In the true Robinhood fashion of “Steal from the rich, give to the poor,” Robinhood Markets Inc. is bringing something fancy to its users, except this time, there’s no stealing involved.
With the amount of AI around us these days, from your average generative AI LLMs to the AI boyfriends and girlfriends, you’d think AI was already in everything and every app. However, Robinhood doesn’t already have AI, but it’s better late than never, right?
Robinhood Markets Inc. has now decided it’s time to get a seat at the AI table by acquiring the AI research platform Pluto Capital Inc. Pluto is best known for AI-driven personalized investment advice and real-time analytics, so it’s kind of like a crypto influencer, except it’s AI.
The details and terms of the acquisition are still being kept hush-hush, but the partnership is meant to bring more tailored investment strategies and analysis to Robinhood’s users.
Robinhood Markets, Inc. is officially acquiring Pluto Capital, Inc. 🤝
— Robinhood (@RobinhoodApp) July 1, 2024
An artificial intelligence (AI) powered investment research platform, that delivers highly-customized investment strategies based on customer needs and financial goals. https://t.co/PPaDkbX2q0 pic.twitter.com/ie8ZGfP7ZW
Robinhood seems happy with the deal. Mayank Agarwal, Robinhood’s VP of engineering, has praised Pluto, stating that “they have built an impressive platform that is highly regarded in the financial services industry.”
He said about the partnership:
Their expertise in artificial intelligence coupled with a mission-aligned passion to democratize finance will complement our team’s effort to bring AI-powered tools to our customers.
Pluto’s founder, Jacob Sanbury, who was also happy about the deal, stated in a very Robinhood manner that individualized advice has traditionally only been available to wealthier investors, but now “There will be no thresholds or no gates,” and that “It’s very important for us to give access very democratically to everyone.”
The users of Robinhood are probably the ones getting the sweetest end of this deal. “Pluto’s Ascending” means Robinhood traders get sweet perks like personalized investment strategies, data analytics tools, and real-time insights, which Robinhood believes will help them make “informed decisions swiftly and confidently.”
Pluto’s AI is already packed with features, such as access to real-time insights on global financial data, such as stock prices, company financials, filings to the SEC, and even news articles. Users will also get AI-optimized portfolios, as Pluto’s AI will now be able to assess risk tolerance, investment objectives, and past trades to make recommendations.
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By this time in 2024, everyone has an idea of what AI can do. AI already does everything from explaining quantum physics to providing companionship to people and even firing missiles. However, for Robinhood users, AI means quicker identification of trends and opportunities to give investors a competitive edge. We are unsure when the details of the deal will be announced, but one thing is sure: Robinhood users will be grinning from ear to ear. There has never been a better time to be a Robinhood user.
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