A study undertaken by researchers at the School of Business and Economics at Friedrich-Alexander-Universität Erlangen-Nürnberg (FAU) has shown that computer programs that algorithms based on artificial intelligence are able to make profitable investment decisions. When applied to the S&P 500 constituents from 1992 to 2015, their stock selections generated annual returns in the double digits—whereas the highest profits were made at times of financial turmoil.