OpenAI’s “Project Mercury” aims to revolutionize Wall Street by training AI with over 100 former investment bankers. These experts, from prestigious firms like JPMorgan and Goldman Sachs, earn approximately $150 per hour to teach the AI complex financial modeling, traditionally done by junior analysts. The project aspires to automate 80-hour workweeks of entry-level tasks such as building IPO valuation models, thereby freeing analysts for higher-value work. While concerns arise about job security, executives, including Goldman Sachs CEO David Solomon, emphasize that AI will transform, not eliminate roles in finance. As firms like Goldman Sachs increase their tech workforce, new positions, including AI trainers, are emerging. The broader AI boom is boosting tech stock valuations, with OpenAI recently reaching a $500 billion valuation. Overall, adapting to AI appears vital for survival in an evolving financial landscape, emphasizing the importance of skills like creativity and strategic insights alongside technical expertise.
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