Morningstar Billionaire Says AI Finance Models Lag in Accuracy

Financial models based on artificial intelligence are a long way from being able to compete with market research firms, said Morningstar Inc. Chairman Joe Mansueto, who built a fortune by providing investment reports, research and management.

Mansueto pointed to a recent study in which Vals AI, a startup he advises, examined the accuracy of financial analysis performed by more than 20 AI models. The results fell short of passing grades, he said.

“None of the 20 scored over 50%. They asked them 500 questions,” Mansueto said at a University of Chicago conference. While the performance will improve over time, ...