[short_sells_poo]

Most (all?) hedge funds that use AI models explicitly run in-house. People do use commercial LLMs, but in cases where the LLMs are not run in-house, it's against the company policy to upload any proprietary information (and generally this is logged and policed).

A lot of the use is fairly mundane and basically replaces junior analysts. E.g. it's digesting and summarizing the insane amounts of research that is produced. I could ask an intern to summarize the analysis on platinum prices over the last week, and it'll take them a day. Alternatively, I can feed in all the analysis that banks produce to an LLM and have it done immediately. The data fed in is not a trade secret really, and neither is the output. What I do with the results is where the interesting things happen.