Generative AI for Analysts

We study how generative artificial intelligence (AI) transforms the work of financial analysts. Using the 2023 launch of FactSet's AI platform as a natural experiment, we find that adoption produces markedly richer and more comprehensive reports -- featuring 40% more distinct information sources, 34% broader topical coverage, and 25% greater use of advanced analytical methods -- while also improving timeliness. However, forecast errors rise by 59% as AI-assisted reports convey a more balanced mix of positive and negative information that is harder to synthesize, particularly for analysts facing heavier cognitive demands. Placebo tests using other data vendors confirm that these effects are unique to FactSet's AI integration. Overall, our findings reveal both the productivity gains and cognitive limits of generative AI in financial information production.

FreqDINO: Frequency-Guided Adaptation for Generalized Boundary-Aware Ultrasound Image Segmentation

Ultrasound image segmentation is pivotal for clinical diagnosis, yet challenged by speckle noise and imaging artifacts. Recently, DINOv3 has shown remarkable promise in medical image segmentation with its powerful representation capabilities. However, DINOv3, pre-trained on natural images, lacks sensitivity to ultrasound-specific boundary degradation. To address this limitation, we propose FreqDINO, a frequency-guided segmentation framework that enhances boundary perception and structural consistency. Specifically, we devise a Multi-scale Frequency Extraction and Alignment (MFEA) strategy to separate low-frequency structures and multi-scale high-frequency boundary details, and align them via learnable attention. We also introduce a Frequency-Guided Boundary Refinement (FGBR) module that extracts boundary prototypes from high-frequency components and refines spatial features. Furthermore, we design a Multi-task Boundary-Guided Decoder (MBGD) to ensure spatial coherence between boundary and semantic predictions. Extensive experiments demonstrate that FreqDINO surpasses state-of-the-art methods with superior achieves remarkable generalization capability. The code is at https://github.com/MingLang-FD/FreqDINO.

Enhanced Information Security via Wave-Field Selectivity and Structured Wavefront Manipulation

In this paper, we propose a novel secure wireless transmission architecture that enables the co-existence of spatial field modulation (SFM) and digital bandpass modulation (DBM), utilizing multi-mode vortex waves and programmable meta-surfaces (PMS). Distinct from conventional joint modulation schemes, our approach establishes two logically independent transmission channels--SFM and DBM--thereby eliminating the need for joint signal design or time synchronization. Specifically, the orthogonality of vortex wave modes is exploited to construct a high-capacity multi-mode DBM channel, in which each mode carries modulated symbols independently. As the composite waveform passes through the PMS, energy from different vortex modes is spatially focused onto distinct positions, dynamically determined by the PMS configuration. This spatial mapping forms a unique lookup table that encodes additional information in the electro-magnetic (EM) field distribution, effectively enabling a second, concurrent SFM channel. To enhance physical-layer security, the DBM channel transmits encrypted symbols transformed via dynamic symbol-domain mapping, while the corresponding mapping relations--or key information--are carried by the SFM channel. This lightweight dual-channel encryption strategy provides strong confidentiality without requiring complex joint decoding. To validate the feasibility of the proposed architecture, we design and implement a proof-of-concept prototype system, and conduct experimental demonstrations under real-world wireless communication conditions. The experimental results confirm the effectiveness of the co-existent DBM-SFM design in achieving reliable and secure transmission. The proposed architecture offers a scalable, low-complexity, and secure transmission solution for future IoT networks, especially in scenarios demanding both spectral efficiency and physical-layer confidentiality.

InfiniteVL: Synergizing Linear and Sparse Attention for Highly-Efficient, Unlimited-Input Vision-Language Models

Window attention and linear attention represent two principal strategies for mitigating the quadratic complexity and ever-growing KV cache in Vision-Language Models (VLMs). However, we observe that window-based VLMs suffer performance degradation when sequence length exceeds the window size, while linear attention underperforms on information-intensive tasks such as OCR and document understanding. To overcome these limitations, we propose InfiniteVL, a linear-complexity VLM architecture that synergizes sliding window attention (SWA) with Gated DeltaNet. For achieving competitive multimodal performance under constrained resources, we design a three-stage training strategy comprising distillation pretraining, instruction tuning, and long-sequence SFT. Remarkably, using less than 2\% of the training data required by leading VLMs, InfiniteVL not only substantially outperforms previous linear-complexity VLMs but also matches the performance of leading Transformer-based VLMs, while demonstrating effective long-term memory retention. Compared to similar-sized Transformer-based VLMs accelerated by FlashAttention-2, InfiniteVL achieves over 3.6\times inference speedup while maintaining constant latency and memory footprint. In streaming video understanding scenarios, it sustains a stable 24 FPS real-time prefill speed while preserving long-term memory cache. Code and models are available at https://github.com/hustvl/InfiniteVL.

DiffusionDriveV2: Reinforcement Learning-Constrained Truncated Diffusion Modeling in End-to-End Autonomous Driving

Generative diffusion models for end-to-end autonomous driving often suffer from mode collapse, tending to generate conservative and homogeneous behaviors. While DiffusionDrive employs predefined anchors representing different driving intentions to partition the action space and generate diverse trajectories, its reliance on imitation learning lacks sufficient constraints, resulting in a dilemma between diversity and consistent high quality. In this work, we propose DiffusionDriveV2, which leverages reinforcement learning to both constrain low-quality modes and explore for superior trajectories. This significantly enhances the overall output quality while preserving the inherent multimodality of its core Gaussian Mixture Model. First, we use scale-adaptive multiplicative noise, ideal for trajectory planning, to promote broad exploration. Second, we employ intra-anchor GRPO to manage advantage estimation among samples generated from a single anchor, and inter-anchor truncated GRPO to incorporate a global perspective across different anchors, preventing improper advantage comparisons between distinct intentions (e.g., turning vs. going straight), which can lead to further mode collapse. DiffusionDriveV2 achieves 91.2 PDMS on the NAVSIM v1 dataset and 85.5 EPDMS on the NAVSIM v2 dataset in closed-loop evaluation with an aligned ResNet-34 backbone, setting a new record. Further experiments validate that our approach resolves the dilemma between diversity and consistent high quality for truncated diffusion models, achieving the best trade-off. Code and model will be available at https://github.com/hustvl/DiffusionDriveV2

Sample Complexity of Agnostic Multiclass Classification: Natarajan Dimension Strikes Back

The fundamental theorem of statistical learning states that binary PAC learning is governed by a single parameter -- the Vapnik-Chervonenkis (VC) dimension -- which determines both learnability and sample complexity. Extending this to multiclass classification has long been challenging, since Natarajan's work in the late 80s proposing the Natarajan dimension (Nat) as a natural analogue of VC. Daniely and Shalev-Shwartz (2014) introduced the DS dimension, later shown by Brukhim et al. (2022) to characterize multiclass learnability. Brukhim et al. also showed that Nat and DS can diverge arbitrarily, suggesting that multiclass learning is governed by DS rather than Nat. We show that agnostic multiclass PAC sample complexity is in fact governed by two distinct dimensions. Specifically, we prove nearly tight agnostic sample complexity bounds that, up to log factors, take the form $\frac{DS^{1.5}}ε + \frac{Nat}{ε^2}$ where $ε$ is the excess risk. This bound is tight up to a $\sqrt{DS}$ factor in the first term, nearly matching known $Nat/ε^2$ and $DS/ε$ lower bounds. The first term reflects the DS-controlled regime, while the second shows that the Natarajan dimension still dictates asymptotic behavior for small $ε$. Thus, unlike binary or online classification -- where a single dimension (VC or Littlestone) controls both phenomena -- multiclass learning inherently involves two structural parameters. Our technical approach departs from traditional agnostic learning methods based on uniform convergence or reductions to realizable cases. A key ingredient is a novel online procedure based on a self-adaptive multiplicative-weights algorithm performing a label-space reduction, which may be of independent interest.

Key Decision-Makers in Multi-Agent Debates: Who Holds the Power?

Recent studies on LLM agent scaling have highlighted the potential of Multi-Agent Debate (MAD) to enhance reasoning abilities. However, the critical aspect of role allocation strategies remains underexplored. In this study, we demonstrate that allocating roles with differing viewpoints to specific positions significantly impacts MAD's performance in reasoning tasks. Specifically, we find a novel role allocation strategy, "Truth Last", which can improve MAD performance by up to 22% in reasoning tasks. To address the issue of unknown truth in practical applications, we propose the Multi-Agent Debate Consistency (MADC) strategy, which systematically simulates and optimizes its core mechanisms. MADC incorporates path consistency to assess agreement among independent roles, simulating the role with the highest consistency score as the truth. We validated MADC across a range of LLMs (9 models), including the DeepSeek-R1 Distilled Models, on challenging reasoning tasks. MADC consistently demonstrated advanced performance, effectively overcoming MAD's performance bottlenecks and providing a crucial pathway for further improvements in LLM agent scaling.

LadderMoE: Ladder-Side Mixture of Experts Adapters for Bronze Inscription Recognition

Bronze inscriptions (BI), engraved on ritual vessels, constitute a crucial stage of early Chinese writing and provide indispensable evidence for archaeological and historical studies. However, automatic BI recognition remains difficult due to severe visual degradation, multi-domain variability across photographs, rubbings, and tracings, and an extremely long-tailed character distribution. To address these challenges, we curate a large-scale BI dataset comprising 22454 full-page images and 198598 annotated characters spanning 6658 unique categories, enabling robust cross-domain evaluation. Building on this resource, we develop a two-stage detection-recognition pipeline that first localizes inscriptions and then transcribes individual characters. To handle heterogeneous domains and rare classes, we equip the pipeline with LadderMoE, which augments a pretrained CLIP encoder with ladder-style MoE adapters, enabling dynamic expert specialization and stronger robustness. Comprehensive experiments on single-character and full-page recognition tasks demonstrate that our method substantially outperforms state-of-the-art scene text recognition baselines, achieving superior accuracy across head, mid, and tail categories as well as all acquisition modalities. These results establish a strong foundation for bronze inscription recognition and downstream archaeological analysis.

Robust Vision-Language Models via Tensor Decomposition: A Defense Against Adversarial Attacks

Vision language models (VLMs) excel in multimodal understanding but are prone to adversarial attacks. Existing defenses often demand costly retraining or significant architecture changes. We introduce a lightweight defense using tensor decomposition suitable for any pre-trained VLM, requiring no retraining. By decomposing and reconstructing vision encoder representations, it filters adversarial noise while preserving meaning. Experiments with CLIP on COCO and Flickr30K show improved robustness. On Flickr30K, it restores 12.3\% performance lost to attacks, raising Recall@1 accuracy from 7.5\% to 19.8\%. On COCO, it recovers 8.1\% performance, improving accuracy from 3.8\% to 11.9\%. Analysis shows Tensor Train decomposition with low rank (8-32) and low residual strength ($\alpha=0.1-0.2$) is optimal. This method is a practical, plug-and-play solution with minimal overhead for existing VLMs.

A Multiclass Acoustic Dataset and Interactive Tool for Analyzing Drone Signatures in Real-World Environments

The rapid proliferation of drones across various industries has introduced significant challenges related to privacy, security, and noise pollution. Current drone detection systems, primarily based on visual and radar technologies, face limitations under certain conditions, highlighting the need for effective acoustic-based detection methods. This paper presents a unique and comprehensive dataset of drone acoustic signatures, encompassing 32 different categories differentiated by brand and model. The dataset includes raw audio recordings, spectrogram plots, and Mel-frequency cepstral coefficient (MFCC) plots for each drone. Additionally, we introduce an interactive web application that allows users to explore this dataset by selecting specific drone categories, listening to the associated audio, and viewing the corresponding spectrogram and MFCC plots. This tool aims to facilitate research in drone detection, classification, and acoustic analysis, supporting both technological advancements and educational initiatives. The paper details the dataset creation process, the design and implementation of the web application, and provides experimental results and user feedback. Finally, we discuss potential applications and future work to expand and enhance the project.