The first two years of the AI boom were all about monolithic large language models (LLMs) such as those OpenAI used to power ChatGPT. But the trick that produced the big intelligence gains in those models—scaling up their size and giving them more ...

Third-party model portfolios had $646 billion in assets under advisement as of March 31, 2025—an increase of 62% since Morningstar last surveyed for assets in June 2023, less than two years ago. Assets have also more than doubled since Morningstar began ...

This story was featured in The Must Read, a newsletter in which our editors recommend one can’t-miss story every weekday. Sign up here to get it in your inbox. There are many paths a son can take. He can go into the family business. He can strike out on ...