Quantitative hedge fund, High-Flyer, built a 100 billion yuan ($13.79 billion) portfolio using artificial intelligence models to make investment decisions, but in 2023 decided to change track to focus on developing the most cutting-edge AI.
In a post on its official WeChat account, Hangzhou Huanfang Technology Ltd Co., as the company is officially called, said it would focus on pursuing artificial general intelligence (AGI).
“High-Flyer will concentrate its resources and strength, wholly devote itself to serve AI technology that benefits all of humanity, create a new independent research group, and explore the essence of AGI,” the company said.
Microsoft-backed OpenAI, which developed ChatGPT, defines AGI as autonomous systems that surpass humans in most economically valuable tasks.
It’s the next generation of AI models and in a post on X last week OpenAI CEO Sam Altman said his company had not yet achieved that milestone.