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Ben Wellington: ML for Finance and Storytelling through Data
The Gradient: Perspectives on AI
Exploring the Impact of Simple Models and Large Datasets in Finance
Researchers have experienced a profound realization that simple models, when scaled with large datasets, can outperform complex models infused with specialized knowledge or biases. This unexpected insight has shifted thinking in various fields, particularly in finance and language processing. The use of vast amounts of diverse data has always been a cornerstone in predictive modeling, especially in financial services where anticipating price movements is crucial. The remarkable outcome is the ability of models to produce outputs that closely mimic human language, despite lacking genuine understanding. This has surprised many in the field, marking a significant disruption as the capabilities of data-driven models exceed prior expectations, showcasing the incredible potential of leveraging scale in data to achieve advanced performance in various applications.
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