Banks Boost AI Adoption

Hi! You’re reading AI Street, a weekly newsletter about how AI is reshaping Wall Street. I’m Matt Robinson and every Thursday I share the latest news, analysis and AI tools for investors.

The Rundown

• Big Banks Highlight AI Progress in Q2 Results

• BNP Paribas Teams Up with Mistral AI for AI Solutions

• Vectara Raises $25M for Enterprise AI Models

• Arcee AI Raises $24M Series A For Small Language Models

• Biggest Banks Accelerate AI Hiring Despite Overall Slowdown

• Mortgage Lenders Face Checks on Automated Valuation Models

• AI for Work: Visits to ChatGPT Surpass Reddit

• One-Third of Asset Managers Actively Use AI: Study

• Related Reads

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BANK AI UPDATES Big Banks Highlight AI Progress in Q2 Results

The biggest banks provided updates on their AI progress when reporting mostly positive second-quarter results. Here are the highlights:

$BAC

Bank of America CEO Brian Moynihan highlighted that the lender is increasing its technology initiatives, expecting to spend nearly $4 bill…