Where Will Investors Find Alpha in the Age of AI? | Alistair Smallwood, Head of Applied AI at Primer

Fundamental equity research is undergoing a structural transformation as large language models enable the systematic execution of mosaic theory at scale. By moving beyond simple chatbot interactions, investors can now build custom pipelines to process and synthesize primary financial data, such as 10Ks and earnings calls, across thousands of companies. This shift allows for the autonomous identification of investment signals, though human judgment remains critical for assessing regime shifts, management quality, and long-term terminal value. While AI improves productivity and velocity, the core challenge lies in building durable infrastructure that evolves with rapid model advancements rather than becoming obsolete. Ultimately, the most successful firms will treat AI as a core component of their research system, requiring a blend of deep domain expertise and technical proficiency to navigate the evolving landscape of market expectations and bias.