The following article is a broad timeline of the course of events related to artificial intelligence risks in global finance. The AI boom has led to concerns including the existential risk from artificial intelligence, as the uptake on applications of artificial intelligence increases. By late 2025, global finance and artificial intelligence were "deeply intertwined". A June 2025 Menlo Ventures report raised concerns about the sustainability of future revenue and long-term profitability of AI, given the relatively low rate of consumer monetization. == 2017 == 30 NovemberThe New York Times said that new AI reports by McKinsey & Company, the National Bureau of Economic Research, and an AI Index created by university researchers, indicated an early AI boom. The Index built on a project—"The One Hundred Year Study on Artificial Intelligence" launched in 2014. == 2018 == 2018 was a year of incremental AI growth in finance. == 2022 == The release of ChatGPT by OpenAI became the catalyst for an artificial intelligence boom that continues to remake the global economy. According to a European Central Bank report, public interest in AI increased rapidly as evidenced with rising Google searches, AI jobs, models, patents, and innovations since late 2022. At that time Europe led the US in the size of its AI workforce. == 2023 == The regulatory body, the International Monetary Fund (IMF), published their report, "Generative Artificial Intelligence in Finance: Risk Considerations", drawing attention to oversight gaps and the need for regulations. The report explores the risks posed by using generative artificial intelligence (GenAI) systems in the financial sector including "broader risks to financial stability." == 2024 == January 12 In January 2024 Bloomberg's published its list of the "Magnificent Seven" Big Tech companies on the stock market based on their strength, size and market capitalization:Apple, Microsoft, Alphabet (Google), Amazon, Meta Platforms (Facebook), Nvidia, and Tesla. 21 June During the AI boom, Nvidia became the world's most valuable company, surpassing Microsoft, as its value increased to over US$4 trillion. In 2023 and 2024, the "Magnificent Seven" stocks were the primary drivers behind the increase in equity indexes, according to Reuters. == 2025 == === January === 23 January President Donald Trump's AI policy was announced calling for United States global leadership in artificial intelligence. The Economist noted that this politic shift in which the United States seeks "global dominance" in AI includes trimming regulations and assisting in expansion of infrastructure and increase in number of AI workers. Governments of Gulf nations were also investing trillions of dollars in AI. 27 January Against the backdrop of a tech war between China and the United States over AI dominance, within days of the launch of China's free DeepSeek App, it was the most downloaded app in the United States, rising to the first place in the Apple app store. President Trump responded immediately, saying this "sudden rise" should be a "wake-up" call to the United States, and called on US companies to be more competitive. === June === 26 June In their June 2025 report, Menlo Ventures estimated that only about 3% of consumers paid for artificial intelligence-related services, representing about $USD12 billion in annual spending. This is relatively low in contrast to the massive capital expenditure by AI infrastructure companies, which raises concerns about revenue sustainability and long-term profitability. === July === 23 July The Trump administration launched the US AI Action Plan, positioning the United States in a high-stakes technological race with China for global dominance in artificial intelligence, emphasizing that neither nation can afford to fall behind due to the exponential nature of AI advancement. The plan, a new government website and policy speech called for accelerated AI adoption across federal agencies, and a number of initiatives to make is easier for AI infrastructure expansion, and other measures to ensure American leadership in AI standards. Some leading experts warned that the administration failed to provide sufficient regulations and safeguards for AI safety. Concerns were raised about the negative impacts of cuts to research funding and tightened visa policies for scientists, potentially undermining public trust and America's ability to compete internationally. === September === 7 September The Economist cautioned that AI revenues are relatively modest compared to the high cost and investments in the creation of new data centers. Even Sam Altman, OpenAI CEO and one of the leading figures of the AI boom,, raised concerns about investors' outsized hopes for financial returns. At the same time, history has shown that new technologies, like railways and electricity, endured and spread after the initial hype faded. 12 September Economists warn that U.S. households' direct and indirect investments—mutual funds or retirement plans—in the stock market reached an unprecedented historically high level, now representing 45% of all financial assets, or about $USD51.2 trillion. Compared to the Dot-com bubble this represents a sharp increase in exposure. This makes U.S. households vulnerable to market downturns which in turn would result in decreasing consumer spending. U.S. household net worth rose to a record $176.3 trillion in the second quarter, an increase of $7.3 trillion since early 2025 and about $46 trillion higher than before the pandemic. Federal Reserve data attribute the surge primarily to gains in stock markets and housing values. However, the rise in wealth on paper coincided with increased household borrowing and growing government debt. 18 September Questions were being raised about how quickly the data centers, chips, servers, and GPUs assets of major AI companies will depreciate in value. Comparisons have been made to the Railway Mania in the aftermath of the stock market bubble where a valuable physical infrastructure remained standing, and the telecoms crash after the dot-com bubble which left fiber networks. 28 September There were warnings that record-high American stock ownership during the AI-fueled market boom is a red flag for systemic risk, as the current concentration in equities exceeds levels seen before the dot-com bubble burst in 2000, and could amplify the impact of any future stock market correction. === October === 3 October In 2025 alone, venture capitalists invested almost $USD200 billion in the artificial intelligence sector. 29 October Nvidia was the first company in the world to be valued at US$5 trillion, largely due to AI demand and strategic partnerships with leading technology and AI firms. Nvidia's increase in value was "meteoric". === November === 2 November Forbes reported that, since April, the 'Magnificent Seven' tech giants together contributed over 40% of the S&P 500's return, highlighting their outsized influence and the growing impact of AI on market valuations. CNN warned that while there is a current benefit to investors, with such a high concentration in the S&P 500, they are highly exposed to the fate of the Mag Seven. 2 November Globally there are 11,000 datacentres—huge campuses for AI infrastructure, including thousands of chips, GPUS, and servers. This represents a 500% increase over the last two decades. It is anticipated that $3USDtn more will be spent on increasing that number over the next two or three years. 5 November Concerns about the potential for a market bubble were raised as six of the AI-related Big Tech "Magnificent Seven"—that contribute to the AI boom—reported losing ground in the stock market. Global markets and artificial intelligence have become "deeply intertwined", according to a Reuters report. As of November 2025, more than 50% of the 20 largest S&P firms were deeply exposed to AI. In contrast, in 2000, the 20 S&P 500 firms represented 39% of its total value only 11 of these companies were exposed to the internet. If AI fails to deliver strong returns on their investments, these top S&P firms would be significantly impacted, according to the Economist. Analysts suggest that the AI market in 2025 may not behave like a traditional one, as investors are simultaneously aware of the risks and driven by the potential for outsized rewards. Leading AI labs may believe that the first company to achieve artificial general intelligence (AGI), when an AI system surpasses all human cognitive abilities and becomes capable of self-improvement—could dominate the future of technology and finance. While some have estimated that the potential value of such a breakthrough could be as high as $1.46 quadrillion, this figure is speculative and widely debated. 5 November Bloomberg described Nvidia's H100 Hopper-Blackwell AI chips as the "King of AI chips". Nvidia dominates the AI chip market with over 78% of the market share because of both speed and cost. According to B
Scale space
Scale-space theory is a framework for multi-scale signal representation developed by the computer vision, image processing and signal processing communities with complementary motivations from physics and biological vision. It is a formal theory for handling image structures at different scales, by representing an image as a one-parameter family of smoothed images, the scale-space representation, parametrized by the size of the smoothing kernel used for suppressing fine-scale structures. The parameter t {\displaystyle t} in this family is referred to as the scale parameter, with the interpretation that image structures of spatial size smaller than about t {\displaystyle {\sqrt {t}}} have largely been smoothed away in the scale-space level at scale t {\displaystyle t} . The main type of scale space is the linear (Gaussian) scale space, which has wide applicability as well as the attractive property of being possible to derive from a small set of scale-space axioms. The corresponding scale-space framework encompasses a theory for Gaussian derivative operators, which can be used as a basis for expressing a large class of visual operations for computerized systems that process visual information. This framework also allows visual operations to be made scale invariant, which is necessary for dealing with the size variations that may occur in image data, because real-world objects may be of different sizes and in addition the distance between the object and the camera may be unknown and may vary depending on the circumstances. == Definition == The notion of scale space applies to signals of arbitrary numbers of variables. The most common case in the literature applies to two-dimensional images, which is what is presented here. Consider a given image f {\displaystyle f} where f ( x , y ) {\displaystyle f(x,y)} is the greyscale value of the pixel at position ( x , y ) {\displaystyle (x,y)} . The linear (Gaussian) scale-space representation of f {\displaystyle f} is a family of derived signals L ( x , y ; t ) {\displaystyle L(x,y;t)} defined by the convolution of f ( x , y ) {\displaystyle f(x,y)} with the two-dimensional Gaussian kernel g ( x , y ; t ) = 1 2 π t e − ( x 2 + y 2 ) / 2 t {\displaystyle g(x,y;t)={\frac {1}{2\pi t}}e^{-(x^{2}+y^{2})/2t}\,} such that L ( ⋅ , ⋅ ; t ) = g ( ⋅ , ⋅ ; t ) ∗ f ( ⋅ , ⋅ ) , {\displaystyle L(\cdot ,\cdot ;t)\ =g(\cdot ,\cdot ;t)f(\cdot ,\cdot ),} where the semicolon in the argument of L {\displaystyle L} implies that the convolution is performed only over the variables x , y {\displaystyle x,y} , while the scale parameter t {\displaystyle t} after the semicolon just indicates which scale level is being defined. This definition of L {\displaystyle L} works for a continuum of scales t ≥ 0 {\displaystyle t\geq 0} , but typically only a finite discrete set of levels in the scale-space representation would be actually considered. The scale parameter t = σ 2 {\displaystyle t=\sigma ^{2}} is the variance of the Gaussian filter and as a limit for t = 0 {\displaystyle t=0} the filter g {\displaystyle g} becomes an impulse function such that L ( x , y ; 0 ) = f ( x , y ) , {\displaystyle L(x,y;0)=f(x,y),} that is, the scale-space representation at scale level t = 0 {\displaystyle t=0} is the image f {\displaystyle f} itself. As t {\displaystyle t} increases, L {\displaystyle L} is the result of smoothing f {\displaystyle f} with a larger and larger filter, thereby removing more and more of the details that the image contains. Since the standard deviation of the filter is σ = t {\displaystyle \sigma ={\sqrt {t}}} , details that are significantly smaller than this value are to a large extent removed from the image at scale parameter t {\displaystyle t} , see the following figures and for graphical illustrations. === Why a Gaussian filter? === When faced with the task of generating a multi-scale representation one may ask: could any filter g of low-pass type and with a parameter t which determines its width be used to generate a scale space? The answer is no, as it is of crucial importance that the smoothing filter does not introduce new spurious structures at coarse scales that do not correspond to simplifications of corresponding structures at finer scales. In the scale-space literature, a number of different ways have been expressed to formulate this criterion in precise mathematical terms. The conclusion from several different axiomatic derivations that have been presented is that the Gaussian scale space constitutes the canonical way to generate a linear scale space, based on the essential requirement that new structures must not be created when going from a fine scale to any coarser scale. Conditions, referred to as scale-space axioms, that have been used for deriving the uniqueness of the Gaussian kernel include linearity, shift invariance, semi-group structure, non-enhancement of local extrema, scale invariance and rotational invariance. In the works, the uniqueness claimed in the arguments based on scale invariance has been criticized, and alternative self-similar scale-space kernels have been proposed. The Gaussian kernel is, however, a unique choice according to the scale-space axiomatics based on causality or non-enhancement of local extrema. === Alternative definition === Equivalently, the scale-space family can be defined as the solution of the diffusion equation (for example in terms of the heat equation), ∂ t L = 1 2 ∇ 2 L , {\displaystyle \partial _{t}L={\frac {1}{2}}\nabla ^{2}L,} with initial condition L ( x , y ; 0 ) = f ( x , y ) {\displaystyle L(x,y;0)=f(x,y)} . This formulation of the scale-space representation L means that it is possible to interpret the intensity values of the image f as a "temperature distribution" in the image plane and that the process that generates the scale-space representation as a function of t corresponds to heat diffusion in the image plane over time t (assuming the thermal conductivity of the material equal to the arbitrarily chosen constant 1/2). Although this connection may appear superficial for a reader not familiar with differential equations, it is indeed the case that the main scale-space formulation in terms of non-enhancement of local extrema is expressed in terms of a sign condition on partial derivatives in the 2+1-D volume generated by the scale space, thus within the framework of partial differential equations. Furthermore, a detailed analysis of the discrete case shows that the diffusion equation provides a unifying link between continuous and discrete scale spaces, which also generalizes to nonlinear scale spaces, for example, using anisotropic diffusion. Hence, one may say that the primary way to generate a scale space is by the diffusion equation, and that the Gaussian kernel arises as the Green's function of this specific partial differential equation. == Motivations == The motivation for generating a scale-space representation of a given data set originates from the basic observation that real-world objects are composed of different structures at different scales. This implies that real-world objects, in contrast to idealized mathematical entities such as points or lines, may appear in different ways depending on the scale of observation. For example, the concept of a "tree" is appropriate at the scale of meters, while concepts such as leaves and molecules are more appropriate at finer scales. For a computer vision system analysing an unknown scene, there is no way to know a priori what scales are appropriate for describing the interesting structures in the image data. Hence, the only reasonable approach is to consider descriptions at multiple scales in order to be able to capture the unknown scale variations that may occur. Taken to the limit, a scale-space representation considers representations at all scales. Another motivation to the scale-space concept originates from the process of performing a physical measurement on real-world data. In order to extract any information from a measurement process, one has to apply operators of non-infinitesimal size to the data. In many branches of computer science and applied mathematics, the size of the measurement operator is disregarded in the theoretical modelling of a problem. The scale-space theory on the other hand explicitly incorporates the need for a non-infinitesimal size of the image operators as an integral part of any measurement as well as any other operation that depends on a real-world measurement. There is a close link between scale-space theory and biological vision. Many scale-space operations show a high degree of similarity with receptive field profiles recorded from the mammalian retina and the first stages in the visual cortex. In these respects, the scale-space framework can be seen as a theoretically well-founded paradigm for early vision, which in addition has been thoroughly tested by algorithms and experiments. == Gaussian derivatives == At any scale in scale space, we c
Drop shadow
In graphic design and computer graphics, a drop shadow is a visual effect consisting of a drawing element which looks like the shadow of an object, giving the impression that the object is raised above the objects behind it. The drop shadow is often used for elements of a graphical user interface such as windows or menus, and for simple text. The text label for icons on desktops in many desktop environments has a drop shadow, as this effect effectively distinguishes the text from any colored background it may be in front of. A simple way of drawing a drop shadow of a rectangular object is to draw a gray or black area underneath and offset from the object. In general, a drop shadow is a copy in black or gray of the object, drawn in a slightly different position. Realism may be increased by: Darkening the colors of the pixels where the shadow casts instead of making them gray. This can be done with alpha blending the shadow with the area it is cast on. Softening the edges of the shadow. This can be done by adding Gaussian blur to the shadow's alpha channel before blending. Inset drop shadows are a type which draws the shadows inside the element. This allows the interface element to appear as if it is sunken into the interface. == Photo editing == In photo editing or photography post-production, a drop shadow may be added right beneath a model or product in the image. It is used to create contrast between the background and the subject. To add a drop shadow, retouchers use graphic editing tools like Adobe Photoshop. Drop shadows are often used as a visual effect in e-commerce. This is done to improve the presentation of product images and create depth in the image. == Use == Generally, window managers which are capable of compositing allow drop shadow effects, whereas incapable window managers do not. In some operating systems like macOS, drop shadow is used to differentiate between active and inactive windows. Websites are able to use drop shadow effects through the CSS properties box-shadow, text-shadow, and drop-shadow() filter function in filter. The first two are used for elements and text respectively, while the filter applies to the element's content, letting it support oddly shaped elements or transparent images.
SMBGhost
SMBGhost (or SMBleedingGhost or CoronaBlue) is a type of security vulnerability, with wormlike features, that affects Windows 10 computers and was first reported publicly on 10 March 2020. == Security vulnerability == A proof of concept (PoC) exploit code was published 1 June 2020 on GitHub by a security researcher. The code could possibly spread to millions of unpatched computers, resulting in as much as tens of billions of dollars in losses. Microsoft recommends all users of Windows 10 versions 1903 and 1909 and Windows Server versions 1903 and 1909 to install patches, and states, "We recommend customers install updates as soon as possible as publicly disclosed vulnerabilities have the potential to be leveraged by bad actors ... An update for this vulnerability was released in March [2020], and customers who have installed the updates, or have automatic updates enabled, are already protected." Workarounds, according to Microsoft, such as disabling SMB compression and blocking port 445, may help but may not be sufficient. According to the advisory division of Homeland Security, "Malicious cyber actors are targeting unpatched systems with the new [threat], ... [and] strongly recommends using a firewall to block server message block ports from the internet and to apply patches to critical- and high-severity vulnerabilities as soon as possible."
EPUAP
ePUAP (Electronic Platform of Public Administration Services) is a Polish nationwide platform for communication of citizens with public administrations in a uniform and standardized way. Built as part of the ePUAP-WKP project (State Informatization Plan). Service providers are public administration units and public institutions (especially entities that perform tasks commissioned by the state). The platform provides service providers with technological infrastructure to provide services to citizens (recipients). Among the participants of ePUAP there are both central administration units and local governments, including municipal offices. Among the services offered by ePUAP is also Profil Zaufany (Trusted Profile), which enables electronic filing with legal effect without the need to use a qualified signature and SAML-based single sign-on mechanism, which enables the same ePUAP account to log on to websites of various service providers. The website www.epuap.gov.pl enables defining citizen and businesses service processes, creates channels of access to different systems of public administration and extends the package of public services provided electronically. Services available through the ePUAP platform may be accessed at the official website. Currently all administration services are available in Polish only. == Overview == It is described by the Polish government as "a coherent and systematic action program designed and developed to allow public institutions make their electronic services available to the public". The platform provides citizens, businesses and institutions with a number of services intended to ensure smooth and safe communication between: customer to administrations (C2A), business to administration (B2A), administration to administration (A2A). === Main goals === The main project objectives are to create a single, secure and electronic access channel to public services for citizens, businesses and public administration and also to reduce time and lower the costs of sharing information resources and functionalities of administration domain systems. Within the project, the following functionalities and services were delivered: Public services catalogue – a method of presenting and describing administration services, ePUAP platform – a web platform designed to provide public services on the Internet, Interoperability portal – a portal for experts working on recommendations for electronic documents and forms used within Polish administration systems to assure the uniformity of IT standards, Central Repository of Electronic Document Models – a database for valid document models and electronic forms. == History and background == The ePUAP project was carried out in the years 2005–2008. Currently, a continuation project ePUAP2 is being carried out with the following objectives: to increase the number of online services available to the public including the registry services, to widen the scale of usage of public electronic services, to integrate subsequent systems of public administration and business on ePUAP portal, to define new processes of customer and business services. === ePUAP2 === ePUAP2 is a public and administrative project that extends the set of functional services developed during the first edition of the project and is another step in the process of transforming Poland into a modern and citizen-friendly country. The implementation period for the project covers the years 2009–2013. Project financing The cost of the project “Construction of electronic Platform of Public Administration Services” – 32 million PLN was covered in 75% by the funds from the European Regional Development Fund (under the Sector Operational Programme "Supporting Competitiveness of Enterprises for the years 2004–2006"), while the remaining 25% of the cost was covered by a Polish national co-financing. Funds for the ePUAP2 project were gained from the 7th priority axis of the Innovative Economy Operational Programme and amounts to 140 million PLN (85% of eligible expenses were covered by the European Regional Development Fund, 15% were covered by a national co-financing). The trustee of ePUAP is the Polish Ministry of the Interior and Administration. == Legal regulations == According to the Polish law from 1 May 2008, public authorities are required to accept documents in electronic form (bringing applications and proposals and other activities in electronic form). ePUAP enables public institutions to meet this requirement by providing a service infrastructure to set up am electronic inbox. The ePUAP inbox meets legal requirements, in particular: issuing an official confirmation of receipt in accordance with the regulation of the Prime Minister of 29 September 2005 on the organizational and technical conditions for the delivery of electronic documents to public entities; cooperation with hardware security modules (HSM), meeting the technical requirements set out in the law; handling documents electronically in accordance with the minimum requirements set out in the Regulation of the Polish Council of Ministers of 11 October 2005 on minimum requirements for ICT systems. == Incidents == === Crashes === The ePUAP system very often happens smaller or larger failures. Because it is used to sign the application profiles trusted also in other electronic systems such as public administration. Electronic Services Platform created by ZUS, the system fault ePUAP it very difficult to settle official matters most electronically. === "Infoafera" === According to TVN and the release of TVP News from 10 April 2014, the creation of ePUAP is also associated with the so-called "Infoafera." On 10 April 2014, the Minister of Internal Affairs of Poland confirmed the information that the American technology company HP confessed to its participation in the Polish info-tour and corruption of Polish officials. By March 2014, the construction of ePUAP and its maintenance cost PLN 98.4 million. PLN 67.8 million has been used for this project. Challenged expenses only on the portal itself is approx. PLN 20 million.
TipTop Technologies
TipTop Technologies is a real-time web and social search engine with a platform for semantic analysis of natural language. Tip-Top Search provides results capturing individual and group sentiment, opinions, and experiences there from the content of various sorts such as real-time messages from Twitter or consumer product reviews on Amazon.com. TipTop Technologies and ITC Infotech collaborated to create a search interface suitable for both enterprise and consumer applications. Tip-Top's products are part of the "emerging Web 3.0 applications which use semantic technologies to augment the underlying Web system's functionalities." Their main product is 360, an AI tool that incorporates multiple AI applications under one wing. Jonathan AlBright professor at Elon University, found videos generated by TipTop Technologies software on YouTube in his research into artificial intelligence, described it as AI-generated "fake news". Through semantic analysis of large data sets, TipTop gleaned behavioral insights from Tweets around events like Halloween, Thanksgiving, Holiday Gifting, the Super Bowl, and the Oscar Nominees for the Academy Awards coverage. Sentiment analysis, concept trend tracking, and real-time market research are other applications included in the TipTop Search product. TipTop's insight engine solves the problem of real-time data noise, and its ability to "sort the 'good tweets' from the 'bad tweets' when it comes to a product, service, or a region..." In addition, products like TipTop Shopping with customizable search widgets bring together consumer reviews, social search, and sentiment analysis enabling product comparisons across attributes like the overall value and aiding purchasing decisions through user-driven product tips and pits. TipTop Finance adds another complexity to real-time search results by incorporating corporate sentiment, company stock tickers, and social media into TipTop's existing social search platform. Additional success applying semantic technologies has been with polling, "if you compare these Gallup results with TipTop, a sentiment engine based on Twitter, the results are not way off. It does surprise you but it tells me that sentiment analysis in case of public opinion about a burning social issue or a famous personality is relatively easier." With the increasing amount of unstructured, opinion-oriented, and user-generated content available on the Web, TipTop's technology aims to make sense of all this data, and deliver it in a useful way for consumer and enterprise users alike. TipTop Technologies is a privately held company with its headquarters in the San Francisco Bay Area, and team members are located globally.
Blitter object
A blitter object (Bob) is a graphical element (GEL) used by the Amiga computer. Bobs are hardware sprite-like objects, movable on the screen with the help of the blitter coprocessor. == Overview == The AmigaOS GEL system consists of VSprites, Bobs, AnimComps (animation components) and AnimObs (animation objects), each extending the preceding with additional functionality. While VSprites are a virtualization of hardware sprites Bobs are drawn into a playfield by the blitter, saving and restoring the background of the GEL as required. The Bob with the highest video priority is the last one to be drawn, which makes it appear to be in front of all other Bobs. In contrast to hardware sprites Bobs are not limited in size and number. Bobs require more processing power than sprites, because they require at least one DMA memory copy operation to draw them on the screen. Sometimes three distinct memory copy operations are needed: one to save the screen area where the Bob would be drawn, one to actually draw the Bob, and one later to restore the screen background when the Bob moves away. An AnimComp adds animation to a Bob and an AnimOb groups AnimComps together and assigns them velocity and acceleration.