The parallel terraced scan is a multi-agent based search technique that is basic to cognitive architectures, such as Copycat, Letter-string, the Examiner, Tabletop, and others. It was developed by John Rehling and Douglas Hofstadter at the Center for Research on Concepts and Cognition at Indiana University, Bloomington. The parallel terraced scan builds on the concepts of the workspace, coderack, conceptual memory, and temperature. According to Hofstadter the parallel and random nature of the processing captures aspects of human cognition.
Just This Once
Just This Once is a 1993 romance novel written in the style of Jacqueline Susann by a Macintosh IIcx computer named "Hal" in collaboration with its programmer, Scott French. French reportedly spent $40,000 and 8 years developing an artificial intelligence program to analyze Susann's works and attempt to create a novel that Susann might have written. A legal dispute between the estate of Jacqueline Susann and the publisher resulted in a settlement to split the profits, and the book was referenced in several legal journal articles about copyright laws. The book had two small print runs totaling 35,000 copies, receiving mixed reviews. == Creation == The novel's creation spanned the fields of artificial intelligence, expert systems, and natural language processing. Scott French first scanned and analyzed portions of two books by Jacqueline Susann, Valley of the Dolls and Once Is Not Enough, to determine constituents of Susann's writing style, which French stated was the most difficult task. This analysis extracted several hundred components including frequency and type of sexual acts and sentence structure. "Once you're there, the writer's style emerges, part of her actual personality comes out, and the computer can be programmed to make a story." French also created several thousand rules to govern tone, plotting, scenes, and characters. The text generated by Hal, the computer, was intended to mimic what Susann might have written, although the output required significant editing. French credits Hal's work with "almost 100% of the plot, 100% of the theme and style." French estimates that he wrote 10% of the prose, the computer Hal wrote about 25% of the prose, and the remaining two-thirds was more of a collaboration between the two. A typical scenario to write a scene would involve Hal asking questions that French would answer (for example, Hal might ask about the "cattiness factor" involved in a meeting between two key female characters, and French would reply with a range of 1 to 10), and the computer would then generate a few sentences to which French would make minor edits. The process would repeat for the next few sentences until the scene was written. == Legal issues == Jacqueline Susann's publisher was skeptical of the legality of Just This Once, although French doubted that an author's thought processes could be copyrighted. Susann's estate reportedly threatened to sue Scott French but the parties settled out of court; the settlement involved splitting profits between the parties but the terms of the settlement were not disclosed. The publication of Just This Once raised questions in the legal profession concerning how copyright law applies to computer-generated works derived from an analysis of other copyrighted works, and whether the generation of such works infringes on copyright. The publications on this topic suggested that the copyright laws of the time were ill-equipped to deal with computer-generated creative works. == Reception == The book's publisher Steven Shragis of Carol Group said of the novel, "I'm not going to say this is a great literary work, but it's every bit as good as anything out in this field, and better than an awful lot." The novel received some positive early reviews. In USA Today, novelist Thomas Gifford compared Just This Once to another novel in the same genre, American Star by Jackie Collins. Gifford concluded: "If you do like this stuff, you'd be much, much better off with the one written by the computer." The Dead Jackie Susann Quarterly declared that Susann "would be proud. Lots of money, sleaze, disease, death, oral sex, tragedy and the good girl gone bad." Other reviews were mixed. Publishers Weekly wrote, "If the books of Jacqueline Susann and Harold Robbins seem formulaic, this debut novel of sin and success in Las Vegas outdoes them all. And that, in a way, is the point.... All novelty rests in the conceit of computer authorship, not in the story itself." Library Journal stated "French invested eight years and $50,000 in a scheme to use artificial intelligence to fulfill his authentic, if dubious, desire to generate a trashy novel a la Jacqueline Susann. Shallow, beautiful-people characters are flatly conceived and randomly accessed in a formulaic plot ... a sexy, boring morality tale. Of possible interest to computer buffs for its use of Expert Systems and the virtual promise of more worthy possibilities; others should read Susann." Kirkus Reviews wrote: "The deal here is that author French is not the author, he's just the midwife, having allegedly programmed his computer to write about our times just the way Susann would... almost perfectly capturing glamorous Jackie's turgid but E-Z reading prose style and ultrareliable mix of sex, glitz, dope 'n' despair.... One wonders, though, if French's tale spinning PC will do as well on the talkshows as Jackie did. The computer weenies have been trying to tell us for years, garbage in-garbage out."
Linear belief function
Linear belief functions are an extension of the Dempster–Shafer theory of belief functions to the case when variables of interest are continuous. Examples of such variables include financial asset prices, portfolio performance, and other antecedent and consequent variables. The theory was originally proposed by Arthur P. Dempster in the context of Kalman Filters and later was elaborated, refined, and applied to knowledge representation in artificial intelligence and decision making in finance and accounting by Liping Liu. == Concept == A linear belief function intends to represent our belief regarding the location of the true value as follows: We are certain that the truth is on a so-called certainty hyperplane but we do not know its exact location; along some dimensions of the certainty hyperplane, we believe the true value could be anywhere from –∞ to +∞ and the probability of being at a particular location is described by a normal distribution; along other dimensions, our knowledge is vacuous, i.e., the true value is somewhere from –∞ to +∞ but the associated probability is unknown. A belief function in general is defined by a mass function over a class of focal elements, which may have nonempty intersections. A linear belief function is a special type of belief function in the sense that its focal elements are exclusive, parallel sub-hyperplanes over the certainty hyperplane and its mass function is a normal distribution across the sub-hyperplanes. Based on the above geometrical description, Shafer and Liu propose two mathematical representations of a LBF: a wide-sense inner product and a linear functional in the variable space, and as their duals over a hyperplane in the sample space. Monney proposes still another structure called Gaussian hints. Although these representations are mathematically neat, they tend to be unsuitable for knowledge representation in expert systems. == Knowledge representation == A linear belief function can represent both logical and probabilistic knowledge for three types of variables: deterministic such as an observable or controllable, random whose distribution is normal, and vacuous on which no knowledge bears. Logical knowledge is represented by linear equations, or geometrically, a certainty hyperplane. Probabilistic knowledge is represented by a normal distribution across all parallel focal elements. In general, assume X is a vector of multiple normal variables with mean μ and covariance Σ. Then, the multivariate normal distribution can be equivalently represented as a moment matrix: M ( X ) = ( μ Σ ) . {\displaystyle M(X)=\left({\begin{array}{{20}c}\mu \\\Sigma \end{array}}\right).} If the distribution is non-degenerate, i.e., Σ has a full rank and its inverse exists, the moment matrix can be fully swept: M ( X → ) = ( μ Σ − 1 − Σ − 1 ) {\displaystyle M({\vec {X}})=\left({\begin{array}{{20}c}\mu \Sigma ^{-1}\\-\Sigma ^{-1}\end{array}}\right)} Except for normalization constant, the above equation completely determines the normal density function for X. Therefore, M ( X → ) {\displaystyle M({\vec {X}})} represents the probability distribution of X in the potential form. These two simple matrices allow us to represent three special cases of linear belief functions. First, for an ordinary normal probability distribution M(X) represents it. Second, suppose one makes a direct observation on X and obtains a value μ. In this case, since there is no uncertainty, both variance and covariance vanish, i.e., Σ = 0. Thus, a direct observation can be represented as: M ( X ) = ( μ 0 ) {\displaystyle M(X)=\left({\begin{array}{{20}c}\mu \\0\end{array}}\right)} Third, suppose one is completely ignorant about X. This is a very thorny case in Bayesian statistics since the density function does not exist. By using the fully swept moment matrix, we represent the vacuous linear belief functions as a zero matrix in the swept form follows: M ( X → ) = [ 0 0 ] {\displaystyle M({\vec {X}})=\left[{\begin{array}{{20}c}0\\0\end{array}}\right]} One way to understand the representation is to imagine complete ignorance as the limiting case when the variance of X approaches to ∞, where one can show that Σ−1 = 0 and hence M ( X → ) {\displaystyle M({\vec {X}})} vanishes. However, the above equation is not the same as an improper prior or normal distribution with infinite variance. In fact, it does not correspond to any unique probability distribution. For this reason, a better way is to understand the vacuous linear belief functions as the neutral element for combination (see later). To represent the remaining three special cases, we need the concept of partial sweeping. Unlike a full sweeping, a partial sweeping is a transformation on a subset of variables. Suppose X and Y are two vectors of normal variables with the joint moment matrix: M ( X , Y ) = [ μ 1 Σ 11 Σ 21 μ 2 Σ 12 Σ 22 ] {\displaystyle M(X,Y)=\left[{\begin{array}{{20}c}{\begin{array}{{20}c}\mu _{1}\\\Sigma _{11}\\\Sigma _{21}\end{array}}&{\begin{array}{{20}c}\mu _{2}\\\Sigma _{12}\\\Sigma _{22}\end{array}}\end{array}}\right]} Then M(X, Y) may be partially swept. For example, we can define the partial sweeping on X as follows: M ( X → , Y ) = [ μ 1 ( Σ 11 ) − 1 − ( Σ 11 ) − 1 Σ 21 ( Σ 11 ) − 1 μ 2 − μ 1 ( Σ 11 ) − 1 Σ 12 ( Σ 11 ) − 1 Σ 12 Σ 22 − Σ 21 ( Σ 11 ) − 1 Σ 12 ] {\displaystyle M({\vec {X}},Y)=\left[{\begin{array}{{20}c}{\begin{array}{{20}c}\mu _{1}(\Sigma _{11})^{-1}\\-(\Sigma _{11})^{-1}\\\Sigma _{21}(\Sigma _{11})^{-1}\end{array}}&{\begin{array}{{20}c}\mu _{2}-\mu _{1}(\Sigma _{11})^{-1}\Sigma _{12}\\(\Sigma _{11})^{-1}\Sigma _{12}\\\Sigma _{22}-\Sigma _{21}(\Sigma _{11})^{-1}\Sigma _{12}\end{array}}\end{array}}\right]} If X is one-dimensional, a partial sweeping replaces the variance of X by its negative inverse and multiplies the inverse with other elements. If X is multidimensional, the operation involves the inverse of the covariance matrix of X and other multiplications. A swept matrix obtained from a partial sweeping on a subset of variables can be equivalently obtained by a sequence of partial sweepings on each individual variable in the subset and the order of the sequence does not matter. Similarly, a fully swept matrix is the result of partial sweepings on all variables. We can make two observations. First, after the partial sweeping on X, the mean vector and covariance matrix of X are respectively μ 1 ( Σ 11 ) − 1 {\displaystyle \mu _{1}(\Sigma _{11})^{-1}} and − ( Σ 11 ) − 1 {\displaystyle -(\Sigma _{11})^{-1}} , which are the same as that of a full sweeping of the marginal moment matrix of X. Thus, the elements corresponding to X in the above partial sweeping equation represent the marginal distribution of X in potential form. Second, according to statistics, μ 2 − μ 1 ( Σ 11 ) − 1 Σ 12 {\displaystyle \mu _{2}-\mu _{1}(\Sigma _{11})^{-1}\Sigma _{12}} is the conditional mean of Y given X = 0; Σ 22 − Σ 21 ( Σ 11 ) − 1 Σ 12 {\displaystyle \Sigma _{22}-\Sigma _{21}(\Sigma _{11})^{-1}\Sigma _{12}} is the conditional covariance matrix of Y given X = 0; and ( Σ 11 ) − 1 Σ 12 {\displaystyle (\Sigma _{11})^{-1}\Sigma _{12}} is the slope of the regression model of Y on X. Therefore, the elements corresponding to Y indices and the intersection of X and Y in M ( X → , Y ) {\displaystyle M({\vec {X}},Y)} represents the conditional distribution of Y given X = 0. These semantics render the partial sweeping operation a useful method for manipulating multivariate normal distributions. They also form the basis of the moment matrix representations for the three remaining important cases of linear belief functions, including proper belief functions, linear equations, and linear regression models. === Proper linear belief functions === For variables X and Y, assume there exists a piece of evidence justifying a normal distribution for variables Y while bearing no opinions for variables X. Also, assume that X and Y are not perfectly linearly related, i.e., their correlation is less than 1. This case involves a mix of an ordinary normal distribution for Y and a vacuous belief function for X. Thus, we represent it using a partially swept matrix as follows: M ( X → , Y ) = [ 0 0 0 μ 2 0 Σ 22 ] {\displaystyle M({\vec {X}},Y)=\left[{\begin{array}{{20}c}{\begin{array}{{20}c}0\\0\\0\end{array}}&{\begin{array}{{20}c}\mu _{2}\\0\\\Sigma _{22}\\\end{array}}\end{array}}\right]} This is how we could understand the representation. Since we are ignorant on X, we use its swept form and set μ 1 ( Σ 11 ) − 1 = 0 {\displaystyle \mu _{1}(\Sigma _{11})^{-1}=0} and − ( Σ 11 ) − 1 = 0 {\displaystyle -(\Sigma _{11})^{-1}=0} . Since the correlation between X and Y is less than 1, the regression coefficient of X on Y approaches to 0 when the variance of X approaches to ∞. Therefore, ( Σ 11 ) − 1 Σ 12 = 0 {\displaystyle (\Sigma _{11})^{-1}\Sigma _{12}=0} . Similarly, one can prove that μ 1 ( Σ 11 ) − 1 Σ 12 = 0 {\displaystyle \mu _{1}(\Sigma _{11})^{-1}\Sigma _{12}=0} and Σ 21 ( Σ 11 ) −
Thomas Bolander
Thomas Bolander is a Danish professor at DTU Compute, Technical University of Denmark, where he studies logic and artificial intelligence. Most of his studies focus on the social aspect of artificial intelligence, and how we can make future AI able to navigate in social interactions. Thomas Bolander also sits in different commissions, expert panels and boards, among these he is a member of the Siri Commission, the TeckDK Commission, a member of the editorial board of the journal Studia Logica and co-organizer of Science and Cocktails. Bolander is known for his dissemination of science. In 2019 he was awarded the H. C. Ørsted Medal. Which he was the first to achieve after a break of three years.
Pattern language
A pattern language is an organized and coherent set of patterns, each of which describes a problem and the core of a solution that can be used in many ways within a specific field of expertise. The term was coined by architect Christopher Alexander and popularized by his 1977 book A Pattern Language. A pattern language can also be an attempt to express the deeper wisdom of what brings aliveness within a particular field of human endeavor, through a set of interconnected patterns. Aliveness is one placeholder term for "the quality that has no name": a sense of wholeness, spirit, or grace, that while of varying form, is precise and empirically verifiable. Alexander claims that ordinary people can use this design approach to successfully solve very large, complex design problems. == What is a pattern? == When a designer designs something – whether a house, computer program, or lamp – they must make many decisions about how to solve problems. A single problem is documented with its typical place (the syntax), and use (the grammar) with the most common and recognized good solution seen in the wild, like the examples seen in dictionaries. Each such entry is a single design pattern. Each pattern has a name, a descriptive entry, and some cross-references, much like a dictionary entry. A documented pattern should explain why that solution is good in the pattern's contexts. Elemental or universal patterns such as "door" or "partnership" are versatile ideals of design, either as found in experience or for use as components in practice, explicitly described as holistic resolutions of the forces in recurrent contexts and circumstances, whether in architecture, medicine, software development or governance, etc. Patterns might be invented or found and studied, such as the naturally occurring patterns of design that characterize human environments. Like all languages, a pattern language has vocabulary, syntax, and grammar – but a pattern language applies to some complex activity other than communication. In pattern languages for design, the parts break down in this way: The language description – the vocabulary – is a collection of named, described solutions to problems in a field of interest. These are called design patterns. So, for example, the language for architecture describes items like: settlements, buildings, rooms, windows, latches, etc. Each solution includes syntax, a description that shows where the solution fits in a larger, more comprehensive or more abstract design. This automatically links the solution into a web of other needed solutions. For example, rooms have ways to get light, and ways to get people in and out. The solution includes grammar that describes how the solution solves a problem or produces a benefit. So, if the benefit is unneeded, the solution is not used. Perhaps that part of the design can be left empty to save money or other resources; if people do not need to wait to enter a room, a simple doorway can replace a waiting room. In the language description, grammar and syntax cross index (often with a literal alphabetic index of pattern names) to other named solutions, so the designer can quickly think from one solution to related, needed solutions, and document them in a logical way. In Christopher Alexander's book A Pattern Language, the patterns are in decreasing order by size, with a separate alphabetic index. The web of relationships in the index of the language provides many paths through the design process. This simplifies the design work because designers can start the process from any part of the problem they understand and work toward the unknown parts. At the same time, if the pattern language has worked well for many projects, there is reason to believe that even a designer who does not completely understand the design problem at first will complete the design process, and the result will be usable. For example, skiers coming inside must shed snow and store equipment. The messy snow and boot cleaners should stay outside. The equipment needs care, so the racks should be inside. == Many patterns form a language == Just as words must have grammatical and semantic relationships to each other in order to make a spoken language useful, design patterns must be related to each other in position and utility order to form a pattern language. Christopher Alexander's work describes a process of decomposition, in which the designer has a problem (perhaps a commercial assignment), selects a solution, then discovers new, smaller problems resulting from the larger solution. Occasionally, the smaller problems have no solution, and a different larger solution must be selected. Eventually all of the remaining design problems are small enough or routine enough to be solved by improvisation by the builders, and the "design" is done. The actual organizational structure (hierarchical, iterative, etc.) is left to the discretion of the designer, depending on the problem. This explicitly lets a designer explore a design, starting from some small part. When this happens, it's common for a designer to realize that the problem is actually part of a larger solution. At this point, the design almost always becomes a better design. In the language, therefore, each pattern has to indicate its relationships to other patterns and to the language as a whole. This gives the designer using the language a great deal of guidance about the related problems that must be solved. The most difficult part of having an outside expert apply a pattern language is in fact to get a reliable, complete list of the problems to be solved. Of course, the people most familiar with the problems are the people that need a design. So, Alexander famously advocated on-site improvisation by concerned, empowered users, as a powerful way to form very workable large-scale initial solutions, maximizing the utility of a design, and minimizing the design rework. The desire to empower users of architecture was, in fact, what led Alexander to undertake a pattern language project for architecture in the first place. == Design problems in a context == An important aspect of design patterns is to identify and document the key ideas that make a good system different from a poor system (that may be a house, a computer program or an object of daily use), and to assist in the design of future systems. The idea expressed in a pattern should be general enough to be applied in very different systems within its context, but still specific enough to give constructive guidance. The range of situations in which the problems and solutions addressed in a pattern apply is called its context. An important part in each pattern is to describe this context. Examples can further illustrate how the pattern applies to very different situation. For instance, Alexander's pattern "A PLACE TO WAIT" addresses bus stops in the same way as waiting rooms in a surgery, while still proposing helpful and constructive solutions. The "Gang-of-Four" book Design Patterns by Gamma et al. proposes solutions that are independent of the programming language, and the program's application domain. Still, the problems and solutions described in a pattern can vary in their level of abstraction and generality on the one side, and specificity on the other side. In the end this depends on the author's preferences. However, even a very abstract pattern will usually contain examples that are, by nature, absolutely concrete and specific. Patterns can also vary in how far they are proven in the real world. Alexander gives each pattern a rating by zero, one or two stars, indicating how well they are proven in real-world examples. It is generally claimed that all patterns need at least some existing real-world examples. It is, however, conceivable to document yet unimplemented ideas in a pattern-like format. The patterns in Alexander's book also vary in their level of scale – some describing how to build a town or neighbourhood, others dealing with individual buildings and the interior of rooms. Alexander sees the low-scale artifacts as constructive elements of the large-scale world, so they can be connected to a hierarchic network. === Balancing of forces === A pattern must characterize the problems that it is meant to solve, the context or situation where these problems arise, and the conditions under which the proposed solutions can be recommended. Often these problems arise from a conflict of different interests or "forces". A pattern emerges as a dialogue that will then help to balance the forces and finally make a decision. For instance, there could be a pattern suggesting a wireless telephone. The forces would be the need to communicate, and the need to get other things done at the same time (cooking, inspecting the bookshelf). A very specific pattern would be just "WIRELESS TELEPHONE". More general patterns would be "WIRELESS DEVICE" or "SECONDARY ACTIVITY", suggesting that a secondary activity (such as talking on t
Webull
Webull Corporation, often stylized as simply Webull, is a U.S.-based financial services holding company headquartered in St. Petersburg, Florida. It owns and operates the Webull electronic trading platform for self-directed retail investors. Depending on jurisdiction, the Webull platform offers trading in stocks, exchange-traded funds (ETFs), options, margin, bonds, cryptocurrency and futures, as well as market-data tools. Webull began operations in 2016 under Hunan Fumi Information Technology, a China-based financial technology company founded by Wang Anquan. It launched U.S. brokerage services through Webull Financial LLC in 2018 and expanded during the retail-trading boom of 2020 and 2021. In April 2025, Webull became a publicly traded company on the Nasdaq through a merger with special-purpose acquisition company SK Growth Opportunities Corporation. The company's U.S. brokerage revenue relies substantially on payment for order flow, with options trading accounting for the larger share of its order-flow rebates in 2025. Webull has faced regulatory actions related to options customer approvals, complaint handling, suspicious activity reporting, social-media marketing and customer disclosures. It has also faced scrutiny from U.S. lawmakers and state officials over its historical and operational ties to China and the handling of U.S. customer data. == History == === Founding === Webull was founded in 2016 under Hunan Fumi Information Technology, a China-based financial technology company, by Wang Anquan, a former employee of Alibaba Group and Xiaomi. Hunan Fumi Information Technology received backing from Xiaomi, Shunwei Capital, and other investors in China. Fumi Technology was a Hunan-based fintech start-up incubated by Xiaomi and raised about CNY200 million (approximately US$30 million) in a Series B financing round in 2018. On May 24, 2017, Webull Financial LLC was established as a Delaware limited liability company. It began offering brokerage services in the United States in May 2018. Wang hired Anthony Denier as CEO of the U.S. brokerage that year and the two mapped out their strategy on napkins at a Mexican restaurant in New York City. Webull Corporation was incorporated in the Cayman Islands in September 2019 as the group's holding company. === Retail trading boom === In May 2020, the company received SEC approval to launch a robo-advisor on its platform. By August 2020, the platform had over 11 million registered users, and in October 2020, it had 750,000 daily active users. Webull introduced options trading in 2020 and later added cryptocurrency trading through a separate digital-asset business. In November 2020, Webull began supporting cryptocurrency transactions. In December 2020, Webull launched trading services in Hong Kong. During the GameStop short squeeze in January 2021, Webull gained attention as some retail traders looked for alternatives to Robinhood. On January 27, 2021, Webull recorded its highest-ever number of active daily users, at 952,000, and the Webull app was downloaded across the Apple App and Google Play stores an estimated 100,000 times. That week, approximately 1.2 million people downloaded the Webull mobile app, which the company reported as a 1,548% week-over-week increase. On January 28, 2021, Webull was directed by its clearing house to temporarily halt buy orders for stocks affected by the GameStop short squeeze. In June 2021, Webull was reported to be considering a U.S. initial public offering that could raise up to $400 million. === Restructuring and expansion === Webull restructured its China-related corporate arrangements in 2022 and later stated that Hunan Fumi was no longer affiliated with the group. In 2022 and 2023, Webull expanded in several non-U.S. markets, including Singapore, Australia, South Africa, Japan, the United Kingdom and Indonesia. In June 2023, Webull moved cryptocurrency trading to a separate app called Webull Pay. By the end of 2023, Webull had 4.3 million funded accounts and US$8.2 billion in customer assets. In January 2024, Anthony Denier was promoted to group president of Webull Corporation. In November 2024, Webull launched overnight, or extended-hours, trading, expanding the trading window of U.S. stocks for users inside and outside the United States. === SPAC merger and Nasdaq listing === On February 28, 2024, Webull agreed to go public through a business combination with SK Growth Opportunities Corporation (NASDAQ: SKGR), a special-purpose acquisition company, in a deal that valued the company at approximately US$7.3 billion. The proposed valuation drew scrutiny because of Webull's limited financial disclosure at announcement, reliance on payment for order flow and small expected public float. SK Growth shareholders approved the business combination on March 30, 2025, and the transaction closed on April 10, 2025. Webull's Class A ordinary shares and warrants began trading on the Nasdaq on April 11, 2025 under the ticker symbols BULL and BULLW (incentive warrants traded under BULLZ until their redemption in June 2025). The merger brought Webull to the public market but generated little cash for the company: after shareholder redemptions, Webull disclosed net proceeds of US$430,066 from the transaction. After the listing, Webull's shares experienced extreme volatility, rising as much as 500% to US$79.56 on April 14, 2025, after closing at US$13.25 on the prior trading day. The initial post-listing surge increased the value of Webull holdings owned by earlier investors, including RIT Capital Partners, which had first invested in Webull in 2021. In April 2026, after Webull's shares had fallen about 70% over the previous year, the company authorized a US$100 million share repurchase program. == Business model and financials == Webull provides a self-directed electronic trading platform available through mobile, desktop and web applications. Depending on jurisdiction, the platform offers trading in stocks, exchange-traded funds, options, margin, futures, fixed income products, cryptocurrency, cash management features and market data tools. In the United States, Webull Financial LLC is a registered broker-dealer and member of FINRA and the Securities Investor Protection Corporation, while Webull operates in other markets through locally licensed brokerage subsidiaries. Webull operates a commission-free or low-cost brokerage model for self-directed retail investors. In the United States, a substantial part of its trading-related revenue comes from payment for order flow, while in some non-U.S. markets the company more commonly charges commissions directly to customers. The platform is aimed at more active retail investors, including users seeking options tools, extended-hours trading and real-time market data. For 2025, Webull reported total revenue of US$571.0 million, up from US$390.2 million in 2024. Equity and option order-flow rebates accounted for US$304.1 million, or 53.3% of revenue, making order-flow rebates the company's largest reported revenue category. Interest-related income accounted for US$154.3 million, handling charge income for US$87.3 million and other revenue for US$25.3 million. Options were the larger component of the company's order-flow rebates in 2025, generating US$210.0 million compared with US$94.2 million from equities. Webull also generates revenue from interest-related activities, including margin financing, customer bank deposits, stock lending and corporate bank deposits. The company has stated that its interest-related income is affected by interest rates, customer cash balances, margin balances and demand for stock lending. The company had approximately 20 million registered users worldwide as of February 2024. As of December 31, 2025, it reported 26.8 million registered users, 5.0 million funded accounts and US$24.6 billion in customer assets. As of March 2025, Webull operated in Hong Kong, Singapore, Australia, South Africa, Japan, the United Kingdom, the United States, Indonesia, Canada, Brazil, Thailand, Malaysia and Mexico. == Marketing and sponsorships == Webull has used paid digital advertising, referral incentives, free-stock promotions, affiliate marketing and sports sponsorships to acquire customers and promote its brand. In its 2025 annual filing, the company reported marketing and branding expenses of US$152.3 million in 2023, US$138.7 million in 2024 and US$135.9 million in 2025. Webull said most of its advertising and promotion costs were related to paid search and paid social advertising, and that it had reduced free-stock promotions while shifting toward deposit- and asset-transfer-based incentives. In September 2021, BSE Global, the parent company of the Brooklyn Nets and New York Liberty, entered into a global multi-year agreement with Webull. Under the agreement, Webull became an official sponsor and online brokerage partner of the teams, with branding that included a jersey patch on Brooklyn Nets uniforms. Spo
Transparency in Frontier Artificial Intelligence Act
The Transparency in Frontier Artificial Intelligence Act, also referred to as SB-53, is a 2025 California law which mandates increased transparency for companies building artificial intelligence. SB-53 is primarily focused on assessing and reducing potential catastrophic risks from AI, and is the first bill addressing such risks to be passed into law in America. The bill requires companies to create publicly accessible documents assessing potential "catastrophic risk[s]" from their AI models, as well as publishing documentation on how the model incorporates national and international safety standards. SB-53 also sets up whistleblower protections and procedures for alerting the government to a "critical safety incident". == History == SB-53 was preceded in 2024 by the unsuccessful Safe and Secure Innovation for Frontier Artificial Intelligence Models Act ("SB-1047"), a proposed bill authored by Senator Scott Wiener which was vetoed by Governor Gavin Newsom. Afterwords, Newsom created a "Joint California AI Policy Working Group" to provide recommendations for AI regulation, which guided the drafting of SB-53. Senator Scott Wiener introduced the bill on January 7, 2025, and after a series of amendments, SB-53 passed the Senate 29-8 on September 13. Governor Gavin Newsom approved the bill on September 25, passing it into law. == Provisions == SB-53 applies primarily to companies making at least $500 million in yearly gross revenue. It defines a “frontier model” as any AI trained with over 1026 FLOPS (including fine-tuning), including unreleased internal models. Both the financial and computational thresholds must be met before most of the law is applied, although the threshold can be lowered or otherwise updated by the California Department of Technology in an annual review starting in 2027. Most of the bill's provisions are focused on "catastrophic risks" from AI, which are defined as incidents in which a model contributes to more than 50 deaths or serious injuries, or causes more than one billion dollars ($1,000,000,000) in economic damage from AI-assisted acts (such as cyberattacks or the creation of biological weapons). The bill requires companies to provide publicly accessible safety frameworks for frontier AI models, describing how the company tests for catastrophic risk from its AI, and how it implements protections against such risks. This includes addressing the possibility that the AI may attempt to circumvent internal guardrails or oversight mechanisms. (Certain safety incidents, such as dangerously deceptive model behavior, physical injury, or death, must be reported to California Office of Emergency Services (OES) within 15 days, unless the incident poses imminent physical risk, in which case it must be reported immediately.) The company must follow its published framework, and if any changes are made, the framework should be updated within 30 days, and justification for said changes must also be made public. Additionally, all frontier companies are required to publish basic information about newly released frontier models (such as terms of service, supported languages, and intended use), although only large companies (making over $500 million annually) need to publish full safety frameworks. SB-53 also establishes various whistleblower protections for covered employees. Large companies must have anonymous whistleblowing channels in place which protect employees from retaliation from reporting risks to state or federal authorities if they have reasonable cause to believe that their employer is substantially risking public health and safety.