Instacart co-founder Mehta launches AI-driven hedge fund Abundance

Apoorva Mehta, co-founder of Instacart, has launched a hedge fund called Abundance that utilizes artificial intelligence agents. These bots perform various tasks including finding trade ideas, conducting research, selecting stocks, sizing bets, and executing trades.

Mehta started the firm last year with a team of quantitative researchers, engineers, and AI experts who develop and manage AI models. This approach is among the few that seeks to replace traditional fundamental portfolio managers with AI technology.