Appendix

Timeline of artificial intelligence milestones

1937 Claude Shannon proposes that Boolean algebra can be used to model electronic circuits

1943 McCulloch and Pitts recognize that Boolean circuits can be used to model brain signals

1950 Alan Turing develops the Turing Test

1950 Minsky and Edmonds build the first neural network computer (the SNARC)

1956 The term “artificial intelligence” is coined by John McCarthy

1956 Newell and Simon create the Logic Machine

1957 Economist Herbert Simon predicts that computers would defeat humans at chess within the following decade

1958 Frank Rosenblatt introduces a new form of neural network known as “perceptron”

1958 Early genetic algorithms experiments

1959 Arthur Samuels demonstrates that a computer can play checkers better than its creator, and even play against itself to practice

1961 Newell and Simons creates General Problem Solver

1964 Computers understand natural language enough to solve algebraic and word problems

1965 Herbert Dreyfus’ report severely criticises the emerging AI field

1967 Marvin Minsky predicts that within a generation the problem of creating “artificial intelligence” would be solved

1969 Bryson and Ho develop a back propagation algorithm

1971 Terry Winograd’s program SHRDLU answers questions in natural language

1973 UK Lighthill Report ends British government support for AI research

1974 – 1980 First “AI Winter”

1980 Expert Systems, or Knowledge Systems, emerge as a new field within AI

1980s Early part of decade – Benioff and Feynman create Quantum Computing

1982 PlanPower is conceptualized by Applied Expert Systems (APEX)

1982 James Simons starts quant investment firm Renaissance Technologies

1984 American Association for AI coins the term “AI Winter”

1987 Personal Financial Planning System (PFPS) used by Chase Lincoln First Bank

1987 – 1993 Second “AI Winter”

1988 David Shaw founds D.E. Shaw and is an early adopter of AI among its hedge funds

1990s The AI industry shows renewed interest in neural networks

1990 Neural net device reads handwritten digits to determine amounts on bank cheques

1993 FinCen puts FAIS (its AI system) into service to monitor money laundering

1997 Deep Blue defeats Garry Kasparov, world chess champion at the time. IBM’s stock price increases by $18 billion

2005 The DARPA 132-mile challenge sees AI applied to autonomous driving

2007 The DARPA Urban Challenge

2009 Google’s first self-driving car

2010 Flash Crash occurs on 6 May. In 36 minutes, the S&P crashed 8%, before a rebound

2012 On 1 August , Knight Capital loses $440 million 45 minutes after deploying unverified trading software

2014 Man Group starts to use AI to manage client money

2016 Google’s DeepMind AlphaGo applies ML algorithms to win at international Go championship

2017 Two Sigma hedge fund which uses ML, crosses the $50 billion in assets under management

2017 Beijing announces plans to lead the world in AI by 2030

2018 UBS announces development of recommendation algorithms

2018 The Merkel government announces €3 billion will be spent on AI capabilities

2018 President Macron announces that all algorithms developed for government use will be made publicly available

2018 Alibaba announces plans to bring AI chips to market the following year

2018 MiFID II takes effect

2018 GDPR takes effect on 25 May

2018 Baidu becomes the first Chinese tech giant to join a US led consortium on AI safeguards

July 2019 US research group OpenAI to raise $1bn from Microsoft

Aug 2019 Cerebras (an AI start up) develops a processor bigger than iPad to help train AI systems

Sept 2019 Alibaba unveils its first chip designed for AI applications. This is in response to the Chinese government’s call for self-sufficiency in semiconductors

Dec 2019 Sberbank announces it is moving away from core banking activities into more AI related activities