A study undertaken by researchers at the School of Business and Economics at Friedrich-Alexander-Universität Erlangen-Nürnberg (FAU) has shown that computer programs that algorithms based on artificial intelligence are able to make profitable investment decisions. When applied to the S&P 500 constituents from 1992 to 2015, their stock selections generated annual returns in the double digits -- whereas the highest profits were made at times of financial turmoil.
S. Berghaus, and A. Back. Proceedings of the 10th Mediterranean Conference on Information Systems (MCIS 2016), Paphos, Cyprus, page 22:1--22:17. Atlanta, GA, Association for Information Systems, AIS Electronic Library (AISeL), (September 2016)