Hedge Fund Launched by Instacart Co-Founder Has AI Call Shots

Instacart co-founder Apoorva Mehta launched a hedge fund that relies on an army of artificial intelligence agents, one of the few using that technology to essentially replace fundamental portfolio managers.

Thousands of bots scour the internet for trade ideas, conduct in-depth research, pick stocks to wager on and against, size bets and even execute trades. The 39-year-old entrepreneur started the firm, Abundance, last year with a small crew of quantitative researchers, engineers and AI experts who build and sustain AI models.