https://news.stanford.edu/stories/2025/06/ai-stock...

"DeHaan and his colleagues – Suzie Noh, an assistant professor of accounting at Stanford GSB, PhD student Chanseok Lee, and Miao Liu of Boston College – had created an “AI analyst” to study how much an AI bot, using nothing but public information, was able to improve on the performance of mutual fund managers. They were skeptical of the numbers they kept coming up with. But they could find no problems with their analysis.

“It was stunning,” deHaan says. Between 1990 and 2020, fund managers had generated $2.8 million of alpha, or benchmark-adjusted returns, every quarter. When the researchers’ AI analyst readjusted the human managers’ portfolios, it generated $17.1 million per quarter on top of the actual returns. In short, deHaan says, “AI beat 93% of managers over a 30-year period by an average of 600%.”

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