{"id":204035,"date":"2025-04-16T15:00:00","date_gmt":"2025-04-16T15:00:00","guid":{"rendered":"https:\/\/ibkrcampus.eu\/campus\/uncategorized\/toxic-waste-not-just-oil\/"},"modified":"2025-04-17T14:00:56","modified_gmt":"2025-04-17T14:00:56","slug":"toxic-waste-not-just-oil","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/securities\/macro\/toxic-waste-not-just-oil\/","title":{"rendered":"Toxic waste, not just oil"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Data, as well all know, matter. They have&nbsp;<strong>no value unless secured, stored and analysed<\/strong>. This was the contention of our&nbsp;first ever theme piece.&nbsp;Others have likened data to oil;&nbsp;<strong>a resource that is valuable and scarce but needs to be refined and processed in order to be truly useful<\/strong>. Countries may also go to war over it. As well understood as all the above may be, your author heard&nbsp;<strong>data described as \u201cthe new toxic waste\u201d<\/strong>&nbsp;for the first time last week. An emotive expression for sure, but an important one too that deserves further consideration. Data can be both valuable and toxic simultaneously.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After having&nbsp;recently&nbsp;quizzed Heptagon\u2019s own Chief Technology Officer on all things tech, your author had a serendipitous catch-up recently with another tech expert, Matt Frank, the Chief AI and Innovation Officer at&nbsp;Telana. The business (formerly known as Ancoris) acts as a technology partner delivering AI, data, cloud and other related solutions to businesses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No surprise that data may now be at risk of being toxified if we are, as Matt described it,&nbsp;<strong>\u201cin an arms race\u201d regarding the development of large language models&nbsp;<\/strong>(or LLMs) currently. These models are not cheap either to develop or to run \u2013 the DeepSeek training cost statistics need, arguably, to be treated with some caution \u2013 but&nbsp;<strong>\u201cthe game is on\u201d in terms of who can develop and scale the most efficient models most quickly<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A major caveat to this thesis, however, is the notion of&nbsp;<strong>LLM poisoning<\/strong>. The term is as new (at least to this author) and as noxious as it sounds, linking neatly with the idea of toxic waste. Imagine a scenario where false online content, were it used to influence the training of large language models, would allow them then to generate responses that echo inaccurate information, often apparently propagated by adversarial nation states. Voila, the LLM is poisoned. This consideration triggers bigger&nbsp;<strong>debates over data sovereignty, content ownership, licensing and usage rights<\/strong>. It\u2019s also a useful reminder that, as we have written previously,&nbsp;<strong>AI\u2019s development is nascent and will be non-linear<\/strong>. Interest in the technology will, of course, remain elevated until \u201cthe next wave of tech comes along.\u201d When asked what this might be, Matt ventured quantum, a theme&nbsp;we have endorsed for some time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted on April 16, 2025 &#8211; <a href=\"https:\/\/www.heptagon-capital.com\/season-7-post-14-toxic-waste-not-just-oil\/\">Toxic waste, not just oil<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The above does not constitute investment advice and is the sole opinion of the author at the time of publication. Past performance is no guide to future performance and the value of investments and income from them can fall as well as rise.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Disclaimers<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The document is provided for information purposes only and does not constitute investment advice or any recommendation to buy, or sell or otherwise transact in any investments. The document is not intended to be construed as investment research. The contents of this document are based upon sources of information which Heptagon Capital LLP believes to be reliable. However, except to the extent required by applicable law or regulations, no guarantee, warranty or representation (express or implied) is given as to the accuracy or completeness of this document or its contents and, Heptagon Capital LLP, its affiliate companies and its members, officers, employees, agents and advisors do not accept any liability or responsibility in respect of the information or any views expressed herein.&nbsp;<strong>Opinions expressed whether in general or in both on the performance of individual investments and in a wider economic context represent the views of the contributor at the time of preparation<\/strong>. Where this document provides forward-looking statements which are based on relevant reports, current opinions, expectations and projections, actual results could differ materially from those anticipated in such statements. All opinions and estimates included in the document are subject to change without notice and Heptagon Capital LLP is under no obligation to update or revise information contained in the document. Furthermore, Heptagon Capital LLP disclaims any liability for any loss, damage, costs or expenses (including direct, indirect, special and consequential) howsoever arising which any person may suffer or incur as a result of viewing or utilising any information included in this document.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The document is protected by copyright. The use of any trademarks and logos displayed in the document without Heptagon Capital LLP\u2019s prior written consent is strictly prohibited. Information in the document must not be published or redistributed without Heptagon Capital LLP\u2019s prior written consent.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Data, as well all know, matter. They have\u00a0no value unless secured, stored and analysed. This was the contention of our\u00a0first ever theme piece.\u00a0<\/p>\n","protected":false},"author":597,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[146,147,8,12,148,7],"tags":[1041,2016,3160,3161,3162],"contributors-categories":[277],"class_list":["post-204035","post","type-post","status-publish","format-standard","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-artificial-intelligence","tag-data-security","tag-data-sovereignty","tag-large-language-models","tag-llm-poisoning","contributors-categories-heptagon-capital"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Toxic waste, not just oil | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"Data, as well all know, matter. 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