When Silicon Valley came to Wall Street

Gilead Sciences recently reached an $11.9bn agreement to acquire Kite Pharma for a 50 per cent premium to its monthly average stock price. Five days before the US takeover was announced, an artificially intelligent computer predicted it. The algorithm, developed by Dataminr, a New York-based technology group, had noticed unusual social media chatter and options activity and alerted its clients about a possible buyout of Kite by a large biotech company. The following week, shares in Kite jumped 28 per cent.

Read the source article at Financial Times