BlackRock Chairman and CEO Larry Fink tells CNBC that his ultimate goal is to build artificial intelligence that can "ultimately invest better than humans." Blackrock has already laid off 40 investment professionals in an effort to lower fees by relying more on technological approaches to investing ike data mining. Purely AI-driven investing, however, "is more of a myth than a reality," at the moment.

Lower fees: Investors are beginning to realize that human stock pickers generally underperform the broader market, and that one can capture higher returns on average, at a lower cost, by investing in index funds or by relying on advice provided by algorithms.

Why it matters: Artificial intelligence is not just threatening investment advisement employment. Other white collar jobs like legal discovery work and financial and sports reporting have already begun to be done by robots, as well, and the list grows longer as the technology becomes more advanced.

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Dion Rabouin, author of Markets
17 mins ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.

Kendall Baker, author of Sports
22 mins ago - Sports

A look inside sports owners' political donations

Data: ESPN/FiveThirtyEight; Chart: Axios Visuals

Sports team owners in the four largest North American leagues (NFL, NBA, MLB, NHL) have donated over $46 million in federal elections since 2015, according to research conducted by ESPN and FiveThirtyEight.

By the numbers: Over the past three elections, $35.7 million of that money (77.4%) has gone to Republican campaigns and super PACs, compared to $10.4 million (22.6%) to Democrats.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.