If there was any alpha before, it is gone now.”Still, AI tools are already an important part of investment research through informing its process. “AI can be used as a junior analyst to help with investment research. “The involvement of human experts will remain crucial to any application of AI in investment risk management,” the paper stated. Subject to Data QualityBad data quality can undermine the effectiveness of AI tools. However, AI for data quality is a double-edged sword, as it can erroneously classify outliers and anomalies as errors whereas those may contain an important signal.