AI’s need for data could breathe life into a once-buzzy Wall Street corner

AI companies seek work data

AI companies are interested in documented information related to work, based on the idea that tools designed to automate tasks need to understand those tasks. Business Insider examined this race to gather data in its series, “The AI Data Grab.” Some organizations are also looking for ways to use their existing databases. Law firms, with their detailed archives, are one example.

Alternative data and investors

Unconventional datasets are intended to help investors gain an advantage. Satellite images of Home Depot parking lots, for example, could be examined for signs that customer traffic is increasing or decreasing ahead of earnings.

However, the pool of hedge funds is limited, as is the market for such data. When too many investors use the same information, the potential edge can disappear.

A startup targets AI models

Some companies see an opportunity in preparing data for AI. Former Point72 data specialist Kirk McKeown launched a data startup last year. McKeown told Bradley that the startup aimed to package data in a format AI models could access and use.