Hedge-fund manager built his firm to be powered by AI agents (www.cnbc.com)

Hedge-fund manager Brian Kelly has launched Bracket22, a trading firm operated entirely by AI agents, dramatically reducing his operational costs and claiming to be "at least 10 times more productive" than with a traditional staff model. Previously, managing payroll and related expenses approached $5 million annually with a team of eight employees, but now Kelly's total expenses are around $30,000 to $40,000 a year, showcasing a significant evolution in financial operations on Wall Street. This development is significant for the AI/ML community as it highlights a shift towards integrating AI agents into high-stakes finance, with other major firms like JPMorgan and Morgan Stanley also exploring similar strategies. Kelly's AI workforce consists of specialized agents, such as "Steffi," who conducts technical analysis, and "Desmond," who manages quantitative strategies, allowing for distinct functionalities within the trading process. While his approach raises productivity, Kelly emphasizes that the true potential of AI lies in augmenting human intelligence rather than complete replacement, indicating a transformative future for human-AI collaboration in finance.