Insights into AI's Role in Financial Services
AI Transforming the Financial Landscape
This page provides a biweekly roundup of AI related news concerning US financial services including banking, capital markets, fintech, and corporate finance. Discover how artificial intelligence is reshaping banking, and capital markets driving innovation and efficiency across the financial sector.
X9 AI Study Group Newsletter - Issue No. 7
The X9 AI Study Group wishes you a joyful holiday season filled with warmth, laughter, and peace.
OpenAI Enhances NORAD's Santa Tracker with New Festive Tools — Blockchair News
Santa has been tracked by NORAD since 1955 and has been featured on the NORAD website since 2014. To make holiday traditions more interactive and creative for families worldwide, OpenAI has partnered with NORAD to add three ChatGPT-powered tools to the NORAD Tracks Santa program: Elf Enrollment, Santa’s Toy Lab, and Christmas Story (Official NORAD Tracks Santa).
The Number of People Using AI at Work Is Suddenly Falling
AI workplace adoption is declining; usage fell from 46% in June to 37% in September, signaling growing “AI fatigue” among employees.
Microsoft drops AI sales targets in half after salespeople miss their quotas - Ars Technica
Microsoft cut AI agent sales targets after missing quotas. Enterprises are pushing back on costly, error-prone tools. Many prefer ChatGPT over Copilot. Despite major investment and infrastructure spending, AI agents still fail at autonomous tasks.
AI, the Economy, and Financial Stability
The Federal Reserve is studying AI’s economic impact, balancing productivity gains with risks like job displacement and inflation effects. AI-driven market optimism poses financial stability concerns, with 30% of contacts citing sentiment shifts as a risk. Unlike the dot-com era, AI firms show stronger fundamentals, lower valuations, and fewer players, though rapid stock price growth persists.
Blunt Advice from Wells’ CEO: It’s Time to Be Honest About AI and Headcount
Wells Fargo CEO Charlie Scharf says banks must accept that AI will reduce headcount. Instead of denial, leaders should plan ahead: rethink workflows, retrain employees, and avoid hiring for roles likely to be automated. Scharf highlights areas like coding, call centers, and commercial lending where AI will automate tasks, allowing employees to focus on more valuable work.
Fact Sheet: President Donald J. Trump Unveils the Genesis Mission to Accelerate AI for Scientific Discovery
President Trump signed an Executive Order launching the Genesis Mission, a national effort to use AI to transform scientific research. The mission will leverage National Laboratories, supercomputers, and data assets to accelerate scientific discovery in areas like biotechnology, energy, and quantum information science. This initiative aims to enhance America’s AI dominance and drive breakthroughs in national security and economic development.
a16z leads $21M Series A into AI-native tax compliance software Sphere
Nicholas Rudder, after experiencing tax compliance challenges with his previous startup, launched Sphere, an AI-native tax compliance software. Sphere automates tax registration, calculation, filing, and remittance for companies expanding globally, integrating with major billing platforms and over 100 tax authorities. The company raised a $21 million Series A led by a16z to expand its infrastructure, AI capabilities, and international sales team.
Nvidia denies Enron-style accounting accusations amid AI bubble fears
Nvidia rebuts claims of Enron-like accounting, but analysts note similarities in aggressive capex and neocloud partnerships.
