Investors and analysts are now making fewer mistakes because they prefer reading financial reports written by AI instead of humans.

AI-generated corporate earnings calls improve the quality of information and lead to tighter bid-ask spreads in the market. The artificial consistency and high data density of these reports make them easier for professionals to digest and act upon. Most people assume that human-authored disclosures are more authentic and contain more nuanced, valuable information. This research shows that the market actually values the lack of human emotion and the clarity of machine-made text. In the world of high finance, the human touch is starting to be seen as a source of noise rather than value.