Daily Review: The AI Arms Race

With AI becoming the most defining technology in the financial services industry and beyond, it comes as no surprise that tech corporations are heavily investing in existing AI talent and expanding the pool of employees focusing on AI/ML research and development.

US employees were estimated to spend more than $650 million on annual salaries for 10,000 jobs in AI in 2016. Estimates put the cost to find and hire a new employee at a quarter of a million dollars. Some of the strongest AI/ML talent magnets have been Facebook, Google, Apple, Microsoft, Nvidia, Amazon, Intel, Rakuten and, of course, IBM. And that’s all aside from 365 technol ...