AI is coming for Wall Street's own

One more job title could soon be joining the graveyard of careers AI is making obsolete: Wall Street analyst.

ProCap Financial, a financial services company run by entrepreneur, investor, and crypto influencer Anthony Pompliano, is launching a new product that will distribute AI-generated research reports for retail traders, the WSJ first reported today. The service, ProCap Insights, will cost $2,500 per year and can potentially produce hundreds of notes a day on companies across the market.

ProCap Financial’s Chief Market Strategist Phil Rosen, who is also the one and only employee overseeing the product, argued that with the right prompting, AI agents can scour the markets, analyze trends, and come up with investment ideas at a far faster pace than flesh and blood analysts.

But, he said, there’s still a human component. Rosen will oversee and read the analyst reports, and, he argues, the strategy works better than anyone just asking ChatGPT for stock picks because of his and Anthony’s years of (very human) experience in markets.

“There are AI agents that are acting to do the research, debate each other, pressure test ideas and views on the market and views on different trade ideas, and then I’m the editorial or human overlay on that,” Rosen explained.

Can AI replace years of experience, relationships with a company, and a gut feeling that many analysts incorporate into their research? That remains to be seen.

Shares of ProCap Financial fell 1.58% today after the announcement.

Would you trust AI with your money?

ProCap Financial isn’t the only company capitalizing on the fact that more and more people are using various forms of AI to help them make decisions about their money.

Earlier this month, Public became the first brokerage to launch a platform that allows investors to create their own tailor-made stock indexes with AI, and rolled out tools to allow users to automate tasks like buying the dip of certain stocks, or giving tax-loss harvesting advice.

Despite the financial industry’s embrace of the new tech, many investors are still wary of trusting AI completely. After all, investing and money management are deeply personal, and often emotional, tasks. Then again, traders may be willing to accept some automation to help them get to the next level—or, as Pompliano told us, “retail investors want to make money.”—LB