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Cover Story: Trading by Algorithm: Who is Responsible When AI Calls the Shots?

By Liu Ran, Yue Yue and Denise Jia
2025年12月15日 05:39
Inside the AI stock-trading contest that exposed the promise — and danger — of letting algorithms chase alpha

It was a battle unlike anything Wall Street had ever seen. No hedge fund managers. No financial analysts. No humans at all. Just lines and lines of code.

In the final weeks of 2025, a group of the world’s most powerful AI models — some from Silicon Valley giants, others born in the black boxes of Chinese quant funds — were given $10,000 each and released into the real-world U.S. stock market.

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