciting European fintech startups to watch in 2024, according to venture capitalists
▼ + stars: | 2024-04-08 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +1 min

This is Business Insider's annual list of the hottest fintech startups in Europe. After years of standing as the bloc's most in-demand sector, investment in fintech has slumped considerably. In 2022, fintech made up 17% — or $13.9 billion — of the $82 billion that had been invested into European startups, according to Atomico. That number dropped last year when around $4.5 billion was invested — the equivalent of a tenth of the total $45 billion poured into the ecosystem. This story is available exclusively to Business Insider subscribers.

Persons: —, fintech Organizations: Service, Business Locations: Europe, fintech

☆ What's more important? AI or the election.
▼ + stars: | 2024-04-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're announcing the finalists for our business, tech, and innovation bracket. What's on deck:This story is available exclusively to Business Insider subscribers. If you're just catching up, a few weeks ago we identified eight of the biggest trends in business, tech, and innovation. And then there were two: the AI race vs the US presidential election. Dan Rosen, founder and partner, Commerce Ventures:Advertisement"As a fintech investor, AI strikes me as more important.

Persons: —, we're, Chelsea Jia Feng, Readers, Bruce K, Lee, Dan Rosen, Ira Allen, Tracy Albert, Wendy Craft, Elle, Dodd, Frank, Zach Blank, Nick DiGiovanni, Adam Jeffery, Ian MacNicol, David Einhorn, Jesse Cohn, Greg Coffey, Goldman Sachs, Brian Robinson, Nelson Peltz's, James Park, would've, Justin Sullivan, Marissa Mayer's, Enrique Munoz Torres, Elon Musk, Musk, Lukas Schulze, it's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Keebeck Wealth, Commerce Ventures, CNBC, NBCU, Getty, Elliott Management, Sohn, Street Journal, Disney, UCLA, Yahoo, LinkedIn, Elon, Apple, Ford, Workers, Advertising Research, NCAA Locations: Europe, California, New York, London

☆ 38 best stocks to buy for the strongest gains over the next year, according to Deutsche Bank
▼ + stars: | 2024-03-31 | by ( Laila Maidan | ) www.businessinsider.com time to read: +1 min

Deutsche Bank's Fresh Money List has beaten the S&P 500 since its inception. It includes favored names from the bank's leading analysts across various sectors. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementIf you're wary of following the crowd and think the S&P 500 is too expensive but aren't sure where to look next for gains, consider Deutsche Bank's Fresh Money List. It's a basket of the top stocks that the bank's leading analysts predict will outperform the market over the coming 12 months.

Persons: — Organizations: Service, Deutsche, Business

☆ Fintech ValidMind aims to ease Wall Street's AI risk management headaches. Here's the pitch deck it used to raise $8 million in a round led by Point72 Ventures.
▼ + stars: | 2024-03-28 | by ( Bianca Chan | ) www.businessinsider.com time to read: +3 min

Wall Street firms know the pains of having to satisfy regulators, and with advancements in artificial intelligence, there's a whole new level of scrutiny and complexity. It involves quality-and-assurance teams who test, verify, validate, and challenge the AI models before they go into production and report issues back to the engineering team to fix. In some cases, banks' technology teams are spending at least half their time documenting models for compliance, Jonas Jacobi, cofounder of fintech startup ValidMind, told Business Insider. AI models are often compared to a "black box" because it can be difficult to understand their decision-making or how the models arrive at their results. With the new injection of capital, ValidMind will build more features, like one aimed at automating the risk management of third-party vendor solutions.

Persons: Banks, Jonas Jacobi, Jacobi, ValidMind, Steve Cohen's, Mehdi Esmail, Andres Rodriguez Organizations: Business, Point72 Ventures, American Express, Third Prime Ventures, York Life, Jacobi, Technologists Locations: Palo Alto, Calif, Wall, ValidMind

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