AI's Slow Burn

Hi, I'm Matt. Welcome back to AI Street, your weekly brief on AI + finance. Here’s the latest:

The Rundown 

• AI’s (Non?) Adoption

• Milan Fintech Summit

• 5 Minutes with Sov.ai’s Derek Snow

• Fundraising: Quartr Secures $6M

• Regulation: Open (Source) AI

• Research: AI’s VC picks

• Roundup

BIG PICTURE Success Theatre

While many financial services firms tout AI's benefits for boosting productivity and efficiency, tangible results are often lacking. As HSBC's head of generative AI, Edward Achtner, noted at a recent tech event, "Candidly, there's a lot of success theater out there," according to CNBC.

This sentiment has been echoed recently:

• Man AHL CIO suggests AI's "game changer" effect is overstated, predicting a 'slow' evolution rather than revolution. (Investment Week)

• A St. Louis Fed study indicates shifts in corporate investment post-ChatGPT may be more hype than reality. (St. Louis Fed)