The trading app Robinhood Markets has joined the growing group of companies that want to offer artificial intelligence (AI) solutions to their customers.
The trading app, Robinhood Markets (HOOD.O), added to the expanding list of businesses aiming to provide clients with artificial intelligence (AI) tools on Monday when it announced that it has acquired Pluto Capital, an AI-powered investment platform. Leading tech firms are rushing to incorporate AI into their goods and services. Analysts predict that generative AI, which processes enormous amounts of data to simulate human interactions, will drive industry change. It has become a global phenomenon.
The transaction, according to the Menlo Park, California-based startup, would provide investors with access to improved data analysis, customized investment strategies, real-time insights, and portfolio optimization on its platform. Following a protracted decline as investors became more risk-apprehensive due to rising interest rates and significant market volatility, Robinhood’s platform has experienced a comeback in trading activity. The retail trading story of 2021 immortalizes the company’s success and allure, as it emerged as the preferred platform for individual investors looking to invest in “meme stocks” amidst the lockdowns during the epidemic.
Since then, it has worked to establish itself as a full-fledged financial services provider and has pursued expansion by entering into agreements and introducing new products that go beyond its customary transaction-related income. In its largest-ever transaction, it agreed to purchase cryptocurrency exchange Bitstamp last month for roughly $200 million in cash. The creator and CEO of Pluto, Jacob Sansbury, is joining Robinhood and will be responsible for growing and enhancing the company’s AI-focused solutions.
In erratic trade, the shares were down 0.6% as of late. The terms of the agreement were not disclosed by the corporation.
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