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Robinhood users are getting AI tools to help them trade

News Feed - 2024-07-02 10:07:52

Brayden Lindrea7 hours agoRobinhood users are getting AI tools to help them tradeRobinhood has acquired Pluto Capital, an AI powered investment research firm.1806 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksRobinhood users will soon have access to AI tools to make more informed trades following the firm’s acquisition of AI-powered investment research firm Pluto Capital.


Pluto’s AI will provide Robinhood traders with personalized investment strategies, data analytics tools and real-time insights to make “informed decisions swiftly and confidently,” Robinhood said in a July 1 statement.


The acquisition will also see Pluto’s founder and CEO, Jacob Sansbury, help Robinhood assist with its product roadmap and AI integrations.Source:Robinhood


The AI tool will help optimize investors’ portfolios by assessing the risk tolerance, investment objectives and past trades made by each Robinhood user.


Pluto’s large language models have real-time insights on global financial data such as stock prices, news articles, company financials and report cards and filings made to and from the U.S. Securities and Exchange Commission. 


This means quicker identification of trends and opportunities, providing investors with a competitive edge, says Robinhood.


Cointelegraph reached out to Robinhood for further information but did not receive an immediate response.


Pluto was founded by Sansbury in August 2021 in the San Francisco Bay area.


Prior to that, Sansbury worked as a technical lead and senior software engineer at NVIDIA, a graphics processing and AI chip giant which briefly became the world’s most valuable company last month.


Related:South Korea’s 2nd-largest chipmaker to invest $75B in AI through 2028


Meanwhile, Robinhood bought cryptocurrency exchange Bitstamp for $200 million last month which it will use to serve institutional clients in the United States.


Robinhood’s acquisition is still subject to regulatory approval but is expected to be finalized in the first half of 2025.


The cryptocurrency industry will "fundamentally reorganize the financial system,” Robinhood’s CEO Vlad Tenev said at the time when explaining the company’s acquisition.


Robinhood currently has 23.9 million funded customers, 13.7 million monthly active users, and $130 billion in assets under custody.


Robinhood’s (HOOD) stocks are trading at $22.97 on June 1, increasing 0.35% on the day, Google Finance data shows.


Magazine:$1M bet ChatGPT won’t lead to AGI, Apple’s intelligent AI use, AI millionaires surge: AI Eye# Business# Adoption# AI# Stocks# Robinhood# TradingAdd reaction

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