AI-Driven Alpha Decay: Algorithmic Homogenization, Reflexive Signal Erosion, and the Paradox of Intelligent Markets 事件

AI-Driven Alpha Decay: Algorithmic Homogenization, Reflexive Signal Erosion, and the Paradox of Intelligent Markets arXiv:2605.23905v1 Announce Type: cross Abstract: We show that AI-driven investment strategies are inherently self-defeating at scale. As AI adoption rises, three mutually reinforcing channels -- signal crowding, performative signal erosion, and Red Queen competition -- compress excess returns. We derive the alpha half-life $h(\phi) = \ln 2/[\theta + \delta(\phi)]$, where $\theta$