A conversational user interface (CUI) is a user interface for computers that emulates a conversation with a human. Historically, computers have relied on text-based user interfaces and graphical user interfaces (GUIs) (such as the user pressing a "back" button) to translate the user's desired action into commands the computer understands. While an effective mechanism of completing computing actions, there is a learning curve for the user associated with GUI. Instead, CUIs provide opportunity for the user to communicate with the computer in their natural language rather than in a syntax specific commands.
Hierarchical Risk Parity
Hierarchical Risk Parity (HRP) is an advanced investment portfolio optimization framework developed in 2016 by Marcos López de Prado at Guggenheim Partners and Cornell University. HRP is a probabilistic graph-based alternative to the prevailing mean-variance optimization (MVO) framework developed by Harry Markowitz in 1952, and for which he received the Nobel Prize in economic sciences. HRP algorithms apply discrete mathematics and machine learning techniques to create diversified and robust investment portfolios that outperform MVO methods out-of-sample. HRP aims to address the limitations of traditional portfolio construction methods, particularly when dealing with highly correlated assets. Following its publication, HRP has been implemented in numerous open-source libraries, and received multiple extensions. == Key features == HRP portfolios have been proposed as a robust alternative to traditional quadratic optimization methods, including the Critical Line Algorithm (CLA) of Markowitz. HRP addresses three central issues commonly associated with quadratic optimizers: numerical instability, excessive concentration in a small number of assets, and poor out-of-sample performance. HRP leverages techniques from graph theory and machine learning to construct diversified portfolios using only the information embedded in the covariance matrix. Unlike quadratic programming methods, HRP does not require the covariance matrix to be invertible. Consequently, HRP remains applicable even in cases where the covariance matrix is ill-conditioned or singular—conditions under which standard optimizers fail. Monte Carlo simulations indicate that HRP achieves lower out-of-sample variance than CLA, despite the fact that minimizing variance is the explicit optimization objective of CLA. Furthermore, HRP portfolios exhibit lower realized risk compared to those generated by traditional risk parity methodologies. Empirical backtests have demonstrated that HRP would have historically outperformed conventional portfolio construction techniques. Algorithms within the HRP framework are characterized by the following features: Machine Learning Approach: HRP employs hierarchical clustering, a machine learning technique, to group similar assets based on their correlations. This allows the algorithm to identify the underlying hierarchical structure of the portfolio, and avoid that errors spread through the entire network. Risk-Based Allocation: The algorithm allocates capital based on risk, ensuring that assets only compete with similar assets for representation in the portfolio. This approach leads to better diversification across different risk sources, while avoiding the instability associated with noisy returns estimates. Covariance Matrix Handling: Unlike traditional methods like Mean-Variance Optimization, HRP does not require inverting the covariance matrix. This makes it more stable and applicable to portfolios with a large number of assets, particularly when the covariance matrix's condition number is high. == The problem: Markowitz's Curse == Portfolio construction is perhaps the most recurrent financial problem. On a daily basis, investment managers must build portfolios that incorporate their views and forecasts on risks and returns. Despite the theoretical elegance of Markowitz's mean-variance framework, its practical implementation is hindered by several limitations that undermine the reliability of solutions derived from the Critical Line Algorithm (CLA). A principal concern is the high sensitivity of optimal portfolios to small perturbations in expected returns: even minor forecasting errors can result in significantly different allocations (Michaud, 1998). Given the inherent difficulty of producing accurate return forecasts, numerous researchers have advocated for approaches that forgo expected returns entirely and instead rely solely on the covariance structure of asset returns. This has given rise to risk-based allocation methods, among which risk parity is a widely cited example (Jurczenko, 2015). While eliminating return forecasts mitigates some instability, it does not eliminate it. Quadratic programming techniques employed in portfolio optimization require the inversion of a positive-definite covariance matrix, meaning all eigenvalues must be strictly positive. When the matrix is numerically ill-conditioned—that is, when the ratio of its largest to smallest eigenvalue (its condition number) is large—matrix inversion becomes unreliable and prone to significant numerical errors (Bailey and López de Prado, 2012). The condition number of a covariance, correlation, or any symmetric (and thus diagonalizable) matrix is defined as the absolute value of the ratio between its largest and smallest eigenvalues in modulus. The figure on the right presents the sorted eigenvalues of several correlation matrices; the condition number is represented by the ratio of the first to last eigenvalues in each sequence. A diagonal correlation matrix, which is equal to its own inverse, exhibits the minimum possible condition number. As the number of correlated (or multicollinear) assets in a portfolio increases, the condition number rises. At high levels, this leads to severe numerical instability, whereby slight modifications in any matrix entry may result in drastically different inverses. This phenomenon, often referred to as Markowitz’s curse, encapsulates the paradox wherein increased correlation among assets heightens the theoretical need for diversification, yet simultaneously increases the likelihood of unstable optimization outcomes. Consequently, the potential benefits of diversification are frequently overshadowed by estimation errors. These problems are exacerbated as the dimensionality of the covariance matrix increases. The estimation of each covariance term consumes degrees of freedom, and in general, a minimum of 1 2 N ( N + 1 ) {\displaystyle {\frac {1}{2}}N(N+1)} independent and identically distributed (IID) observations is required to estimate a non-singular covariance matrix of dimension N {\displaystyle N} . For example, constructing an invertible covariance matrix of dimension 50 necessitates at least five years of daily IID observations. However, empirical evidence suggests that the correlation structure of financial assets is highly unstable over such extended periods. These difficulties are highlighted by the observation that even naïve allocation strategies—such as equally weighted portfolios—have frequently outperformed both mean-variance and risk-based optimizations in out-of-sample tests (De Miguel et al., 2009). == The solution: Hierarchical Risk Parity == The HRP algorithm addresses Markowitz's curse in three steps: Hierarchical Clustering: Assets are grouped into clusters based on their correlations, forming a hierarchical tree structure. Quasi-Diagonalization: The correlation matrix is reordered based on the clustering results, revealing a block diagonal structure. Recursive Bisection: Weights are assigned to assets through a top-down approach, splitting the portfolio into smaller sub-portfolios and allocating capital based on inverse variance. === Step 1: Hierarchical clustering === Given a T × N {\displaystyle T\times N} matrix of asset returns X {\displaystyle X} , where each column represents a time series of returns for one of N {\displaystyle N} assets over T {\displaystyle T} time periods, a hierarchical clustering process can be used to construct a tree-based representation of asset relationships. First, we compute the N × N {\displaystyle N\times N} correlation matrix ρ = ρ i , j i , j = 1 . . . N {\displaystyle \rho ={\rho _{i,j}}\;{i,j=1\;...\;N}} , where ρ i , j = c o r r ( X i , X j ) {\displaystyle \rho _{i,j}=\mathrm {corr} (X_{i},X_{j})} . From this, a pairwise distance matrix D = d i , j {\displaystyle D={d_{i,j}}} is defined using the transformation: d i , j = 1 2 ( 1 − ρ i , j ) {\displaystyle d_{i,j}={\sqrt {{\frac {1}{2}}(1-\rho _{i,j})}}} This distance function defines a proper metric space, satisfying non-negativity, identity of indiscernibles, symmetry, and the triangle inequality. Next, a secondary distance matrix D ~ = d ~ i , j {\displaystyle {\tilde {D}}={{\tilde {d}}_{i,j}}} is computed, where each entry measures the Euclidean distance between the distance profiles of two assets: d ~ i , j = ∑ n = 1 N ( d n , i − d n , j ) 2 {\displaystyle {\tilde {d}}_{i,j}={\sqrt {\sum _{n=1}^{N}(d_{n,i}-d_{n,j})^{2}}}} While d i , j {\displaystyle d_{i,j}} reflects correlation-based proximity between two assets, d ~ i , j {\displaystyle {\tilde {d}}_{i,j}} quantifies dissimilarity across the entire system, as it depends on all pairwise distances. Hierarchical clustering proceeds by identifying the pair ( i , j ) {\displaystyle (i,j)} with the smallest value of d ~ i , j {\displaystyle {\tilde {d}}_{i,j}} (for i ≠ j {\displaystyle i\neq j} ), and forming a new cluster u [ 1 ] = ( i , j ) {\displaystyle u[1]=(i,j)} .
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Babel Fish (website)
Yahoo! Babel Fish was a free Web-based machine translation service by Yahoo!. In May 2012 it was replaced by Bing Translator (now Microsoft Translator), to which queries were redirected. Although Yahoo! has transitioned its Babel Fish translation services to Bing Translator, it did not sell its translation application to Microsoft outright. As the oldest free online language translator, the service translated text or Web pages in 36 pairs between 13 languages, including English, Simplified Chinese, Traditional Chinese, Dutch, French, German, Greek, Italian, Japanese, Korean, Portuguese, Russian, and Spanish. The internet service derived its name from the Babel fish, a fictional species in Douglas Adams's book and radio series The Hitchhiker's Guide to the Galaxy that could instantly translate languages. In turn, the name of the fictional creature refers to the biblical account of the confusion of languages that arose in the city of Babel. == History == On December 9, 1997, Digital Equipment Corporation (DEC) and SYSTRAN S.A. launched AltaVista Translation Service at babelfish.altavista.com, which was developed by a team of researchers at DEC. In February 2003, AltaVista was bought by Overture Services, Inc. In July 2003, Overture, in turn, was taken over by Yahoo!. The web address for Babel Fish remained at babelfish.altavista.com until May 9, 2008, when the address changed to babelfish.yahoo.com. In 2012, the Web address changed again, this time redirecting babelfish.yahoo.com to www.microsofttranslator.com when Microsoft's Bing Translator replaced Yahoo Babel Fish. As of June 2013, babelfish.yahoo.com no longer redirects to the Microsoft Bing Translator. Instead, it refers directly back to the main Yahoo.com page.
Agent Ruby
Agent Ruby (1998–2002) by Lynn Hershman Leeson is an interactive, multiuser work using artificial intelligence. == Description == On Agent Ruby's website, "Agent Ruby's Edream Portal," a female face moves her eyes and lips. Ruby, named from Hershman Leeson's own film, Teknolust, answers questions and often responds that she needs a better algorithm to answer questions not within her database. The work, created with AI, explores relationships between real and virtual worlds. Hershman Leeson had created an earlier version of Ruby, CyberRoberta, which was a custom-made doll with webcam eyes that interacted with the internet. The work in a gallery provides a screen and a sign inviting gallery-goers to "Chat with Ruby." == Artificial intelligence == In 2015 when Agent Ruby was exhibited at the gallery Modern Art Oxford, a review in Aesthetica Magazine described it as an artificial intelligence agent. A review in New Scientist noted that "Ruby is a fast learner, but perhaps not a natural conversationalist." A 2024 list of "25 Essential AI Artworks" published by ARTnews wrote that while "Agent Ruby's capabilities seem limited by today's standards," it was extensive for its day. == Publications and exhibitions == Agent Ruby was commissioned and displayed at the San Francisco Museum of Modern Art, Modern Art Oxford, and the ZKM Center for Art and Media in Karlsruhe, Germany. The San Francisco Museum of Modern Art (SFMOMA) presented Lynn Hershman Leeson: The Agent Ruby Files, March 30 through June 2, 2013 which presented the project server's archive of user conversations over the 12 years of exhibitions.
Paola Velardi
Paola Velardi (born in Rome, April 26, 1955) is a full professor of computer science at Sapienza University in Rome, Italy. Her research encompasses Artificial Intelligence and specifically, natural language processing, machine learning business intelligence and semantic web. Velardi is one of the hundred female scientists included in the database "100esperte.it" (translated from Italian with "100 female experts"). This online, open database champions the recognition of top-rated female scientists in Science, Technology, Engineering and Mathematics (STEM) areas. Among her prestigious appointments and honors, her inclusion stands out —alongside 45 other international female scientists from the past, present, and future— in the Women in Science pavilion of UNESCO’s Virtual Science Museum. == Research == Paola Velardi's research activity has focused, since the early 1980s, on Artificial Intelligence, with a particular emphasis on natural language processing (NLP), Machine learning, and data mining. Her scientific contributions have evolved over time, following the sector's primary paradigms: Semantic Web and Ontologies: She is known for her pioneering work on semantic disambiguation and automated ontology learning, collaborating on the development of systems such as OntoLearn. Social Computing and Predictive Analysis: She has conducted research on extracting information from social media for epidemiological monitoring (syndromic surveillance) and for the identification of opinion leaders. In the educational field, she has developed machine learning models to predict the risk of student dropout. AI for Health and Elder Monitoring: She has coordinated projects to support frailty in the elderly, developing systems based on ambient intelligence and wearables to detect clinical and behavioral anomalies. She has also contributed to models for analyzing behavioral changes through dynamic clustering. Generative AI and Finance: More recently, her research has expanded into the use of generative AI and deep learning for finance, including benchmark studies on price trend prediction based on Limit Order Books (LOB) and the development of diffusion models for realistic market simulation (the TRADES project). According to Google Scholar bibliometrics updated until December 2025, Velardi's scientific publications have been cited more than 8100 times. Her h-index was 42. She has published more than 200 papers in international journals and conference proceedings. Some of her publications have been published in top rated journals such as Artificial Intelligence, Computational Linguistics, Knowledge-Based Systems, IEEE Transactions on Data and Knowledge Engineering , IEEE Transactions on Pattern Analysis and Machine Intelligence, IEEE Transactions on Computers, IEEE Transactions on Software Engineering , Data Mining and Knowledge Discovery, and Journal of Web Semantics. == Education and previous employments == Velardi graduated in electronic engineering from Sapienza University in 1978. From 1978 to 1983, she worked for the Ugo Bordoni Foundation, a research institution focusing on ICT and working under the supervision of the Italian Ministry of Economic Development. In 1983, she was a visiting scholar at Stanford University. During this period she became passionate about Artificial Intelligence, which will remain her area of research throughout her career. From 1984 to 1986, she came back to her natal city and worked as a researcher for IBM. From 1986 to 1996 she was an associate professor in the engineering faculty of Polytechnic University of the Marches (Ancona, Italy). Starting in November 1996, she taught in and did research for the Department of Computer Science at the Sapienza University. Velardi was the head of Bachelor and Master Programs in Computer Science at Sapienza University from 2010 to 2013 and from 2015 to 2016. == Current employment == Since November 2001, Velardi has been a full professor in the department of computer science ("Dipartimento di Informatica" in Italian) at Sapienza University in Rome, Italy. Since 2013, she has been the coordinator of the Distance Learning Degree in Computer Science at Sapienza University. As of today, Velardi is a Senior Associate at the Institute of Cognitive Sciences and Technologies (ISTC) of the CNR. == Recognition == Velardi is one of the hundred female scientists included in the database "100esperte.it" (translated from Italian with "100 female experts"). This database lists top Italian female STEM scientists. Six out of one hundred scientists in the 100esperte's database are computer scientists like Velardi. Velardi is in the list of the top Italian scientists. A top scientist appearing in the Top-Italian-Scientists database is a scientist whose h-index is greater than 30. In March 2017, she was given an IBM Faculty Award for her research on social recommender systems. In December 2018, Velardi was included in the list of the 50 most influential Italian women in science and technology by Inspiring Fifty, a non-profit that aims to increase diversity in STEM by making female role models in tech more visible. In September 2019 she was the local co-organizer and Program Chair of the 6th ACM Celebration of Women in Computing. In November 2019 Velardi received the Standout Woman Award International at the seat of the Italian Parliament in Montecitorio. == Causes == Velardi aims at debunking the myth of computer science as a man-oriented and "inflexible" discipline. She is the founder of the project "NERD? Non e' roba per donne?" (translated from Italian: "NERD? Is it not stuff for women?"). This project was launched by Velardi in 2012 in the Department of Computer Science at Sapienza University. Since 2013 the project has been carried out in partnership with IBM Italy, which later created a spin-off of the project. The goal of the project is two-fold: (1) conveying computer science as creative, interdisciplinary and problem-solving-oriented science, and (2) encouraging young female students in studying computer science by, for instance, developing apps for smartphones. She has been the program chair of the 19th ACM celebration of Women in Computing. She is the creator and coordinator of the G4GRETA, an educational project that involves students of the third and fourth grades of Rome and Lazio. The project combines the development of IT skills with the themes of environmental sustainability and soft skills (teambuilding, pitching, social networking, etc.) Velardi is also involved in scientific dissemination. In 2020 and 2021 she cooperated with RaiCultura, the cultural division of RAI, the national broadcasting company.