Robinhood users will soon access advanced AI tools for more informed trading. The firm has acquired Pluto Capital, an AI-powered investment research company. Robinhood announced on 1st July that Pluto’s AI will provide personalised investment strategies, data analytics tools, and real-time information. This will help Robinhood investors make decisions quickly and securely.
The acquisition will also enable Pluto’s founder and CEO, Jacob Sansbury, to assist Robinhood with product roadmaps and AI integrations. The AI tool will optimise investors’ portfolios by assessing each user’s risk tolerance, investment goals, and past transactions. Pluto’s extensive language models will provide real-time information on global financial data. This includes stock prices, news articles, company financials, and filings with the U.S. Securities and Exchange Commission. The company stated, “This means faster identification of trends and opportunities, giving investors a competitive edge.”
Pluto Capital was founded by Sansbury in August 2021 in the San Francisco Bay Area. Before this, Sansbury worked as a technical lead and senior software engineer at NVIDIA. NVIDIA is the graphics processing and AI chip giant that became the world’s most valuable company last month. Meanwhile, Robinhood acquired the cryptocurrency exchange Bitstamp for $200 million last month to serve institutional clients in the U.S. The acquisition is still subject to regulatory approval but is expected to be completed in the first half of 2025.
Robinhood CEO Vlad Tenev stated that the acquisition would fundamentally reorganise the financial system through the cryptocurrency industry. Robinhood currently has 23.9 million funded accounts, 13.7 million monthly active users, and $130 billion in customer assets. According to Google Finance, Robinhood’s (HOOD) shares were trading at $22.97 with a 0.35% increase on 1st June.
