Friday, August 3, 2012

Robot Stock Trader Looses $440,000,000 in 45 Minutes

This is not the said robot. This is ANDYy, a smart robot. 
Apparently, robots can be stupid. An autonomous trading AIs went on a spending spree at Knight Capital Group in New Jersey this week, buying up shares in everything from RadioShack to Ford and American Airlines (ouch) in a 45-minute frenzy of disobedience.
When the company tried to offload the unwanted stock, they discovered they were already nearly half a billion dollars in the red. Enough to wipe out its entire profit from 2011 and "severely impact" its ability to conduct business.
So much for robots being smart, huh? 

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