Daily Papers

Although large language models (LLMs) has shown great performance on natural language processing (NLP) in the financial domain, there are no publicly available financial tailtored LLMs, instruction tuning datasets, and evaluation benchmarks, which is critical for continually pushing forward the open-source development of financial artificial intelligence (AI). This paper introduces PIXIU, a comprehensive framework including the first financial LLM based on fine-tuning LLaMA with instruction data, the first instruction data with 136K data samples to support the fine-tuning, and an evaluation benchmark with 5 tasks and 9 datasets. We first construct the large-scale multi-task instruction data considering a variety of financial tasks, financial document types, and financial data modalities. We then propose a financial LLM called FinMA by fine-tuning LLaMA with the constructed dataset to be able to follow instructions for various financial tasks. To support the evaluation of financial LLMs, we propose a standardized benchmark that covers a set of critical financial tasks, including five financial NLP tasks and one financial prediction task. With this benchmark, we conduct a detailed analysis of FinMA and several existing LLMs, uncovering their strengths and weaknesses in handling critical financial tasks. The model, datasets, benchmark, and experimental results are open-sourced to facilitate future research in financial AI.

Enterprise Resource Planning (ERP) systems serve as the digital backbone of modern financial institutions, yet they continue to rely on static, rule-based workflows that limit adaptability, scalability, and intelligence. As business operations grow more complex and data-rich, conventional ERP platforms struggle to integrate structured and unstructured data in real time and to accommodate dynamic, cross-functional workflows. In this paper, we present the first AI-native, agent-based framework for ERP systems, introducing a novel architecture of Generative Business Process AI Agents (GBPAs) that bring autonomy, reasoning, and dynamic optimization to enterprise workflows. The proposed system integrates generative AI with business process modeling and multi-agent orchestration, enabling end-to-end automation of complex tasks such as budget planning, financial reporting, and wire transfer processing. Unlike traditional workflow engines, GBPAs interpret user intent, synthesize workflows in real time, and coordinate specialized sub-agents for modular task execution. We validate the framework through case studies in bank wire transfers and employee reimbursements, two representative financial workflows with distinct complexity and data modalities. Results show that GBPAs achieve up to 40% reduction in processing time, 94% drop in error rate, and improved regulatory compliance by enabling parallelism, risk control insertion, and semantic reasoning. These findings highlight the potential of GBPAs to bridge the gap between generative AI capabilities and enterprise-grade automation, laying the groundwork for the next generation of intelligent ERP systems.

Financial trading has been a challenging task, as it requires the integration of vast amounts of data from various modalities. Traditional deep learning and reinforcement learning methods require large training data and often involve encoding various data types into numerical formats for model input, which limits the explainability of model behavior. Recently, LLM-based agents have demonstrated remarkable advancements in handling multi-modal data, enabling them to execute complex, multi-step decision-making tasks while providing insights into their thought processes. This research introduces a multi-modal multi-agent system designed specifically for financial trading tasks. Our framework employs a team of specialized LLM-based agents, each adept at processing and interpreting various forms of financial data, such as textual news reports, candlestick charts, and trading signal charts. A key feature of our approach is the integration of a reflection module, which conducts analyses of historical trading signals and their outcomes. This reflective process is instrumental in enhancing the decision-making capabilities of the system for future trading scenarios. Furthermore, the ablation studies indicate that the visual reflection module plays a crucial role in enhancing the decision-making capabilities of our framework.

Financial organizations collect a huge amount of data about clients that typically has a temporal (sequential) structure and is collected from various sources (modalities). Due to privacy issues, there are no large-scale open-source multimodal datasets of event sequences, which significantly limits the research in this area. In this paper, we present the industrial-scale publicly available multimodal banking dataset, MBD, that contains more than 1.5M corporate clients with several modalities: 950M bank transactions, 1B geo position events, 5M embeddings of dialogues with technical support and monthly aggregated purchases of four bank's products. All entries are properly anonymized from real proprietary bank data. Using this dataset, we introduce a novel benchmark with two business tasks: campaigning (purchase prediction in the next month) and matching of clients. We provide numerical results that demonstrate the superiority of our multi-modal baselines over single-modal techniques for each task. As a result, the proposed dataset can open new perspectives and facilitate the future development of practically important large-scale multimodal algorithms for event sequences. HuggingFace Link: https://huggingface.co/datasets/ai-lab/MBD Github Link: https://github.com/Dzhambo/MBD

Predicting stock market prices following corporate earnings calls remains a significant challenge for investors and researchers alike, requiring innovative approaches that can process diverse information sources. This study investigates the impact of corporate earnings calls on stock prices by introducing a multi-modal predictive model. We leverage textual data from earnings call transcripts, along with images and tables from accompanying presentations, to forecast stock price movements on the trading day immediately following these calls. To facilitate this research, we developed the MiMIC (Multi-Modal Indian Earnings Calls) dataset, encompassing companies representing the Nifty 50, Nifty MidCap 50, and Nifty Small 50 indices. The dataset includes earnings call transcripts, presentations, fundamentals, technical indicators, and subsequent stock prices. We present a multimodal analytical framework that integrates quantitative variables with predictive signals derived from textual and visual modalities, thereby enabling a holistic approach to feature representation and analysis. This multi-modal approach demonstrates the potential for integrating diverse information sources to enhance financial forecasting accuracy. To promote further research in computational economics, we have made the MiMIC dataset publicly available under the CC-NC-SA-4.0 licence. Our work contributes to the growing body of literature on market reactions to corporate communications and highlights the efficacy of multi-modal machine learning techniques in financial analysis.

Financial trading is a crucial component of the markets, informed by a multimodal information landscape encompassing news, prices, and Kline charts, and encompasses diverse tasks such as quantitative trading and high-frequency trading with various assets. While advanced AI techniques like deep learning and reinforcement learning are extensively utilized in finance, their application in financial trading tasks often faces challenges due to inadequate handling of multimodal data and limited generalizability across various tasks. To address these challenges, we present FinAgent, a multimodal foundational agent with tool augmentation for financial trading. FinAgent's market intelligence module processes a diverse range of data-numerical, textual, and visual-to accurately analyze the financial market. Its unique dual-level reflection module not only enables rapid adaptation to market dynamics but also incorporates a diversified memory retrieval system, enhancing the agent's ability to learn from historical data and improve decision-making processes. The agent's emphasis on reasoning for actions fosters trust in its financial decisions. Moreover, FinAgent integrates established trading strategies and expert insights, ensuring that its trading approaches are both data-driven and rooted in sound financial principles. With comprehensive experiments on 6 financial datasets, including stocks and Crypto, FinAgent significantly outperforms 9 state-of-the-art baselines in terms of 6 financial metrics with over 36% average improvement on profit. Specifically, a 92.27% return (a 84.39% relative improvement) is achieved on one dataset. Notably, FinAgent is the first advanced multimodal foundation agent designed for financial trading tasks.

In recent years, multimodal benchmarks for general domains have guided the rapid development of multimodal models on general tasks. However, the financial field has its peculiarities. It features unique graphical images (e.g., candlestick charts, technical indicator charts) and possesses a wealth of specialized financial knowledge (e.g., futures, turnover rate). Therefore, benchmarks from general fields often fail to measure the performance of multimodal models in the financial domain, and thus cannot effectively guide the rapid development of large financial models. To promote the development of large financial multimodal models, we propose MME-Finance, an bilingual open-ended and practical usage-oriented Visual Question Answering (VQA) benchmark. The characteristics of our benchmark are finance and expertise, which include constructing charts that reflect the actual usage needs of users (e.g., computer screenshots and mobile photography), creating questions according to the preferences in financial domain inquiries, and annotating questions by experts with 10+ years of experience in the financial industry. Additionally, we have developed a custom-designed financial evaluation system in which visual information is first introduced in the multi-modal evaluation process. Extensive experimental evaluations of 19 mainstream MLLMs are conducted to test their perception, reasoning, and cognition capabilities. The results indicate that models performing well on general benchmarks cannot do well on MME-Finance; for instance, the top-performing open-source and closed-source models obtain 65.69 (Qwen2VL-72B) and 63.18 (GPT-4o), respectively. Their performance is particularly poor in categories most relevant to finance, such as candlestick charts and technical indicator charts. In addition, we propose a Chinese version, which helps compare performance of MLLMs under a Chinese context.

Recent text and image foundation models are incredibly impressive, and these models are attracting an ever-increasing portion of research resources. In this position piece we aim to shift the ML research community's priorities ever so slightly to a different modality: tabular data. Tabular data is the dominant modality in many fields, yet it is given hardly any research attention and significantly lags behind in terms of scale and power. We believe the time is now to start developing tabular foundation models, or what we coin a Large Tabular Model (LTM). LTMs could revolutionise the way science and ML use tabular data: not as single datasets that are analyzed in a vacuum, but contextualized with respect to related datasets. The potential impact is far-reaching: from few-shot tabular models to automating data science; from out-of-distribution synthetic data to empowering multidisciplinary scientific discovery. We intend to excite reflections on the modalities we study, and convince some researchers to study large tabular models.

Pure time series forecasting tasks typically focus exclusively on numerical features; however, real-world financial decision-making demands the comparison and analysis of heterogeneous sources of information. Recent advances in deep learning and large scale language models (LLMs) have made significant strides in capturing sentiment and other qualitative signals, thereby enhancing the accuracy of financial time series predictions. Despite these advances, most existing datasets consist solely of price series and news text, are confined to a single market, and remain limited in scale. In this paper, we introduce FinMultiTime, the first large scale, multimodal financial time series dataset. FinMultiTime temporally aligns four distinct modalities financial news, structured financial tables, K-line technical charts, and stock price time series across both the S&P 500 and HS 300 universes. Covering 5,105 stocks from 2009 to 2025 in the United States and China, the dataset totals 112.6 GB and provides minute-level, daily, and quarterly resolutions, thus capturing short, medium, and long term market signals with high fidelity. Our experiments demonstrate that (1) scale and data quality markedly boost prediction accuracy; (2) multimodal fusion yields moderate gains in Transformer models; and (3) a fully reproducible pipeline enables seamless dataset updates.

Multimodal learning is a rapidly growing research field that has revolutionized multitasking and generative modeling in AI. While much of the research has focused on dealing with unstructured data (e.g., language, images, audio, or video), structured data (e.g., tabular data, time series, or signals) has received less attention. However, many industry-relevant use cases involve or can be benefited from both types of data. In this work, we propose a modular, end-to-end multimodal learning method called MAGNUM, which can natively handle both structured and unstructured data. MAGNUM is flexible enough to employ any specialized unimodal module to extract, compress, and fuse information from all available modalities.

AI systems are notorious for their fragility; minor input changes can potentially cause major output swings. When such systems are deployed in critical areas like finance, the consequences of their uncertain behavior could be severe. In this paper, we focus on multi-modal time-series forecasting, where imprecision due to noisy or incorrect data can lead to erroneous predictions, impacting stakeholders such as analysts, investors, and traders. Recently, it has been shown that beyond numeric data, graphical transformations can be used with advanced visual models to achieve better performance. In this context, we introduce a rating methodology to assess the robustness of Multi-Modal Time-Series Forecasting Models (MM-TSFM) through causal analysis, which helps us understand and quantify the isolated impact of various attributes on the forecasting accuracy of MM-TSFM. We apply our novel rating method on a variety of numeric and multi-modal forecasting models in a large experimental setup (six input settings of control and perturbations, ten data distributions, time series from six leading stocks in three industries over a year of data, and five time-series forecasters) to draw insights on robust forecasting models and the context of their strengths. Within the scope of our study, our main result is that multi-modal (numeric + visual) forecasting, which was found to be more accurate than numeric forecasting in previous studies, can also be more robust in diverse settings. Our work will help different stakeholders of time-series forecasting understand the models` behaviors along trust (robustness) and accuracy dimensions to select an appropriate model for forecasting using our rating method, leading to improved decision-making.

Fact-checking in financial domain is under explored, and there is a shortage of quality dataset in this domain. In this paper, we propose Fin-Fact, a benchmark dataset for multimodal fact-checking within the financial domain. Notably, it includes professional fact-checker annotations and justifications, providing expertise and credibility. With its multimodal nature encompassing both textual and visual content, Fin-Fact provides complementary information sources to enhance factuality analysis. Its primary objective is combating misinformation in finance, fostering transparency, and building trust in financial reporting and news dissemination. By offering insightful explanations, Fin-Fact empowers users, including domain experts and end-users, to understand the reasoning behind fact-checking decisions, validating claim credibility, and fostering trust in the fact-checking process. The Fin-Fact dataset, along with our experimental codes is available at https://github.com/IIT-DM/Fin-Fact/.

With consistent growth in Indian Economy, Initial Public Offerings (IPOs) have become a popular avenue for investment. With the modern technology simplifying investments, more investors are interested in making data driven decisions while subscribing for IPOs. In this paper, we describe a machine learning and natural language processing based approach for estimating if an IPO will be successful. We have extensively studied the impact of various facts mentioned in IPO filing prospectus, macroeconomic factors, market conditions, Grey Market Price, etc. on the success of an IPO. We created two new datasets relating to the IPOs of Indian companies. Finally, we investigated how information from multiple modalities (texts, images, numbers, and categorical features) can be used for estimating the direction and underpricing with respect to opening, high and closing prices of stocks on the IPO listing day.

Financial forecasting has been an important and active area of machine learning research because of the challenges it presents and the potential rewards that even minor improvements in prediction accuracy or forecasting may entail. Traditionally, financial forecasting has heavily relied on quantitative indicators and metrics derived from structured financial statements. Earnings conference call data, including text and audio, is an important source of unstructured data that has been used for various prediction tasks using deep earning and related approaches. However, current deep learning-based methods are limited in the way that they deal with numeric data; numbers are typically treated as plain-text tokens without taking advantage of their underlying numeric structure. This paper describes a numeric-oriented hierarchical transformer model to predict stock returns, and financial risk using multi-modal aligned earnings calls data by taking advantage of the different categories of numbers (monetary, temporal, percentages etc.) and their magnitude. We present the results of a comprehensive evaluation of NumHTML against several state-of-the-art baselines using a real-world publicly available dataset. The results indicate that NumHTML significantly outperforms the current state-of-the-art across a variety of evaluation metrics and that it has the potential to offer significant financial gains in a practical trading context.

Search has emerged as core infrastructure for LLM-based agents and is widely viewed as critical on the path toward more general intelligence. Finance is a particularly demanding proving ground: analysts routinely conduct complex, multi-step searches over time-sensitive, domain-specific data, making it ideal for assessing both search proficiency and knowledge-grounded reasoning. Yet no existing open financial datasets evaluate data searching capability of end-to-end agents, largely because constructing realistic, complicated tasks requires deep financial expertise and time-sensitive data is hard to evaluate. We present FinSearchComp, the first fully open-source agent benchmark for realistic, open-domain financial search and reasoning. FinSearchComp comprises three tasks -- Time-Sensitive Data Fetching, Simple Historical Lookup, and Complex Historical Investigation -- closely reproduce real-world financial analyst workflows. To ensure difficulty and reliability, we engage 70 professional financial experts for annotation and implement a rigorous multi-stage quality-assurance pipeline. The benchmark includes 635 questions spanning global and Greater China markets, and we evaluate 21 models (products) on it. Grok 4 (web) tops the global subset, approaching expert-level accuracy. DouBao (web) leads on the Greater China subset. Experimental analyses show that equipping agents with web search and financial plugins substantially improves results on FinSearchComp, and the country origin of models and tools impact performance significantly.By aligning with realistic analyst tasks and providing end-to-end evaluation, FinSearchComp offers a professional, high-difficulty testbed for complex financial search and reasoning.

Accurate and transparent financial information disclosure is essential in accounting and finance, fostering trust and enabling informed investment decisions that drive economic development. Among many information disclosure platforms, the Chinese stock exchanges' investor interactive platform provides a novel and interactive way for listed firms to disclose information of interest to investors through an online question-and-answer (Q&A) format. However, it is common for listed firms to respond to questions with limited or no substantive information, and automatically evaluating the quality of financial information disclosure on large amounts of Q&A pairs is challenging. In this study, our interdisciplinary team of AI and finance professionals proposed FinTruthQA, a benchmark designed to evaluate advanced natural language processing (NLP) techniques for the automatic quality assessment of information disclosure in financial Q&A data. It comprises 6,000 real-world financial Q&A entries and each Q&A was manually annotated based on four key evaluation criteria. We benchmarked various NLP techniques on FinTruthQA, including large language models(LLMs). Experiments showed that existing NLP models have strong predictive ability for question identification and question relevance tasks, but are suboptimal for answer readability and answer relevance tasks. By establishing this benchmark, we provide a robust foundation for the automatic evaluation of information disclosure, demonstrating how AI can be leveraged for social good by promoting transparency, fairness, and investor protection in financial disclosure practices. FinTruthQA can be used by auditors, regulators, and financial analysts for real-time monitoring and data-driven decision-making, as well as by researchers for advanced studies in accounting and finance, ultimately fostering greater trust and efficiency in the financial markets.

Personalized financial advice requires consideration of user goals, constraints, risk tolerance, and jurisdiction. Prior LLM work has focused on support systems for investors and financial planners. Simultaneously, numerous recent studies examine broader personal finance tasks, including budgeting, debt management, retirement, and estate planning, through agentic pipelines that incur high maintenance costs, yielding less than 25% of their expected financial returns. In this study, we introduce a novel and reproducible framework that integrates relevant financial context with behavioral finance studies to construct supervision data for end-to-end advisors. Using this framework, we create a 19k sample reasoning dataset and conduct a comprehensive fine-tuning of the Qwen-3-8B model on the dataset. Through a held-out test split and a blind LLM-jury study, we demonstrate that through careful data curation and behavioral integration, our 8B model achieves performance comparable to significantly larger baselines (14-32B parameters) across factual accuracy, fluency, and personalization metrics while incurring 80% lower costs than the larger counterparts.

Interpretability is becoming an active research topic as machine learning (ML) models are more widely used to make critical decisions. Tabular data is one of the most commonly used modes of data in diverse applications such as healthcare and finance. Much of the existing interpretability methods used for tabular data only report feature-importance scores -- either locally (per example) or globally (per model) -- but they do not provide interpretation or visualization of how the features interact. We address this limitation by introducing Feature Vectors, a new global interpretability method designed for tabular datasets. In addition to providing feature-importance, Feature Vectors discovers the inherent semantic relationship among features via an intuitive feature visualization technique. Our systematic experiments demonstrate the empirical utility of this new method by applying it to several real-world datasets. We further provide an easy-to-use Python package for Feature Vectors.

Developing a universal model that can effectively harness heterogeneous resources and respond to a wide range of personalized needs has been a longstanding community aspiration. Our daily choices, especially in domains like fashion and retail, are substantially shaped by multi-modal data, such as pictures and textual descriptions. These modalities not only offer intuitive guidance but also cater to personalized user preferences. However, the predominant personalization approaches mainly focus on the ID or text-based recommendation problem, failing to comprehend the information spanning various tasks or modalities. In this paper, our goal is to establish a Unified paradigm for Multi-modal Personalization systems (UniMP), which effectively leverages multi-modal data while eliminating the complexities associated with task- and modality-specific customization. We argue that the advancements in foundational generative modeling have provided the flexibility and effectiveness necessary to achieve the objective. In light of this, we develop a generic and extensible personalization generative framework, that can handle a wide range of personalized needs including item recommendation, product search, preference prediction, explanation generation, and further user-guided image generation. Our methodology enhances the capabilities of foundational language models for personalized tasks by seamlessly ingesting interleaved cross-modal user history information, ensuring a more precise and customized experience for users. To train and evaluate the proposed multi-modal personalized tasks, we also introduce a novel and comprehensive benchmark covering a variety of user requirements. Our experiments on the real-world benchmark showcase the model's potential, outperforming competitive methods specialized for each task.

Understanding the relationship between textual news and time-series evolution is a critical yet under-explored challenge in applied data science. While multimodal learning has gained traction, existing multimodal time-series datasets fall short in evaluating cross-modal reasoning and complex question answering, which are essential for capturing complex interactions between narrative information and temporal patterns. To bridge this gap, we introduce Multimodal Time Series Benchmark (MTBench), a large-scale benchmark designed to evaluate large language models (LLMs) on time series and text understanding across financial and weather domains. MTbench comprises paired time series and textual data, including financial news with corresponding stock price movements and weather reports aligned with historical temperature records. Unlike existing benchmarks that focus on isolated modalities, MTbench provides a comprehensive testbed for models to jointly reason over structured numerical trends and unstructured textual narratives. The richness of MTbench enables formulation of diverse tasks that require a deep understanding of both text and time-series data, including time-series forecasting, semantic and technical trend analysis, and news-driven question answering (QA). These tasks target the model's ability to capture temporal dependencies, extract key insights from textual context, and integrate cross-modal information. We evaluate state-of-the-art LLMs on MTbench, analyzing their effectiveness in modeling the complex relationships between news narratives and temporal patterns. Our findings reveal significant challenges in current models, including difficulties in capturing long-term dependencies, interpreting causality in financial and weather trends, and effectively fusing multimodal information.

Tables are among the most widely used tools for representing structured data in research, business, medicine, and education. Although LLMs demonstrate strong performance in downstream tasks, their efficiency in processing tabular data remains underexplored. In this paper, we investigate the effectiveness of both text-based and multimodal LLMs on table understanding tasks through a cross-domain and cross-modality evaluation. Specifically, we compare their performance on tables from scientific vs. non-scientific contexts and examine their robustness on tables represented as images vs. text. Additionally, we conduct an interpretability analysis to measure context usage and input relevance. We also introduce the TableEval benchmark, comprising 3017 tables from scholarly publications, Wikipedia, and financial reports, where each table is provided in five different formats: Image, Dictionary, HTML, XML, and LaTeX. Our findings indicate that while LLMs maintain robustness across table modalities, they face significant challenges when processing scientific tables.

Time series data are ubiquitous across a wide range of real-world domains. While real-world time series analysis (TSA) requires human experts to integrate numerical series data with multimodal domain-specific knowledge, most existing TSA models rely solely on numerical data, overlooking the significance of information beyond numerical series. This oversight is due to the untapped potential of textual series data and the absence of a comprehensive, high-quality multimodal dataset. To overcome this obstacle, we introduce Time-MMD, the first multi-domain, multimodal time series dataset covering 9 primary data domains. Time-MMD ensures fine-grained modality alignment, eliminates data contamination, and provides high usability. Additionally, we develop MM-TSFlib, the first multimodal time-series forecasting (TSF) library, seamlessly pipelining multimodal TSF evaluations based on Time-MMD for in-depth analyses. Extensive experiments conducted on Time-MMD through MM-TSFlib demonstrate significant performance enhancements by extending unimodal TSF to multimodality, evidenced by over 15% mean squared error reduction in general, and up to 40% in domains with rich textual data. More importantly, our datasets and library revolutionize broader applications, impacts, research topics to advance TSA. The dataset and library are available at https://github.com/AdityaLab/Time-MMD and https://github.com/AdityaLab/MM-TSFlib.

Generating professional financial reports is a labor-intensive and intellectually demanding process that current AI systems struggle to fully automate. To address this challenge, we introduce FinSight (Financial InSight), a novel multi agent framework for producing high-quality, multimodal financial reports. The foundation of FinSight is the Code Agent with Variable Memory (CAVM) architecture, which unifies external data, designed tools, and agents into a programmable variable space, enabling flexible data collection, analysis and report generation through executable code. To ensure professional-grade visualization, we propose an Iterative Vision-Enhanced Mechanism that progressively refines raw visual outputs into polished financial charts. Furthermore, a two stage Writing Framework expands concise Chain-of-Analysis segments into coherent, citation-aware, and multimodal reports, ensuring both analytical depth and structural consistency. Experiments on various company and industry-level tasks demonstrate that FinSight significantly outperforms all baselines, including leading deep research systems in terms of factual accuracy, analytical depth, and presentation quality, demonstrating a clear path toward generating reports that approach human-expert quality.

Biomedical data is inherently multimodal, consisting of electronic health records, medical imaging, digital pathology, genome sequencing, wearable sensors, and more. The application of artificial intelligence tools to these multifaceted sensing technologies has the potential to revolutionize the prognosis, diagnosis, and management of human health and disease. However, current approaches to biomedical AI typically only train and evaluate with one or a small set of medical modalities and tasks. This limitation hampers the development of comprehensive tools that can leverage the rich interconnected information across many heterogeneous biomedical sensors. To address this challenge, we present MultiMed, a benchmark designed to evaluate and enable large-scale learning across a wide spectrum of medical modalities and tasks. MultiMed consists of 2.56 million samples across ten medical modalities such as medical reports, pathology, genomics, and protein data, and is structured into eleven challenging tasks, including disease prognosis, protein structure prediction, and medical question answering. Using MultiMed, we conduct comprehensive experiments benchmarking state-of-the-art unimodal, multimodal, and multitask models. Our analysis highlights the advantages of training large-scale medical models across many related modalities and tasks. Moreover, MultiMed enables studies of generalization across related medical concepts, robustness to real-world noisy data and distribution shifts, and novel modality combinations to improve prediction performance. MultiMed will be publicly available and regularly updated and welcomes inputs from the community.

Non-Fungible Tokens (NFTs) represent deeds of ownership, based on blockchain technologies and smart contracts, of unique crypto assets on digital art forms (e.g., artworks or collectibles). In the spotlight after skyrocketing in 2021, NFTs have attracted the attention of crypto enthusiasts and investors intent on placing promising investments in this profitable market. However, the NFT financial performance prediction has not been widely explored to date. In this work, we address the above problem based on the hypothesis that NFT images and their textual descriptions are essential proxies to predict the NFT selling prices. To this purpose, we propose MERLIN, a novel multimodal deep learning framework designed to train Transformer-based language and visual models, along with graph neural network models, on collections of NFTs' images and texts. A key aspect in MERLIN is its independence on financial features, as it exploits only the primary data a user interested in NFT trading would like to deal with, i.e., NFT images and textual descriptions. By learning dense representations of such data, a price-category classification task is performed by MERLIN models, which can also be tuned according to user preferences in the inference phase to mimic different risk-return investment profiles. Experimental evaluation on a publicly available dataset has shown that MERLIN models achieve significant performances according to several financial assessment criteria, fostering profitable investments, and also beating baseline machine-learning classifiers based on financial features.

Multimodal information retrieval (MIR) faces inherent challenges due to the heterogeneity of data sources and the complexity of cross-modal alignment. While previous studies have identified modal gaps in feature spaces, a systematic approach to address these challenges remains unexplored. In this work, we introduce UNITE, a universal framework that tackles these challenges through two critical yet underexplored aspects: data curation and modality-aware training configurations. Our work provides the first comprehensive analysis of how modality-specific data properties influence downstream task performance across diverse scenarios. Moreover, we propose Modal-Aware Masked Contrastive Learning (MAMCL) to mitigate the competitive relationships among the instances of different modalities. Our framework achieves state-of-the-art results on multiple multimodal retrieval benchmarks, outperforming existing methods by notable margins. Through extensive experiments, we demonstrate that strategic modality curation and tailored training protocols are pivotal for robust cross-modal representation learning. This work not only advances MIR performance but also provides a foundational blueprint for future research in multimodal systems. Our project is available at https://friedrichor.github.io/projects/UNITE.

Foundation Models (FMs) have improved time series forecasting in various sectors, such as finance, but their vulnerability to input disturbances can hinder their adoption by stakeholders, such as investors and analysts. To address this, we propose a causally grounded rating framework to study the robustness of Foundational Models for Time Series (FMTS) with respect to input perturbations. We evaluate our approach to the stock price prediction problem, a well-studied problem with easily accessible public data, evaluating six state-of-the-art (some multi-modal) FMTS across six prominent stocks spanning three industries. The ratings proposed by our framework effectively assess the robustness of FMTS and also offer actionable insights for model selection and deployment. Within the scope of our study, we find that (1) multi-modal FMTS exhibit better robustness and accuracy compared to their uni-modal versions and, (2) FMTS pre-trained on time series forecasting task exhibit better robustness and forecasting accuracy compared to general-purpose FMTS pre-trained across diverse settings. Further, to validate our framework's usability, we conduct a user study showcasing FMTS prediction errors along with our computed ratings. The study confirmed that our ratings reduced the difficulty for users in comparing the robustness of different systems.

The Russian Financial Statements Database (RFSD) is an open, harmonized collection of annual unconsolidated financial statements of the universe of Russian firms in 2011-2023. It is the first open data set with information on every active firm in the country, including non-filing firms. With 56.6 million geolocated firm-year observations gathered from two official sources, the RFSD features multiple end-user quality-of-life improvements such as data imputation, statement articulation, harmonization across data providers and formats, and data enrichment. Extensive internal and external validation shows that most statements articulate well while their aggregates display higher correlation with the regional GDP than the previous gridded GDP data products. We also examine the direction and magnitude of the reporting bias by comparing the universe of firms that are required to file with the actual filers. The RFSD can be used in various economic applications as diverse as calibration of micro-founded models, estimation of markups and productivity, or assessing industry organization and market power.

With the increasing amount of multimedia data on modern mobile systems and IoT infrastructures, harnessing these rich multimodal data without breaching user privacy becomes a critical issue. Federated learning (FL) serves as a privacy-conscious alternative to centralized machine learning. However, existing FL methods extended to multimodal data all rely on model aggregation on single modality level, which restrains the server and clients to have identical model architecture for each modality. This limits the global model in terms of both model complexity and data capacity, not to mention task diversity. In this work, we propose Contrastive Representation Ensemble and Aggregation for Multimodal FL (CreamFL), a multimodal federated learning framework that enables training larger server models from clients with heterogeneous model architectures and data modalities, while only communicating knowledge on public dataset. To achieve better multimodal representation fusion, we design a global-local cross-modal ensemble strategy to aggregate client representations. To mitigate local model drift caused by two unprecedented heterogeneous factors stemming from multimodal discrepancy (modality gap and task gap), we further propose two inter-modal and intra-modal contrasts to regularize local training, which complements information of the absent modality for uni-modal clients and regularizes local clients to head towards global consensus. Thorough evaluations and ablation studies on image-text retrieval and visual question answering tasks showcase the superiority of CreamFL over state-of-the-art FL methods and its practical value.

This study investigates self-supervised learning techniques to obtain representations of Event Sequences. It is a key modality in various applications, including but not limited to banking, e-commerce, and healthcare. We perform a comprehensive study of generative and contrastive approaches in self-supervised learning, applying them both independently. We find that there is no single supreme method. Consequently, we explore the potential benefits of combining these approaches. To achieve this goal, we introduce a novel method that aligns generative and contrastive embeddings as distinct modalities, drawing inspiration from contemporary multimodal research. Generative and contrastive approaches are often treated as mutually exclusive, leaving a gap for their combined exploration. Our results demonstrate that this aligned model performs at least on par with, and mostly surpasses, existing methods and is more universal across a variety of tasks. Furthermore, we demonstrate that self-supervised methods consistently outperform the supervised approach on our datasets.

We present a systematic investigation of Multi-modal Retrieval Augmented Multi-modal Generation (M^2RAG), a novel task that enables foundation models to process multi-modal web content and generate multi-modal responses, which exhibits better information density and readability. Despite its potential impact, M^2RAG remains understudied, lacking comprehensive analysis and high-quality data resources. To address this gap, we establish a comprehensive benchmark through a rigorous data curation pipeline, and employ text-modal metrics and multi-modal metrics based on foundation models for evaluation. We further propose several strategies for foundation models to process M^2RAG effectively and construct a training set by filtering high-quality samples using designed metrics. Our extensive experiments demonstrate the reliability of our proposed metrics, a landscape of model performance within our designed strategies, and show that our fine-tuned 7B-8B models outperform the state-of-the-art GPT-4o model. Additionally, we perform fine-grained analyses across diverse domains and validate the effectiveness of our designs in data curation pipeline. All resources, including codes, datasets, and model weights, will be publicly released.

With recent advancements in Large Language Models (LLMs) and growing interest in retrieval-augmented generation (RAG), the ability to understand table structures has become increasingly important. This is especially critical in financial domains such as securities reports, where highly accurate question answering (QA) over tables is required. However, tables exist in various formats-including HTML, images, and plain text-making it difficult to preserve and extract structural information. Therefore, multimodal LLMs are essential for robust and general-purpose table understanding. Despite their promise, current Large Vision-Language Models (LVLMs), which are major representatives of multimodal LLMs, still face challenges in accurately understanding characters and their spatial relationships within documents. In this study, we propose a method to enhance LVLM-based table understanding by incorporating in-table textual content and layout features. Experimental results demonstrate that these auxiliary modalities significantly improve performance, enabling robust interpretation of complex document layouts without relying on explicitly structured input formats.

Generative models aim to simulate realistic effects of various actions across different contexts, from text generation to visual effects. Despite significant efforts to build real-world simulators, the application of generative models to virtual worlds, like financial markets, remains under-explored. In financial markets, generative models can simulate complex market effects of participants with various behaviors, enabling interaction under different market conditions, and training strategies without financial risk. This simulation relies on the finest structured data in financial market like orders thus building the finest realistic simulation. We propose Large Market Model (LMM), an order-level generative foundation model, for financial market simulation, akin to language modeling in the digital world. Our financial Market Simulation engine (MarS), powered by LMM, addresses the domain-specific need for realistic, interactive and controllable order generation. Key observations include LMM's strong scalability across data size and model complexity, and MarS's robust and practicable realism in controlled generation with market impact. We showcase MarS as a forecast tool, detection system, analysis platform, and agent training environment, thus demonstrating MarS's "paradigm shift" potential for a variety of financial applications. We release the code of MarS at https://github.com/microsoft/MarS/.

We investigate whether socio-economic indicators like household wealth leave recoverable imprints in satellite imagery (capturing physical features) and Internet-sourced text (reflecting historical/economic narratives). Using Demographic and Health Survey (DHS) data from African neighborhoods, we pair Landsat images with LLM-generated textual descriptions conditioned on location/year and text retrieved by an AI search agent from web sources. We develop a multimodal framework predicting household wealth (International Wealth Index) through five pipelines: (i) vision model on satellite images, (ii) LLM using only location/year, (iii) AI agent searching/synthesizing web text, (iv) joint image-text encoder, (v) ensemble of all signals. Our framework yields three contributions. First, fusing vision and agent/LLM text outperforms vision-only baselines in wealth prediction (e.g., R-squared of 0.77 vs. 0.63 on out-of-sample splits), with LLM-internal knowledge proving more effective than agent-retrieved text, improving robustness to out-of-country and out-of-time generalization. Second, we find partial representational convergence: fused embeddings from vision/language modalities correlate moderately (median cosine similarity of 0.60 after alignment), suggesting a shared latent code of material well-being while retaining complementary details, consistent with the Platonic Representation Hypothesis. Although LLM-only text outperforms agent-retrieved data, challenging our Agent-Induced Novelty Hypothesis, modest gains from combining agent data in some splits weakly support the notion that agent-gathered information introduces unique representational structures not fully captured by static LLM knowledge. Third, we release a large-scale multimodal dataset comprising more than 60,000 DHS clusters linked to satellite images, LLM-generated descriptions, and agent-retrieved texts.

Sequential recommendations have drawn significant attention in modeling the user's historical behaviors to predict the next item. With the booming development of multimodal data (e.g., image, text) on internet platforms, sequential recommendation also benefits from the incorporation of multimodal data. Most methods introduce modal features of items as side information and simply concatenates them to learn unified user interests. Nevertheless, these methods encounter the limitation in modeling multimodal differences. We argue that user interests and item relationships vary across different modalities. To address this problem, we propose a novel Multimodal Difference Learning framework for Sequential Recommendation, MDSRec for brevity. Specifically, we first explore the differences in item relationships by constructing modal-aware item relation graphs with behavior signal to enhance item representations. Then, to capture the differences in user interests across modalities, we design a interest-centralized attention mechanism to independently model user sequence representations in different modalities. Finally, we fuse the user embeddings from multiple modalities to achieve accurate item recommendation. Experimental results on five real-world datasets demonstrate the superiority of MDSRec over state-of-the-art baselines and the efficacy of multimodal difference learning.

Bitcoin, with its ever-growing popularity, has demonstrated extreme price volatility since its origin. This volatility, together with its decentralised nature, make Bitcoin highly subjective to speculative trading as compared to more traditional assets. In this paper, we propose a multimodal model for predicting extreme price fluctuations. This model takes as input a variety of correlated assets, technical indicators, as well as Twitter content. In an in-depth study, we explore whether social media discussions from the general public on Bitcoin have predictive power for extreme price movements. A dataset of 5,000 tweets per day containing the keyword `Bitcoin' was collected from 2015 to 2021. This dataset, called PreBit, is made available online. In our hybrid model, we use sentence-level FinBERT embeddings, pretrained on financial lexicons, so as to capture the full contents of the tweets and feed it to the model in an understandable way. By combining these embeddings with a Convolutional Neural Network, we built a predictive model for significant market movements. The final multimodal ensemble model includes this NLP model together with a model based on candlestick data, technical indicators and correlated asset prices. In an ablation study, we explore the contribution of the individual modalities. Finally, we propose and backtest a trading strategy based on the predictions of our models with varying prediction threshold and show that it can used to build a profitable trading strategy with a reduced risk over a `hold' or moving average strategy.

Quantifying the similarity between a group of companies has proven to be useful for several purposes, including company benchmarking, fraud detection, and searching for investment opportunities. This exercise can be done using a variety of data sources, such as company activity data and financial data. However, ledger account data is widely available and is standardized to a large extent. Such ledger accounts within a financial statement can be represented by means of a tree, i.e. a special type of graph, representing both the values of the ledger accounts and the relationships between them. Given their broad availability and rich information content, financial statements form a prime data source based on which company similarities or distances could be computed. In this paper, we present a graph distance metric that enables one to compute the similarity between the financial statements of two companies. We conduct a comprehensive experimental study using real-world financial data to demonstrate the usefulness of our proposed distance metric. The experimental results show promising results on a number of use cases. This method may be useful for investors looking for investment opportunities, government officials attempting to identify fraudulent companies, and accountants looking to benchmark a group of companies based on their financial statements.

Different medical imaging modalities capture diagnostic information at varying spatial resolutions, from coarse global patterns to fine-grained localized structures. However, most existing vision-language frameworks in the medical domain apply a uniform strategy for local feature extraction, overlooking the modality-specific demands. In this work, we present MedMoE, a modular and extensible vision-language processing framework that dynamically adapts visual representation based on the diagnostic context. MedMoE incorporates a Mixture-of-Experts (MoE) module conditioned on the report type, which routes multi-scale image features through specialized expert branches trained to capture modality-specific visual semantics. These experts operate over feature pyramids derived from a Swin Transformer backbone, enabling spatially adaptive attention to clinically relevant regions. This framework produces localized visual representations aligned with textual descriptions, without requiring modality-specific supervision at inference. Empirical results on diverse medical benchmarks demonstrate that MedMoE improves alignment and retrieval performance across imaging modalities, underscoring the value of modality-specialized visual representations in clinical vision-language systems.

Clinical diagnosis of the eye is performed over multifarious data modalities including scalar clinical labels, vectorized biomarkers, two-dimensional fundus images, and three-dimensional Optical Coherence Tomography (OCT) scans. Clinical practitioners use all available data modalities for diagnosing and treating eye diseases like Diabetic Retinopathy (DR) or Diabetic Macular Edema (DME). Enabling usage of machine learning algorithms within the ophthalmic medical domain requires research into the relationships and interactions between all relevant data over a treatment period. Existing datasets are limited in that they neither provide data nor consider the explicit relationship modeling between the data modalities. In this paper, we introduce the Ophthalmic Labels for Investigating Visual Eye Semantics (OLIVES) dataset that addresses the above limitation. This is the first OCT and near-IR fundus dataset that includes clinical labels, biomarker labels, disease labels, and time-series patient treatment information from associated clinical trials. The dataset consists of 1268 near-IR fundus images each with at least 49 OCT scans, and 16 biomarkers, along with 4 clinical labels and a disease diagnosis of DR or DME. In total, there are 96 eyes' data averaged over a period of at least two years with each eye treated for an average of 66 weeks and 7 injections. We benchmark the utility of OLIVES dataset for ophthalmic data as well as provide benchmarks and concrete research directions for core and emerging machine learning paradigms within medical image analysis.

The inherent non-stationarity of financial markets and the complexity of multi-modal information pose significant challenges to existing quantitative trading models. Traditional methods relying on fixed structures and unimodal data struggle to adapt to market regime shifts, while large language model (LLM)-driven solutions - despite their multi-modal comprehension - suffer from static strategies and homogeneous expert designs, lacking dynamic adjustment and fine-grained decision mechanisms. To address these limitations, we propose MM-DREX: a Multimodal-driven, Dynamically-Routed EXpert framework based on large language models. MM-DREX explicitly decouples market state perception from strategy execution to enable adaptive sequential decision-making in non-stationary environments. Specifically, it (1) introduces a vision-language model (VLM)-powered dynamic router that jointly analyzes candlestick chart patterns and long-term temporal features to allocate real-time expert weights; (2) designs four heterogeneous trading experts (trend, reversal, breakout, positioning) generating specialized fine-grained sub-strategies; and (3) proposes an SFT-RL hybrid training paradigm to synergistically optimize the router's market classification capability and experts' risk-adjusted decision-making. Extensive experiments on multi-modal datasets spanning stocks, futures, and cryptocurrencies demonstrate that MM-DREX significantly outperforms 15 baselines (including state-of-the-art financial LLMs and deep reinforcement learning models) across key metrics: total return, Sharpe ratio, and maximum drawdown, validating its robustness and generalization. Additionally, an interpretability module traces routing logic and expert behavior in real time, providing an audit trail for strategy transparency.

In the marketing field, understanding consumer heterogeneity, which is the internal or psychological difference among consumers that cannot be captured by behavioral logs, has long been a critical challenge. However, a number of consumers today usually post their evaluation on the specific product on the online platform, which can be the valuable source of such unobservable differences among consumers. Several previous studies have shown the validity of the analysis on text modality, but on the other hand, such analyses may not necessarily demonstrate sufficient predictive accuracy for text alone, as they may not include information readily available from cross-sectional data, such as consumer profile data. In addition, recent advances in machine learning techniques, such as large-scale language models (LLMs) and multimodal learning have made it possible to deal with the various kind of dataset simultaneously, including textual data and the traditional cross-sectional data, and the joint representations can be effectively obtained from multiple modalities. Therefore, this study constructs a product evaluation model that takes into account consumer heterogeneity by multimodal learning of online product reviews and consumer profile information. We also compare multiple models using different modalities or hyper-parameters to demonstrate the robustness of multimodal learning in marketing analysis.

Financial AI holds great promise for transforming modern finance, with the potential to support a wide range of tasks such as market forecasting, portfolio management, quantitative trading, and automated analysis. However, existing platforms remain limited in task coverage, lack robust multimodal data integration, and offer insufficient support for the training and deployment of large language models (LLMs). In response to these limitations, we present FinWorld, an all-in-one open-source platform that provides end-to-end support for the entire financial AI workflow, from data acquisition to experimentation and deployment. FinWorld distinguishes itself through native integration of heterogeneous financial data, unified support for diverse AI paradigms, and advanced agent automation, enabling seamless development and deployment. Leveraging data from 2 representative markets, 4 stock pools, and over 800 million financial data points, we conduct comprehensive experiments on 4 key financial AI tasks. These experiments systematically evaluate deep learning and reinforcement learning algorithms, with particular emphasis on RL-based finetuning for LLMs and LLM Agents. The empirical results demonstrate that FinWorld significantly enhances reproducibility, supports transparent benchmarking, and streamlines deployment, thereby providing a strong foundation for future research and real-world applications. Code is available at Github~https://github.com/DVampire/FinWorld.

Conventional multimodal recommender systems predominantly leverage Bayesian Personalized Ranking (BPR) optimization to learn item representations by amalgamating item identity (ID) embeddings with multimodal features. Nevertheless, our empirical and theoretical findings unequivocally demonstrate a pronounced optimization gradient bias in favor of acquiring representations from multimodal features over item ID embeddings. As a consequence, item ID embeddings frequently exhibit suboptimal characteristics despite the convergence of multimodal feature parameters. Given the rich informational content inherent in multimodal features, in this paper, we propose a novel model (i.e., LIRDRec) that learns item representations directly from these features to augment recommendation performance. Recognizing that features derived from each modality may capture disparate yet correlated aspects of items, we propose a multimodal transformation mechanism, integrated with modality-specific encoders, to effectively fuse features from all modalities. Moreover, to differentiate the influence of diverse modality types, we devise a progressive weight copying fusion module within LIRDRec. This module incrementally learns the weight assigned to each modality in synthesizing the final user or item representations. Finally, we utilize the powerful visual understanding of Multimodal Large Language Models (MLLMs) to convert the item images into texts and extract semantics embeddings upon the texts via LLMs. Empirical evaluations conducted on five real-world datasets validate the superiority of our approach relative to competing baselines. It is worth noting the proposed model, equipped with embeddings extracted from MLLMs and LLMs, can further improve the recommendation accuracy of NDCG@20 by an average of 4.21% compared to the original embeddings.

Leveraging multimodal data to drive breakthroughs in e-commerce applications through Multimodal Foundation Models (MFMs) is gaining increasing attention from the research community. However, there are significant challenges that hinder the optimal use of multimodal e-commerce data by foundation models: (1) the scarcity of large-scale, high-quality multimodal benchmark datasets; and (2) the lack of effective multimodal information integration methods. To address these challenges, in this paper, we introduce MMECInstruct, the first-ever, large-scale, and high-quality multimodal instruction dataset for e-commerce. We also develop CASLIE, a simple, lightweight, yet effective framework for integrating multimodal information for e-commerce. Leveraging MMECInstruct, we fine-tune a series of e-commerce MFMs within CASLIE, denoted as CASLIE models. Our comprehensive evaluation demonstrates that CASLIE models substantially outperform 5 categories of advanced baseline models in the in-domain evaluation. Moreover, CASLIE models show strong generalizability to out-of-domain settings. MMECInstruct and CASLIE models are publicly accessible through https://ninglab.github.io/CASLIE/.

Financial asset recommendation (FAR) is a sub-domain of recommender systems which identifies useful financial securities for investors, with the expectation that they will invest capital on the recommended assets. FAR solutions analyse and learn from multiple data sources, including time series pricing data, customer profile information and expectations, as well as past investments. However, most models have been developed over proprietary datasets, making a comparison over a common benchmark impossible. In this paper, we aim to solve this problem by introducing FAR-Trans, the first public dataset for FAR, containing pricing information and retail investor transactions acquired from a large European financial institution. We also provide a bench-marking comparison between eleven FAR algorithms over the data for use as future baselines. The dataset can be downloaded from https://doi.org/10.5525/gla.researchdata.1658 .

Time series forecasting is a foundational task across domains, such as finance, healthcare, and environmental monitoring. While recent advances in Time Series Foundation Models (TSFMs) have demonstrated strong generalisation through large-scale pretraining, existing models operate predominantly in a unimodal setting, ignoring the rich multimodal context, such as visual and textual signals, that often accompanies time series data in real-world scenarios. This paper introduces a novel parameter-efficient multimodal framework, UniCast, that extends TSFMs to jointly leverage time series, vision, and text modalities for enhanced forecasting performance. Our method integrates modality-specific embeddings from pretrained Vision and Text Encoders with a frozen TSFM via soft prompt tuning, enabling efficient adaptation with minimal parameter updates. This design not only preserves the generalisation strength of the foundation model but also enables effective cross-modal interaction. Extensive experiments across diverse time-series forecasting benchmarks demonstrate that UniCast consistently and significantly outperforms all existing TSFM baselines. The findings highlight the critical role of multimodal context in advancing the next generation of general-purpose time series forecasters.

Data collected from the real world tends to be biased, unbalanced, and at risk of exposing sensitive and private information. This reality has given rise to the idea of creating synthetic datasets to alleviate risk, bias, harm, and privacy concerns inherent in the real data. This concept relies on Generative AI models to produce unbiased, privacy-preserving synthetic data while being true to the real data. In this new paradigm, how can we tell if this approach delivers on its promises? We present an auditing framework that offers a holistic assessment of synthetic datasets and AI models trained on them, centered around bias and discrimination prevention, fidelity to the real data, utility, robustness, and privacy preservation. We showcase our framework by auditing multiple generative models on diverse use cases, including education, healthcare, banking, human resources, and across different modalities, from tabular, to time-series, to natural language. Our use cases demonstrate the importance of a holistic assessment in order to ensure compliance with socio-technical safeguards that regulators and policymakers are increasingly enforcing. For this purpose, we introduce the trust index that ranks multiple synthetic datasets based on their prescribed safeguards and their desired trade-offs. Moreover, we devise a trust-index-driven model selection and cross-validation procedure via auditing in the training loop that we showcase on a class of transformer models that we dub TrustFormers, across different modalities. This trust-driven model selection allows for controllable trust trade-offs in the resulting synthetic data. We instrument our auditing framework with workflows that connect different stakeholders from model development to audit and certification via a synthetic data auditing report.

Contrastive learning methods, such as CLIP, leverage naturally paired data-for example, images and their corresponding text captions-to learn general representations that transfer efficiently to downstream tasks. While such approaches are generally applied to two modalities, domains such as robotics, healthcare, and video need to support many types of data at once. We show that the pairwise application of CLIP fails to capture joint information between modalities, thereby limiting the quality of the learned representations. To address this issue, we present Symile, a simple contrastive learning approach that captures higher-order information between any number of modalities. Symile provides a flexible, architecture-agnostic objective for learning modality-specific representations. To develop Symile's objective, we derive a lower bound on total correlation, and show that Symile representations for any set of modalities form a sufficient statistic for predicting the remaining modalities. Symile outperforms pairwise CLIP, even with modalities missing in the data, on cross-modal classification and retrieval across several experiments including on an original multilingual dataset of 33M image, text and audio samples and a clinical dataset of chest X-rays, electrocardiograms, and laboratory measurements. All datasets and code used in this work are publicly available at https://github.com/rajesh-lab/symile.

We develop a tool that extracts emotions from social media text data. Our methodology has three main advantages. First, it is tailored for financial context; second, it incorporates key aspects of social media data, such as non-standard phrases, emojis and emoticons; and third, it operates by sequentially learning a latent representation that includes features such as word order, word usage, and local context. This tool, along with a user guide is available at: https://github.com/dvamossy/EmTract. Using EmTract, we explore the relationship between investor emotions expressed on social media and asset prices. We document a number of interesting insights. First, we confirm some of the findings of controlled laboratory experiments relating investor emotions to asset price movements. Second, we show that investor emotions are predictive of daily price movements. These impacts are larger when volatility or short interest are higher, and when institutional ownership or liquidity are lower. Third, increased investor enthusiasm prior to the IPO contributes to the large first-day return and long-run underperformance of IPO stocks. To corroborate our results, we provide a number of robustness checks, including using an alternative emotion model. Our findings reinforce the intuition that emotions and market dynamics are closely related, and highlight the importance of considering investor emotions when assessing a stock's short-term value.

Multimodal recommendation systems have attracted increasing attention for their improved performance by leveraging items' multimodal information. Prior methods often build modality-specific item-item semantic graphs from raw modality features and use them as supplementary structures alongside the user-item interaction graph to enhance user preference learning. However, these semantic graphs suffer from semantic deficiencies, including (1) insufficient modeling of collaborative signals among items and (2) structural distortions introduced by noise in raw modality features, ultimately compromising performance. To address these issues, we first extract collaborative signals from the interaction graph and infuse them into each modality-specific item semantic graph to enhance semantic modeling. Then, we design a modulus-based personalized embedding perturbation mechanism that injects perturbations with modulus-guided personalized intensity into embeddings to generate contrastive views. This enables the model to learn noise-robust representations through contrastive learning, thereby reducing the effect of structural noise in semantic graphs. Besides, we propose a dual representation alignment mechanism that first aligns multiple semantic representations via a designed Anchor-based InfoNCE loss using behavior representations as anchors, and then aligns behavior representations with the fused semantics by standard InfoNCE, to ensure representation consistency. Extensive experiments on four benchmark datasets validate the effectiveness of our framework.

Advancements in artificial intelligence, machine learning, and deep learning have catalyzed the transformation of big data analytics and management into pivotal domains for research and application. This work explores the theoretical foundations, methodological advancements, and practical implementations of these technologies, emphasizing their role in uncovering actionable insights from massive, high-dimensional datasets. The study presents a systematic overview of data preprocessing techniques, including data cleaning, normalization, integration, and dimensionality reduction, to prepare raw data for analysis. Core analytics methodologies such as classification, clustering, regression, and anomaly detection are examined, with a focus on algorithmic innovation and scalability. Furthermore, the text delves into state-of-the-art frameworks for data mining and predictive modeling, highlighting the role of neural networks, support vector machines, and ensemble methods in tackling complex analytical challenges. Special emphasis is placed on the convergence of big data with distributed computing paradigms, including cloud and edge computing, to address challenges in storage, computation, and real-time analytics. The integration of ethical considerations, including data privacy and compliance with global standards, ensures a holistic perspective on data management. Practical applications across healthcare, finance, marketing, and policy-making illustrate the real-world impact of these technologies. Through comprehensive case studies and Python-based implementations, this work equips researchers, practitioners, and data enthusiasts with the tools to navigate the complexities of modern data analytics. It bridges the gap between theory and practice, fostering the development of innovative solutions for managing and leveraging data in the era of artificial intelligence.

This paper introduces a novel approach to financial risk analysis that does not rely on traditional price and market data, instead using market news to model assets as distributions over a metric space of risk factors. By representing asset returns as integrals over the scalar field of these risk factors, we derive the covariance structure between asset returns. Utilizing encoder-only language models to embed this news data, we explore the relationships between asset return distributions through the concept of Energy Distance, establishing connections between distributional differences and excess returns co-movements. This data-agnostic approach provides new insights into portfolio diversification, risk management, and the construction of hedging strategies. Our findings have significant implications for both theoretical finance and practical risk management, offering a more robust framework for modelling complex financial systems without depending on conventional market data.

Our experience of the world is multimodal - we see objects, hear sounds, feel texture, smell odors, and taste flavors. Modality refers to the way in which something happens or is experienced and a research problem is characterized as multimodal when it includes multiple such modalities. In order for Artificial Intelligence to make progress in understanding the world around us, it needs to be able to interpret such multimodal signals together. Multimodal machine learning aims to build models that can process and relate information from multiple modalities. It is a vibrant multi-disciplinary field of increasing importance and with extraordinary potential. Instead of focusing on specific multimodal applications, this paper surveys the recent advances in multimodal machine learning itself and presents them in a common taxonomy. We go beyond the typical early and late fusion categorization and identify broader challenges that are faced by multimodal machine learning, namely: representation, translation, alignment, fusion, and co-learning. This new taxonomy will enable researchers to better understand the state of the field and identify directions for future research.

Large language models (LLMs) have shown the potential of revolutionizing natural language processing tasks in diverse domains, sparking great interest in finance. Accessing high-quality financial data is the first challenge for financial LLMs (FinLLMs). While proprietary models like BloombergGPT have taken advantage of their unique data accumulation, such privileged access calls for an open-source alternative to democratize Internet-scale financial data. In this paper, we present an open-source large language model, FinGPT, for the finance sector. Unlike proprietary models, FinGPT takes a data-centric approach, providing researchers and practitioners with accessible and transparent resources to develop their FinLLMs. We highlight the importance of an automatic data curation pipeline and the lightweight low-rank adaptation technique in building FinGPT. Furthermore, we showcase several potential applications as stepping stones for users, such as robo-advising, algorithmic trading, and low-code development. Through collaborative efforts within the open-source AI4Finance community, FinGPT aims to stimulate innovation, democratize FinLLMs, and unlock new opportunities in open finance. Two associated code repos are https://github.com/AI4Finance-Foundation/FinGPT and https://github.com/AI4Finance-Foundation/FinNLP

Machine learning systems are often deployed in domains that entail data from multiple modalities, for example, phenotypic and genotypic characteristics describe patients in healthcare. Previous works have developed multimodal variational autoencoders (VAEs) that generate several modalities. We consider subjective data, where single datapoints from one modality (such as class labels) describe multiple datapoints from another modality (such as images). We theoretically and empirically demonstrate that multimodal VAEs with a mixture of experts posterior can struggle to capture variability in such surjective data.

Annual Reports of publicly listed companies contain vital information about their financial health which can help assess the potential impact on Stock price of the firm. These reports are comprehensive in nature, going up to, and sometimes exceeding, 100 pages. Analysing these reports is cumbersome even for a single firm, let alone the whole universe of firms that exist. Over the years, financial experts have become proficient in extracting valuable information from these documents relatively quickly. However, this requires years of practice and experience. This paper aims to simplify the process of assessing Annual Reports of all the firms by leveraging the capabilities of Large Language Models (LLMs). The insights generated by the LLM are compiled in a Quant styled dataset and augmented by historical stock price data. A Machine Learning model is then trained with LLM outputs as features. The walkforward test results show promising outperformance wrt S&P500 returns. This paper intends to provide a framework for future work in this direction. To facilitate this, the code has been released as open source.

Forecasting urban phenomena such as housing prices and public health indicators requires the effective integration of various geospatial data. Current methods primarily utilize task-specific models, while recent foundation models for spatial representations often support only limited modalities and lack multimodal fusion capabilities. To overcome these challenges, we present UrbanFusion, a Geo-Foundation Model (GeoFM) that features Stochastic Multimodal Fusion (SMF). The framework employs modality-specific encoders to process different types of inputs, including street view imagery, remote sensing data, cartographic maps, and points of interest (POIs) data. These multimodal inputs are integrated via a Transformer-based fusion module that learns unified representations. An extensive evaluation across 41 tasks in 56 cities worldwide demonstrates UrbanFusion's strong generalization and predictive performance compared to state-of-the-art GeoAI models. Specifically, it 1) outperforms prior foundation models on location-encoding, 2) allows multimodal input during inference, and 3) generalizes well to regions unseen during training. UrbanFusion can flexibly utilize any subset of available modalities for a given location during both pretraining and inference, enabling broad applicability across diverse data availability scenarios. All source code is available at https://github.com/DominikM198/UrbanFusion.

The rise in loosely-structured data available through text, images, and other modalities has called for new ways of querying them. Multimedia Information Retrieval has filled this gap and has witnessed exciting progress in recent years. Tasks such as search and retrieval of extensive multimedia archives have undergone massive performance improvements, driven to a large extent by recent developments in multimodal deep learning. However, methods in this field remain limited in the kinds of queries they support and, in particular, their inability to answer database-like queries. For this reason, inspired by recent work on neural databases, we propose a new framework, which we name Multimodal Neural Databases (MMNDBs). MMNDBs can answer complex database-like queries that involve reasoning over different input modalities, such as text and images, at scale. In this paper, we present the first architecture able to fulfill this set of requirements and test it with several baselines, showing the limitations of currently available models. The results show the potential of these new techniques to process unstructured data coming from different modalities, paving the way for future research in the area. Code to replicate the experiments will be released at https://github.com/GiovanniTRA/MultimodalNeuralDatabases

Time series data in real-world applications such as healthcare, climate modeling, and finance are often irregular, multimodal, and messy, with varying sampling rates, asynchronous modalities, and pervasive missingness. However, existing benchmarks typically assume clean, regularly sampled, unimodal data, creating a significant gap between research and real-world deployment. We introduce Time-IMM, a dataset specifically designed to capture cause-driven irregularity in multimodal multivariate time series. Time-IMM represents nine distinct types of time series irregularity, categorized into trigger-based, constraint-based, and artifact-based mechanisms. Complementing the dataset, we introduce IMM-TSF, a benchmark library for forecasting on irregular multimodal time series, enabling asynchronous integration and realistic evaluation. IMM-TSF includes specialized fusion modules, including a timestamp-to-text fusion module and a multimodality fusion module, which support both recency-aware averaging and attention-based integration strategies. Empirical results demonstrate that explicitly modeling multimodality on irregular time series data leads to substantial gains in forecasting performance. Time-IMM and IMM-TSF provide a foundation for advancing time series analysis under real-world conditions. The dataset is publicly available at https://github.com/blacksnail789521/Time-IMM, and the benchmark library can be accessed at https://github.com/blacksnail789521/IMM-TSF. Project page: https://blacksnail789521.github.io/time-imm-project-page/

Extracting tables and key-value pairs from financial documents is essential for business workflows such as auditing, data analytics, and automated invoice processing. In this work, we introduce Spatial ModernBERT-a transformer-based model augmented with spatial embeddings-to accurately detect and extract tabular data and key-value fields from complex financial documents. We cast the extraction task as token classification across three heads: (1) Label Head, classifying each token as a label (e.g., PO Number, PO Date, Item Description, Quantity, Base Cost, MRP, etc.); (2) Column Head, predicting column indices; (3) Row Head, distinguishing the start of item rows and header rows. The model is pretrained on the PubTables-1M dataset, then fine-tuned on a financial document dataset, achieving robust performance through cross-entropy loss on each classification head. We propose a post-processing method to merge tokens using B-I-IB tagging, reconstruct the tabular layout, and extract key-value pairs. Empirical evaluation shows that Spatial ModernBERT effectively leverages both textual and spatial cues, facilitating highly accurate table and key-value extraction in real-world financial documents.

As research and industry moves towards large-scale models capable of numerous downstream tasks, the complexity of understanding multi-modal datasets that give nuance to models rapidly increases. A clear and thorough understanding of a dataset's origins, development, intent, ethical considerations and evolution becomes a necessary step for the responsible and informed deployment of models, especially those in people-facing contexts and high-risk domains. However, the burden of this understanding often falls on the intelligibility, conciseness, and comprehensiveness of the documentation. It requires consistency and comparability across the documentation of all datasets involved, and as such documentation must be treated as a user-centric product in and of itself. In this paper, we propose Data Cards for fostering transparent, purposeful and human-centered documentation of datasets within the practical contexts of industry and research. Data Cards are structured summaries of essential facts about various aspects of ML datasets needed by stakeholders across a dataset's lifecycle for responsible AI development. These summaries provide explanations of processes and rationales that shape the data and consequently the models, such as upstream sources, data collection and annotation methods; training and evaluation methods, intended use; or decisions affecting model performance. We also present frameworks that ground Data Cards in real-world utility and human-centricity. Using two case studies, we report on desirable characteristics that support adoption across domains, organizational structures, and audience groups. Finally, we present lessons learned from deploying over 20 Data Cards.

There is increasing interest in the use of multimodal data in various web applications, such as digital advertising and e-commerce. Typical methods for extracting important information from multimodal data rely on a mid-fusion architecture that combines the feature representations from multiple encoders. However, as the number of modalities increases, several potential problems with the mid-fusion model structure arise, such as an increase in the dimensionality of the concatenated multimodal features and missing modalities. To address these problems, we propose a new concept that considers multimodal inputs as a set of sequences, namely, deep multimodal sequence sets (DM^2S^2). Our set-aware concept consists of three components that capture the relationships among multiple modalities: (a) a BERT-based encoder to handle the inter- and intra-order of elements in the sequences, (b) intra-modality residual attention (IntraMRA) to capture the importance of the elements in a modality, and (c) inter-modality residual attention (InterMRA) to enhance the importance of elements with modality-level granularity further. Our concept exhibits performance that is comparable to or better than the previous set-aware models. Furthermore, we demonstrate that the visualization of the learned InterMRA and IntraMRA weights can provide an interpretation of the prediction results.

One important challenge of applying deep learning to electronic health records (EHR) is the complexity of their multimodal structure. EHR usually contains a mixture of structured (codes) and unstructured (free-text) data with sparse and irregular longitudinal features -- all of which doctors utilize when making decisions. In the deep learning regime, determining how different modality representations should be fused together is a difficult problem, which is often addressed by handcrafted modeling and intuition. In this work, we extend state-of-the-art neural architecture search (NAS) methods and propose MUltimodal Fusion Architecture SeArch (MUFASA) to simultaneously search across multimodal fusion strategies and modality-specific architectures for the first time. We demonstrate empirically that our MUFASA method outperforms established unimodal NAS on public EHR data with comparable computation costs. In addition, MUFASA produces architectures that outperform Transformer and Evolved Transformer. Compared with these baselines on CCS diagnosis code prediction, our discovered models improve top-5 recall from 0.88 to 0.91 and demonstrate the ability to generalize to other EHR tasks. Studying our top architecture in depth, we provide empirical evidence that MUFASA's improvements are derived from its ability to both customize modeling for each data modality and find effective fusion strategies.

As financial markets grow increasingly complex, there is a rising need for automated tools that can effectively assist human analysts in equity research, particularly within sell-side research. While Generative AI (GenAI) has attracted significant attention in this field, existing AI solutions often fall short due to their narrow focus on technical factors and limited capacity for discretionary judgment. These limitations hinder their ability to adapt to new data in real-time and accurately assess risks, which diminishes their practical value for investors. This paper presents FinRobot, the first AI agent framework specifically designed for equity research. FinRobot employs a multi-agent Chain of Thought (CoT) system, integrating both quantitative and qualitative analyses to emulate the comprehensive reasoning of a human analyst. The system is structured around three specialized agents: the Data-CoT Agent, which aggregates diverse data sources for robust financial integration; the Concept-CoT Agent, which mimics an analysts reasoning to generate actionable insights; and the Thesis-CoT Agent, which synthesizes these insights into a coherent investment thesis and report. FinRobot provides thorough company analysis supported by precise numerical data, industry-appropriate valuation metrics, and realistic risk assessments. Its dynamically updatable data pipeline ensures that research remains timely and relevant, adapting seamlessly to new financial information. Unlike existing automated research tools, such as CapitalCube and Wright Reports, FinRobot delivers insights comparable to those produced by major brokerage firms and fundamental research vendors. We open-source FinRobot at https://github. com/AI4Finance-Foundation/FinRobot.

Medical image retrieval is essential for clinical decision-making and translational research, relying on discriminative visual representations. Yet, current methods remain fragmented, relying on separate architectures and training strategies for 2D, 3D, and video-based medical data. This modality-specific design hampers scalability and inhibits the development of unified representations. To enable unified learning, we curate a large-scale hybrid-modality dataset comprising 867,653 medical imaging samples, including 2D X-rays and ultrasounds, RGB endoscopy videos, and 3D CT scans. Leveraging this dataset, we train M3Ret, a unified visual encoder without any modality-specific customization. It successfully learns transferable representations using both generative (MAE) and contrastive (SimDINO) self-supervised learning (SSL) paradigms. Our approach sets a new state-of-the-art in zero-shot image-to-image retrieval across all individual modalities, surpassing strong baselines such as DINOv3 and the text-supervised BMC-CLIP. More remarkably, strong cross-modal alignment emerges without paired data, and the model generalizes to unseen MRI tasks, despite never observing MRI during pretraining, demonstrating the generalizability of purely visual self-supervision to unseen modalities. Comprehensive analyses further validate the scalability of our framework across model and data sizes. These findings deliver a promising signal to the medical imaging community, positioning M3Ret as a step toward foundation models for visual SSL in multimodal medical image understanding.

Foundation models, particularly those that incorporate Transformer architectures, have demonstrated exceptional performance in domains such as natural language processing and image processing. Adapting these models to structured data, like tables, however, introduces significant challenges. These difficulties are even more pronounced when addressing multi-table data linked via foreign key, which is prevalent in the enterprise realm and crucial for empowering business use cases. Despite its substantial impact, research focusing on such linked business tables within enterprise settings remains a significantly important yet underexplored domain. To address this, we introduce a curated dataset sourced from an Enterprise Resource Planning (ERP) system, featuring extensive linked tables. This dataset is specifically designed to support research endeavors in table representation learning. By providing access to authentic enterprise data, our goal is to potentially enhance the effectiveness and applicability of models for real-world business contexts.

Multimodal foundation models that can holistically process text alongside images, video, audio, and other sensory modalities are increasingly used in a variety of real-world applications. However, it is challenging to characterize and study progress in multimodal foundation models, given the range of possible modeling decisions, tasks, and domains. In this paper, we introduce Holistic Evaluation of Multimodal Models (HEMM) to systematically evaluate the capabilities of multimodal foundation models across a set of 3 dimensions: basic skills, information flow, and real-world use cases. Basic multimodal skills are internal abilities required to solve problems, such as learning interactions across modalities, fine-grained alignment, multi-step reasoning, and the ability to handle external knowledge. Information flow studies how multimodal content changes during a task through querying, translation, editing, and fusion. Use cases span domain-specific challenges introduced in real-world multimedia, affective computing, natural sciences, healthcare, and human-computer interaction applications. Through comprehensive experiments across the 30 tasks in HEMM, we (1) identify key dataset dimensions (e.g., basic skills, information flows, and use cases) that pose challenges to today's models, and (2) distill performance trends regarding how different modeling dimensions (e.g., scale, pre-training data, multimodal alignment, pre-training, and instruction tuning objectives) influence performance. Our conclusions regarding challenging multimodal interactions, use cases, and tasks requiring reasoning and external knowledge, the benefits of data and model scale, and the impacts of instruction tuning yield actionable insights for future work in multimodal foundation models.

We present AI PB, a production-scale generative agent deployed in real retail finance. Unlike reactive chatbots that answer queries passively, AI PB proactively generates grounded, compliant, and user-specific investment insights. It integrates (i) a component-based orchestration layer that deterministically routes between internal and external LLMs based on data sensitivity, (ii) a hybrid retrieval pipeline using OpenSearch and the finance-domain embedding model, and (iii) a multi-stage recommendation mechanism combining rule heuristics, sequential behavioral modeling, and contextual bandits. Operating fully on-premises under Korean financial regulations, the system employs Docker Swarm and vLLM across 24 X NVIDIA H100 GPUs. Through human QA and system metrics, we demonstrate that grounded generation with explicit routing and layered safety can deliver trustworthy AI insights in high-stakes finance.

FinanceQA is a testing suite that evaluates LLMs' performance on complex numerical financial analysis tasks that mirror real-world investment work. Despite recent advances, current LLMs fail to meet the strict accuracy requirements of financial institutions, with models failing approximately 60% of realistic tasks that mimic on-the-job analyses at hedge funds, private equity firms, investment banks, and other financial institutions. The primary challenges include hand-spreading metrics, adhering to standard accounting and corporate valuation conventions, and performing analysis under incomplete information - particularly in multi-step tasks requiring assumption generation. This performance gap highlights the disconnect between existing LLM capabilities and the demands of professional financial analysis that are inadequately tested by current testing architectures. Results show that higher-quality training data is needed to support such tasks, which we experiment with using OpenAI's fine-tuning API. FinanceQA is publicly released at [this https URL](https://huggingface.co/datasets/AfterQuery/FinanceQA).

Electrocardiogram (ECG) plays a foundational role in modern cardiovascular care, enabling non-invasive diagnosis of arrhythmias, myocardial ischemia, and conduction disorders. While machine learning has achieved expert-level performance in ECG interpretation, the development of clinically deployable multimodal AI systems remains constrained, primarily due to the lack of publicly available datasets that simultaneously incorporate raw signals, diagnostic images, and interpretation text. Most existing ECG datasets provide only single-modality data or, at most, dual modalities, making it difficult to build models that can understand and integrate diverse ECG information in real-world settings. To address this gap, we introduce MEETI (MIMIC-IV-Ext ECG-Text-Image), the first large-scale ECG dataset that synchronizes raw waveform data, high-resolution plotted images, and detailed textual interpretations generated by large language models. In addition, MEETI includes beat-level quantitative ECG parameters extracted from each lead, offering structured parameters that support fine-grained analysis and model interpretability. Each MEETI record is aligned across four components: (1) the raw ECG waveform, (2) the corresponding plotted image, (3) extracted feature parameters, and (4) detailed interpretation text. This alignment is achieved using consistent, unique identifiers. This unified structure supports transformer-based multimodal learning and supports fine-grained, interpretable reasoning about cardiac health. By bridging the gap between traditional signal analysis, image-based interpretation, and language-driven understanding, MEETI established a robust foundation for the next generation of explainable, multimodal cardiovascular AI. It offers the research community a comprehensive benchmark for developing and evaluating ECG-based AI systems.

The proliferation of artificial intelligence (AI) in financial services has prompted growing demand for tools that can systematically detect AI-related disclosures in corporate filings. While prior approaches often rely on keyword expansion or document-level classification, they fall short in granularity, interpretability, and robustness. This study introduces FinAI-BERT, a domain-adapted transformer-based language model designed to classify AI-related content at the sentence level within financial texts. The model was fine-tuned on a manually curated and balanced dataset of 1,586 sentences drawn from 669 annual reports of U.S. banks (2015 to 2023). FinAI-BERT achieved near-perfect classification performance (accuracy of 99.37 percent, F1 score of 0.993), outperforming traditional baselines such as Logistic Regression, Naive Bayes, Random Forest, and XGBoost. Interpretability was ensured through SHAP-based token attribution, while bias analysis and robustness checks confirmed the model's stability across sentence lengths, adversarial inputs, and temporal samples. Theoretically, the study advances financial NLP by operationalizing fine-grained, theme-specific classification using transformer architectures. Practically, it offers a scalable, transparent solution for analysts, regulators, and scholars seeking to monitor the diffusion and framing of AI across financial institutions.

In this paper, we propose a new setting for generating product descriptions from images, augmented by marketing keywords. It leverages the combined power of visual and textual information to create descriptions that are more tailored to the unique features of products. For this setting, previous methods utilize visual and textual encoders to encode the image and keywords and employ a language model-based decoder to generate the product description. However, the generated description is often inaccurate and generic since same-category products have similar copy-writings, and optimizing the overall framework on large-scale samples makes models concentrate on common words yet ignore the product features. To alleviate the issue, we present a simple and effective Multimodal In-Context Tuning approach, named ModICT, which introduces a similar product sample as the reference and utilizes the in-context learning capability of language models to produce the description. During training, we keep the visual encoder and language model frozen, focusing on optimizing the modules responsible for creating multimodal in-context references and dynamic prompts. This approach preserves the language generation prowess of large language models (LLMs), facilitating a substantial increase in description diversity. To assess the effectiveness of ModICT across various language model scales and types, we collect data from three distinct product categories within the E-commerce domain. Extensive experiments demonstrate that ModICT significantly improves the accuracy (by up to 3.3% on Rouge-L) and diversity (by up to 9.4% on D-5) of generated results compared to conventional methods. Our findings underscore the potential of ModICT as a valuable tool for enhancing automatic generation of product descriptions in a wide range of applications.

Modern enterprises generate vast streams of time series metrics when monitoring complex systems, known as observability data. Unlike conventional time series from domains such as weather, observability data are zero-inflated, highly stochastic, and exhibit minimal temporal structure. Despite their importance, observability datasets are underrepresented in public benchmarks due to proprietary restrictions. Existing datasets are often anonymized and normalized, removing scale information and limiting their use for tasks beyond forecasting, such as anomaly detection, root-cause analysis, and multi-modal reasoning. To address this gap, we introduce TelecomTS, a large-scale observability dataset derived from a 5G telecommunications network. TelecomTS features heterogeneous, de-anonymized covariates with explicit scale information and supports a suite of downstream tasks, including anomaly detection, root-cause analysis, and a question-answering benchmark requiring multi-modal reasoning. Benchmarking state-of-the-art time series, language, and reasoning models reveals that existing approaches struggle with the abrupt, noisy, and high-variance dynamics of observability data. Our experiments also underscore the importance of preserving covariates' absolute scale, emphasizing the need for foundation time series models that natively leverage scale information for practical observability applications.

In e-commerce industry, user behavior sequence data has been widely used in many business units such as search and merchandising to improve their products. However, it is rarely used in financial services not only due to its 3V characteristics - i.e. Volume, Velocity and Variety - but also due to its unstructured nature. In this paper, we propose a Financial Service scenario Deep learning based Behavior data representation method for Clustering (FinDeepBehaviorCluster) to detect fraudulent transactions. To utilize the behavior sequence data, we treat click stream data as event sequence, use time attention based Bi-LSTM to learn the sequence embedding in an unsupervised fashion, and combine them with intuitive features generated by risk experts to form a hybrid feature representation. We also propose a GPU powered HDBSCAN (pHDBSCAN) algorithm, which is an engineering optimization for the original HDBSCAN algorithm based on FAISS project, so that clustering can be carried out on hundreds of millions of transactions within a few minutes. The computation efficiency of the algorithm has increased 500 times compared with the original implementation, which makes flash fraud pattern detection feasible. Our experimental results show that the proposed FinDeepBehaviorCluster framework is able to catch missed fraudulent transactions with considerable business values. In addition, rule extraction method is applied to extract patterns from risky clusters using intuitive features, so that narrative descriptions can be attached to the risky clusters for case investigation, and unknown risk patterns can be mined for real-time fraud detection. In summary, FinDeepBehaviorCluster as a complementary risk management strategy to the existing real-time fraud detection engine, can further increase our fraud detection and proactive risk defense capabilities.

Brain MRI scans are often found in four modalities, consisting of T1-weighted with and without contrast enhancement (T1ce and T1w), T2-weighted imaging (T2w), and Flair. Leveraging complementary information from these different modalities enables models to learn richer, more discriminative features for understanding brain anatomy, which could be used in downstream tasks such as anomaly detection. However, in clinical practice, not all MRI modalities are always available due to various reasons. This makes missing modality generation a critical challenge in medical image analysis. In this paper, we propose SLaM-DiMM, a novel missing modality generation framework that harnesses the power of diffusion models to synthesize any of the four target MRI modalities from other available modalities. Our approach not only generates high-fidelity images but also ensures structural coherence across the depth of the volume through a dedicated coherence enhancement mechanism. Qualitative and quantitative evaluations on the BraTS-Lighthouse-2025 Challenge dataset demonstrate the effectiveness of the proposed approach in synthesizing anatomically plausible and structurally consistent results. Code is available at https://github.com/BheeshmSharma/SLaM-DiMM-MICCAI-BraTS-Challenge-2025.

Multimodal embedding models have gained significant attention for their ability to map data from different modalities, such as text and images, into a unified representation space. However, the limited labeled multimodal data often hinders embedding performance. Recent approaches have leveraged data synthesis to address this problem, yet the quality of synthetic data remains a critical bottleneck. In this work, we identify three criteria for high-quality synthetic multimodal data. First, broad scope ensures that the generated data covers diverse tasks and modalities, making it applicable to various downstream scenarios. Second, robust cross-modal alignment makes different modalities semantically consistent. Third, high fidelity ensures that the synthetic data maintains realistic details to enhance its reliability. Guided by these principles, we synthesize datasets that: (1) cover a wide range of tasks, modality combinations, and languages, (2) are generated via a deep thinking process within a single pass of a multimodal large language model, and (3) incorporate real-world images with accurate and relevant texts, ensuring fidelity through self-evaluation and refinement. Leveraging these high-quality synthetic and labeled datasets, we train a multimodal multilingual E5 model mmE5. Extensive experiments demonstrate that mmE5 achieves state-of-the-art performance on the MMEB Benchmark and superior multilingual performance on the XTD benchmark. Our codes, datasets and models are released in https://github.com/haon-chen/mmE5.

Scarcity of domain-specific data in the Portuguese financial domain has disfavored the development of Natural Language Processing (NLP) applications. To address this limitation, the present study advocates for the utilization of synthetic data generated through data augmentation techniques. The investigation focuses on the augmentation of a dataset sourced from the Central Bank of Brazil FAQ, employing techniques that vary in semantic similarity. Supervised and unsupervised tasks are conducted to evaluate the impact of augmented data on both low and high semantic similarity scenarios. Additionally, the resultant dataset will be publicly disseminated on the Hugging Face Datasets platform, thereby enhancing accessibility and fostering broader engagement within the NLP research community.

Alzheimer's disease (AD) is a common neurodegenerative disease among the elderly. Early prediction and timely intervention of its prodromal stage, mild cognitive impairment (MCI), can decrease the risk of advancing to AD. Combining information from various modalities can significantly improve predictive accuracy. However, challenges such as missing data and heterogeneity across modalities complicate multimodal learning methods as adding more modalities can worsen these issues. Current multimodal fusion techniques often fail to adapt to the complexity of medical data, hindering the ability to identify relationships between modalities. To address these challenges, we propose an innovative multimodal approach for predicting MCI conversion, focusing specifically on the issues of missing positron emission tomography (PET) data and integrating diverse medical information. The proposed incomplete triple-modal MCI conversion prediction network is tailored for this purpose. Through the missing modal generation module, we synthesize the missing PET data from the magnetic resonance imaging and extract features using specifically designed encoders. We also develop a channel aggregation module and a triple-modal co-attention fusion module to reduce feature redundancy and achieve effective multimodal data fusion. Furthermore, we design a loss function to handle missing modality issues and align cross-modal features. These components collectively harness multimodal data to boost network performance. Experimental results on the ADNI1 and ADNI2 datasets show that our method significantly surpasses existing unimodal and other multimodal models. Our code is available at https://github.com/justinhxy/ITFC.

Multimodal recommendation systems are increasingly becoming foundational technologies for e-commerce and content platforms, enabling personalized services by jointly modeling users' historical behaviors and the multimodal features of items (e.g., visual and textual). However, most existing methods rely on either static fusion strategies or graph-based local interaction modeling, facing two critical limitations: (1) insufficient ability to model fine-grained cross-modal associations, leading to suboptimal fusion quality; and (2) a lack of global distribution-level consistency, causing representational bias. To address these, we propose MambaRec, a novel framework that integrates local feature alignment and global distribution regularization via attention-guided learning. At its core, we introduce the Dilated Refinement Attention Module (DREAM), which uses multi-scale dilated convolutions with channel-wise and spatial attention to align fine-grained semantic patterns between visual and textual modalities. This module captures hierarchical relationships and context-aware associations, improving cross-modal semantic modeling. Additionally, we apply Maximum Mean Discrepancy (MMD) and contrastive loss functions to constrain global modality alignment, enhancing semantic consistency. This dual regularization reduces mode-specific deviations and boosts robustness. To improve scalability, MambaRec employs a dimensionality reduction strategy to lower the computational cost of high-dimensional multimodal features. Extensive experiments on real-world e-commerce datasets show that MambaRec outperforms existing methods in fusion quality, generalization, and efficiency. Our code has been made publicly available at https://github.com/rkl71/MambaRec.

Time series forecasting traditionally relies on unimodal numerical inputs, which often struggle to capture high-level semantic patterns due to their dense and unstructured nature. While recent approaches have explored representing time series as text using large language models (LLMs), these methods remain limited by the discrete nature of token sequences and lack the perceptual intuition humans typically apply, such as interpreting visual patterns. In this paper, we propose a multimodal contrastive learning framework that transforms raw time series into structured visual and textual perspectives. Rather than using natural language or real-world images, we construct both modalities directly from numerical sequences. We then align these views in a shared semantic space via contrastive learning, enabling the model to capture richer and more complementary representations. Furthermore, we introduce a variate selection module that leverages the aligned representations to identify the most informative variables for multivariate forecasting. Extensive experiments on fifteen short-term and six long-term forecasting benchmarks demonstrate that our approach consistently outperforms strong unimodal and cross-modal baselines, highlighting the effectiveness of multimodal alignment in enhancing time series forecasting. Code is available at: https://github.com/Ironieser/TimesCLIP.

Stock selection, which aims to predict stock prices and identify the most profitable ones, is a crucial task in finance. While existing methods primarily focus on developing model structures and building graphs for improved selection, pre-training strategies remain underexplored in this domain. Current stock series pre-training follows methods from other areas without adapting to the unique characteristics of financial data, particularly overlooking stock-specific contextual information and the non-stationary nature of stock prices. Consequently, the latent statistical features inherent in stock data are underutilized. In this paper, we propose three novel pre-training tasks tailored to stock data characteristics: stock code classification, stock sector classification, and moving average prediction. We develop the Stock Specialized Pre-trained Transformer (SSPT) based on a two-layer transformer architecture. Extensive experimental results validate the effectiveness of our pre-training methods and provide detailed guidance on their application. Evaluations on five stock datasets, including four markets and two time periods, demonstrate that SSPT consistently outperforms the market and existing methods in terms of both cumulative investment return ratio and Sharpe ratio. Additionally, our experiments on simulated data investigate the underlying mechanisms of our methods, providing insights into understanding price series. Our code is publicly available at: https://github.com/astudentuser/Pre-training-Time-Series-Models-with-Stock-Data-Customization.

Developing professional, structured reasoning on par with human financial analysts and traders remains a central challenge in AI for finance, where markets demand interpretability and trust. Traditional time-series models lack explainability, while LLMs face challenges in turning natural-language analysis into disciplined, executable trades. Although reasoning LLMs have advanced in step-by-step planning and verification, their application to risk-sensitive financial decisions is underexplored. We present Trading-R1, a financially-aware model that incorporates strategic thinking and planning for comprehensive thesis composition, facts-grounded analysis, and volatility-adjusted decision making. Trading-R1 aligns reasoning with trading principles through supervised fine-tuning and reinforcement learning with a three-stage easy-to-hard curriculum. Training uses Tauric-TR1-DB, a 100k-sample corpus spanning 18 months, 14 equities, and five heterogeneous financial data sources. Evaluated on six major equities and ETFs, Trading-R1 demonstrates improved risk-adjusted returns and lower drawdowns compared to both open-source and proprietary instruction-following models as well as reasoning models. The system generates structured, evidence-based investment theses that support disciplined and interpretable trading decisions. Trading-R1 Terminal will be released at https://github.com/TauricResearch/Trading-R1.

Multimodal MRI provides critical complementary information for accurate brain tumor segmentation. However, conventional methods struggle when certain modalities are missing due to issues such as image quality, protocol inconsistencies, patient allergies, or financial constraints. To address this, we propose a robust single-modality parallel processing framework that achieves high segmentation accuracy even with incomplete modalities. Leveraging Holder divergence and mutual information, our model maintains modality-specific features while dynamically adjusting network parameters based on the available inputs. By using these divergence- and information-based loss functions, the framework effectively quantifies discrepancies between predictions and ground-truth labels, resulting in consistently accurate segmentation. Extensive evaluations on the BraTS 2018 and BraTS 2020 datasets demonstrate superior performance over existing methods in handling missing modalities.

Images and structured tables are essential parts of real-world databases. Though tabular-image representation learning is promising to create new insights, it remains a challenging task, as tabular data is typically heterogeneous and incomplete, presenting significant modality disparities with images. Earlier works have mainly focused on simple modality fusion strategies in complete data scenarios, without considering the missing data issue, and thus are limited in practice. In this paper, we propose TIP, a novel tabular-image pre-training framework for learning multimodal representations robust to incomplete tabular data. Specifically, TIP investigates a novel self-supervised learning (SSL) strategy, including a masked tabular reconstruction task for tackling data missingness, and image-tabular matching and contrastive learning objectives to capture multimodal information. Moreover, TIP proposes a versatile tabular encoder tailored for incomplete, heterogeneous tabular data and a multimodal interaction module for inter-modality representation learning. Experiments are performed on downstream multimodal classification tasks using both natural and medical image datasets. The results show that TIP outperforms state-of-the-art supervised/SSL image/multimodal algorithms in both complete and incomplete data scenarios. Our code is available at https://github.com/siyi-wind/TIP.

Scene understanding using multi-modal data is necessary in many applications, e.g., autonomous navigation. To achieve this in a variety of situations, existing models must be able to adapt to shifting data distributions without arduous data annotation. Current approaches assume that the source data is available during adaptation and that the source consists of paired multi-modal data. Both these assumptions may be problematic for many applications. Source data may not be available due to privacy, security, or economic concerns. Assuming the existence of paired multi-modal data for training also entails significant data collection costs and fails to take advantage of widely available freely distributed pre-trained uni-modal models. In this work, we relax both of these assumptions by addressing the problem of adapting a set of models trained independently on uni-modal data to a target domain consisting of unlabeled multi-modal data, without having access to the original source dataset. Our proposed approach solves this problem through a switching framework which automatically chooses between two complementary methods of cross-modal pseudo-label fusion -- agreement filtering and entropy weighting -- based on the estimated domain gap. We demonstrate our work on the semantic segmentation problem. Experiments across seven challenging adaptation scenarios verify the efficacy of our approach, achieving results comparable to, and in some cases outperforming, methods which assume access to source data. Our method achieves an improvement in mIoU of up to 12% over competing baselines. Our code is publicly available at https://github.com/csimo005/SUMMIT.

Multimodal foundation models can process several modalities. However, since the space of possible modalities is large and evolving over time, training a model from scratch to encompass all modalities is unfeasible. Moreover, integrating a modality into a pre-existing foundation model currently requires a significant amount of paired data, which is often not available for low-resource modalities. In this paper, we introduce a method for sample-efficient modality integration (SEMI) into Large Language Models (LLMs). To this end, we devise a hypernetwork that can adapt a shared projector -- placed between modality-specific encoders and an LLM -- to any modality. The hypernetwork, trained on high-resource modalities (i.e., text, speech, audio, video), is conditioned on a few samples from any arbitrary modality at inference time to generate a suitable adapter. To increase the diversity of training modalities, we artificially multiply the number of encoders through isometric transformations. We find that SEMI achieves a significant boost in sample efficiency during few-shot integration of new modalities (i.e., satellite images, astronomical images, inertial measurements, and molecules) with encoders of arbitrary embedding dimensionality. For instance, to reach the same accuracy as 32-shot SEMI, training the projector from scratch needs 64times more data. As a result, SEMI holds promise to extend the modality coverage of foundation models.

Medical decision-making requires integrating diverse medical information, from imaging to clinical narratives. These medical modalities are often acquired in a many-to-many manner. However, current medical vision-language pretraining models (Med-VLPMs) fail to directly account for this many-to-many mapping in their model training and embeddings. To address this, we present Probabilistic Modality-Enhanced Diagnosis (ProbMED), a multimodal Med-VLPM that employs probabilistic contrastive learning to model distributions over embeddings rather than deterministic estimates. ProbMED aligns four distinct modalities -- chest X-rays, electrocardiograms, echocardiograms, and clinical text -- into a unified probabilistic embedding space. We use InfoNCE loss with Hellinger distance to integrate inter-modality distributions. We introduce a probabilistic synthetic sampling loss that captures modality-specific mean and variance to improve intra-modality binding. Extensive experiments across 13 medical datasets demonstrate that our model outperforms current Med-VLPMs in cross-modality retrieval, zero-shot, and few-shot classification. We also demonstrate the robust integration of multiple modalities for prognostication, showing improved intra- and inter-medical modality binding.

Recently, the newly emerged multimodal models, which leverage both visual and linguistic modalities to train powerful encoders, have gained increasing attention. However, learning from a large-scale unlabeled dataset also exposes the model to the risk of potential poisoning attacks, whereby the adversary aims to perturb the model's training data to trigger malicious behaviors in it. In contrast to previous work, only poisoning visual modality, in this work, we take the first step to studying poisoning attacks against multimodal models in both visual and linguistic modalities. Specially, we focus on answering two questions: (1) Is the linguistic modality also vulnerable to poisoning attacks? and (2) Which modality is most vulnerable? To answer the two questions, we propose three types of poisoning attacks against multimodal models. Extensive evaluations on different datasets and model architectures show that all three attacks can achieve significant attack performance while maintaining model utility in both visual and linguistic modalities. Furthermore, we observe that the poisoning effect differs between different modalities. To mitigate the attacks, we propose both pre-training and post-training defenses. We empirically show that both defenses can significantly reduce the attack performance while preserving the model's utility.

The rapid advancement of ML models in critical sectors such as healthcare, finance, and security has intensified the need for robust data security, model integrity, and reliable outputs. Large multimodal foundational models, while crucial for complex tasks, present challenges in scalability, reliability, and potential misuse. Decentralized systems offer a solution by distributing workload and mitigating central points of failure, but they introduce risks of unauthorized access to sensitive data across nodes. We address these challenges with a comprehensive framework designed for responsible AI development. Our approach incorporates: 1) Zero-knowledge proofs for secure model verification, enhancing trust without compromising privacy. 2) Consensus-based verification checks to ensure consistent outputs across nodes, mitigating hallucinations and maintaining model integrity. 3) Split Learning techniques that segment models across different nodes, preserving data privacy by preventing full data access at any point. 4) Hardware-based security through trusted execution environments (TEEs) to protect data and computations. This framework aims to enhance security and privacy and improve the reliability and fairness of multimodal AI systems. Promoting efficient resource utilization contributes to more sustainable AI development. Our state-of-the-art proofs and principles demonstrate the framework's effectiveness in responsibly democratizing artificial intelligence, offering a promising approach for building secure and private foundational models.

Today, the acquisition of various behavioral log data has enabled deeper understanding of customer preferences and future behaviors in the marketing field. In particular, multimodal deep learning has achieved highly accurate predictions by combining multiple types of data. Many of these studies utilize with feature fusion to construct multimodal models, which combines extracted representations from each modality. However, since feature fusion treats information from each modality equally, it is difficult to perform flexible analysis such as the attention mechanism that has been used extensively in recent years. Therefore, this study proposes a context-aware multimodal deep learning model that combines Bidirectional Encoder Representations from Transformers (BERT) and cross-attention Transformer, which dynamically changes the attention of deep-contextualized word representations based on background information such as consumer demographic and lifestyle variables. We conduct a comprehensive analysis and demonstrate the effectiveness of our model by comparing it with six reference models in three categories using behavioral logs stored on an online platform. In addition, we present an efficient multimodal learning method by comparing the learning efficiency depending on the optimizers and the prediction accuracy depending on the number of tokens in the text data.

In this work, we introduce Multiple Embedding Model for EHR (MEME), an approach that views Electronic Health Records (EHR) as multimodal data. This approach incorporates "pseudo-notes", textual representations of tabular EHR concepts such as diagnoses and medications, and allows us to effectively employ Large Language Models (LLMs) for EHR representation. This framework also adopts a multimodal approach, embedding each EHR modality separately. We demonstrate the effectiveness of MEME by applying it to several tasks within the Emergency Department across multiple hospital systems. Our findings show that MEME surpasses the performance of both single modality embedding methods and traditional machine learning approaches. However, we also observe notable limitations in generalizability across hospital institutions for all tested models.

Globally, artificial intelligence (AI) implementation is growing, holding the capability to fundamentally alter organisational processes and decision making. Simultaneously, this brings a multitude of emergent risks to organisations, exposing vulnerabilities in their extant risk management frameworks. This necessitates a greater understanding of how organisations can position themselves in response. This issue is particularly pertinent within the financial sector with relatively mature AI applications matched with severe societal repercussions of potential risk events. Despite this, academic risk management literature is trailing behind the speed of AI implementation. Adopting a management perspective, this study aims to contribute to the understanding of AI risk management in organisations through an exploratory empirical investigation into these practices. In-depth insights are gained through interviews with nine practitioners from different organisations within the UK financial sector. Through examining areas of organisational convergence and divergence, the findings of this study unearth levels of risk management framework readiness and prevailing approaches to risk management at both a processual and organisational level. Whilst enhancing the developing literature concerning AI risk management within organisations, the study simultaneously offers a practical contribution, providing key areas of guidance for practitioners in the operational development of AI risk management frameworks.

The complexity of the Generally Accepted Accounting Principles (GAAP) and the hierarchical structure of eXtensible Business Reporting Language (XBRL) filings make financial auditing increasingly difficult to automate and verify. While large language models (LLMs) have demonstrated strong capabilities in unstructured text understanding, their ability to reason over structured, interdependent, and taxonomy-driven financial documents remains largely unexplored. To fill this gap, we introduce FinAuditing, the first taxonomy-aligned, structure-aware, multi-document benchmark for evaluating LLMs on financial auditing tasks. Built from real US-GAAP-compliant XBRL filings, FinAuditing defines three complementary subtasks, FinSM for semantic consistency, FinRE for relational consistency, and FinMR for numerical consistency, each targeting a distinct aspect of structured auditing reasoning. We further propose a unified evaluation framework integrating retrieval, classification, and reasoning metrics across these subtasks. Extensive zero-shot experiments on 13 state-of-the-art LLMs reveal that current models perform inconsistently across semantic, relational, and mathematical dimensions, with accuracy drops of up to 60-90% when reasoning over hierarchical multi-document structures. Our findings expose the systematic limitations of modern LLMs in taxonomy-grounded financial reasoning and establish FinAuditing as a foundation for developing trustworthy, structure-aware, and regulation-aligned financial intelligence systems. The benchmark dataset is available at Hugging Face.

Accurate and interpretable multi-disease diagnosis remains a critical challenge in medical research, particularly when leveraging heterogeneous multimodal medical data. Current approaches often rely on single-modal data, limiting their ability to comprehensively understand complex diseases. To address this, we propose MedTVT-R1, a novel Multimodal Large Language Model (MLLM) framework designed to integrate clinical multimodal data for reasoning and diagnosing multiple diseases. We construct MedTVT-QA, a curated instruction dataset that provides question-answer pairs for physiological-level interpretations and disease-level diagnoses with a Chain of Evidence approach. MedTVT-R1 incorporates a modality perception layer to capture inter-modal dependencies and adaptively weight modality contributions. Additionally, we employ Group Relative Policy Optimization (GRPO)-based Reinforcement Fine-Tuning with a Jaccard Reward function to enhance diagnostic reasoning. Experimental results demonstrate MedTVT-R1's superiority in multimodal feature utilization and multi-disease diagnosis, offering significant potential for clinical applications such as diagnostic report generation and comorbidity reasoning. The dataset and code are available at https://github.com/keke-nice/MedTVT-R1.

Multi-modal recommender system focuses on utilizing rich modal information ( i.e., images and textual descriptions) of items to improve recommendation performance. The current methods have achieved remarkable success with the powerful structure modeling capability of graph neural networks. However, these methods are often hindered by sparse data in real-world scenarios. Although contrastive learning and homography ( i.e., homogeneous graphs) are employed to address the data sparsity challenge, existing methods still suffer two main limitations: 1) Simple multi-modal feature contrasts fail to produce effective representations, causing noisy modal-shared features and loss of valuable information in modal-unique features; 2) The lack of exploration of the homograph relations between user interests and item co-occurrence results in incomplete mining of user-item interplay. To address the above limitations, we propose a novel framework for REfining multi-modAl contRastive learning and hoMography relations (REARM). Specifically, we complement multi-modal contrastive learning by employing meta-network and orthogonal constraint strategies, which filter out noise in modal-shared features and retain recommendation-relevant information in modal-unique features. To mine homogeneous relationships effectively, we integrate a newly constructed user interest graph and an item co-occurrence graph with the existing user co-occurrence and item semantic graphs for graph learning. The extensive experiments on three real-world datasets demonstrate the superiority of REARM to various state-of-the-art baselines. Our visualization further shows an improvement made by REARM in distinguishing between modal-shared and modal-unique features. Code is available https://github.com/MrShouxingMa/REARM{here}.

With the significant advancements in cognitive intelligence driven by LLMs, autonomous agent systems have attracted extensive attention. Despite this growing interest, the development of stable and efficient agent systems poses substantial practical challenges. In this paper, we introduce FinVerse, a meticulously crafted agent system designed for a broad range of financial topics. FinVerse integrates over 600 financial APIs, enabling access to more accurate and extensive financial information compared to generalist agents. To enhance financial information processing capabilities, FinVerse is equipped with an embedded code interpreter, enabling the execution of complex data analysis tasks with precision and efficiency. Our work includes an empirical comparison of several LLMs in driving FinVerse. Specifically, we propose our own scheme for training LLMs using SFT to optimize LLM performance within FinVerse. Recognizing the scarcity of specialized datasets to build LLMs for agents, we have constructed a dataset and plan to make it open-source, providing a valuable resource for peer application developers. The demo video has been released on YouTube at https://www.youtube.com/watch?v=sk8L9_Wv7J4

We introduce FinanceReasoning, a novel benchmark designed to evaluate the reasoning capabilities of large reasoning models (LRMs) in financial numerical reasoning problems. Compared to existing benchmarks, our work provides three key advancements. (1) Credibility: We update 15.6% of the questions from four public datasets, annotating 908 new questions with detailed Python solutions and rigorously refining evaluation standards. This enables an accurate assessment of the reasoning improvements of LRMs. (2) Comprehensiveness: FinanceReasoning covers 67.8% of financial concepts and formulas, significantly surpassing existing datasets. Additionally, we construct 3,133 Python-formatted functions, which enhances LRMs' financial reasoning capabilities through refined knowledge (e.g., 83.2% rightarrow 91.6% for GPT-4o). (3) Challenge: Models are required to apply multiple financial formulas for precise numerical reasoning on 238 Hard problems. The best-performing model (i.e., OpenAI o1 with PoT) achieves 89.1% accuracy, yet LRMs still face challenges in numerical precision. We demonstrate that combining Reasoner and Programmer models can effectively enhance LRMs' performance (e.g., 83.2% rightarrow 87.8% for DeepSeek-R1). Our work paves the way for future research on evaluating and improving LRMs in domain-specific complex reasoning tasks.

Financial market predictions utilize historical data to anticipate future stock prices and market trends. Traditionally, these predictions have focused on the statistical analysis of quantitative factors, such as stock prices, trading volumes, inflation rates, and changes in industrial production. Recent advancements in large language models motivate the integrated financial analysis of both sentiment data, particularly market news, and numerical factors. Nonetheless, this methodology frequently encounters constraints due to the paucity of extensive datasets that amalgamate both quantitative and qualitative sentiment analyses. To address this challenge, we introduce a large-scale financial dataset, namely, Financial News and Stock Price Integration Dataset (FNSPID). It comprises 29.7 million stock prices and 15.7 million time-aligned financial news records for 4,775 S&P500 companies, covering the period from 1999 to 2023, sourced from 4 stock market news websites. We demonstrate that FNSPID excels existing stock market datasets in scale and diversity while uniquely incorporating sentiment information. Through financial analysis experiments on FNSPID, we propose: (1) the dataset's size and quality significantly boost market prediction accuracy; (2) adding sentiment scores modestly enhances performance on the transformer-based model; (3) a reproducible procedure that can update the dataset. Completed work, code, documentation, and examples are available at github.com/Zdong104/FNSPID. FNSPID offers unprecedented opportunities for the financial research community to advance predictive modeling and analysis.

With the emergence of data marketplaces, the demand for methods to assess the value of data has increased significantly. While numerous techniques have been proposed for this purpose, none have specifically addressed graphs as the main data modality. Graphs are widely used across various fields, ranging from chemical molecules to social networks. In this study, we break down graphs into two main components: structural and featural, and we focus on evaluating data without relying on specific task-related metrics, making it applicable in practical scenarios where validation requirements may be lacking. We introduce a novel framework called blind message passing, which aligns the seller's and buyer's graphs using a shared node permutation based on graph matching. This allows us to utilize the graph Wasserstein distance to quantify the differences in the structural distribution of graph datasets, called the structural disparities. We then consider featural aspects of buyers' and sellers' graphs for data valuation and capture their statistical similarities and differences, referred to as relevance and diversity, respectively. Our approach ensures that buyers and sellers remain unaware of each other's datasets. Our experiments on real datasets demonstrate the effectiveness of our approach in capturing the relevance, diversity, and structural disparities of seller data for buyers, particularly in graph-based data valuation scenarios.

Online video web content is richly multimodal: a single video blends vision, speech, ambient audio, and on-screen text. Retrieval systems typically treat these modalities as independent retrieval sources, which can lead to noisy and subpar retrieval. We explore multimodal video content retrieval, where relevance can be scored from one particular modality or jointly across multiple modalities simultaneously. Consequently, an effective retriever must dynamically choose which modality (or set of modalities) best addresses the query. We introduce CLaMR, a multimodal, late-interaction retriever that jointly indexes 4 modalities: video frames, transcribed speech, on-screen text, and metadata. CLaMR jointly encodes all modalities with a unified multimodal backbone for improved contextualization and is trained to enhance dynamic modality selection via two key innovations. First, given the lack of training data for multimodal retrieval, we introduce MultiVENT 2.0++, a large-scale synthetic training dataset built on MultiVENT 2.0 (event-centric videos in various languages paired with queries) with modality-targeted queries. Next, we propose a modality-aware loss that jointly trains according to a standard contrastive objective alongside an objective for learning correct modality usage. On the test sets of MultiVENT 2.0++ and MSRVTT, conventional aggregation strategies, such as averaging similarities for baseline retrievers, degrade performance by introducing noise from irrelevant modalities. In contrast, CLaMR consistently outperforms existing retrievers: on MultiVENT 2.0++, CLaMR improves nDCG@10 by 25.6 over the best single-modality retriever and by 35.4 over the best multi-modality retriever. We illustrate CLaMR's downstream utility on long-video QA, retrieving relevant frames and obtaining a 3.50% boost over LanguageBind on Video-MME and 1.42% over dense sampling on LongVideoBench.

Multimodal learning holds promise for richer information extraction by capturing dependencies across data sources. Yet, current training methods often underperform due to modality competition, a phenomenon where modalities contend for training resources leaving some underoptimized. This raises a pivotal question: how can we address training imbalances, ensure adequate optimization across all modalities, and achieve consistent performance improvements as we transition from unimodal to multimodal data? This paper proposes the Multimodal Competition Regularizer (MCR), inspired by a mutual information (MI) decomposition designed to prevent the adverse effects of competition in multimodal training. Our key contributions are: 1) A game-theoretic framework that adaptively balances modality contributions by encouraging each to maximize its informative role in the final prediction 2) Refining lower and upper bounds for each MI term to enhance the extraction of both task-relevant unique and shared information across modalities. 3) Proposing latent space permutations for conditional MI estimation, significantly improving computational efficiency. MCR outperforms all previously suggested training strategies and simple baseline, clearly demonstrating that training modalities jointly leads to important performance gains on both synthetic and large real-world datasets. We release our code and models at https://github.com/kkontras/MCR.

This research presents a framework for quantitative risk management in volatile markets, specifically focusing on expectile-based methodologies applied to the FTSE 100 index. Traditional risk measures such as Value-at-Risk (VaR) have demonstrated significant limitations during periods of market stress, as evidenced during the 2008 financial crisis and subsequent volatile periods. This study develops an advanced expectile-based framework that addresses the shortcomings of conventional quantile-based approaches by providing greater sensitivity to tail losses and improved stability in extreme market conditions. The research employs a dataset spanning two decades of FTSE 100 returns, incorporating periods of high volatility, market crashes, and recovery phases. Our methodology introduces novel mathematical formulations for expectile regression models, enhanced threshold determination techniques using time series analysis, and robust backtesting procedures. The empirical results demonstrate that expectile-based Value-at-Risk (EVaR) consistently outperforms traditional VaR measures across various confidence levels and market conditions. The framework exhibits superior performance during volatile periods, with reduced model risk and enhanced predictive accuracy. Furthermore, the study establishes practical implementation guidelines for financial institutions and provides evidence-based recommendations for regulatory compliance and portfolio management. The findings contribute significantly to the literature on financial risk management and offer practical tools for practitioners dealing with volatile market environments.

Multimodal magnetic resonance imaging (MRI) constitutes the first line of investigation for clinicians in the care of brain tumors, providing crucial insights for surgery planning, treatment monitoring, and biomarker identification. Pre-training on large datasets have been shown to help models learn transferable representations and adapt with minimal labeled data. This behavior is especially valuable in medical imaging, where annotations are often scarce. However, applying this paradigm to multimodal medical data introduces a challenge: most existing approaches assume that all imaging modalities are available during both pre-training and fine-tuning. In practice, missing modalities often occur due to acquisition issues, specialist unavailability, or specific experimental designs on small in-house datasets. Consequently, a common approach involves training a separate model for each desired modality combination, making the process both resource-intensive and impractical for clinical use. Therefore, we introduce BM-MAE, a masked image modeling pre-training strategy tailored for multimodal MRI data. The same pre-trained model seamlessly adapts to any combination of available modalities, extracting rich representations that capture both intra- and inter-modal information. This allows fine-tuning on any subset of modalities without requiring architectural changes, while still benefiting from a model pre-trained on the full set of modalities. Extensive experiments show that the proposed pre-training strategy outperforms or remains competitive with baselines that require separate pre-training for each modality subset, while substantially surpassing training from scratch on several downstream tasks. Additionally, it can quickly and efficiently reconstruct missing modalities, highlighting its practical value. Code and trained models are available at: https://github.com/Lucas-rbnt/BM-MAE

Live commerce is the act of selling products online through live streaming. The customer's diverse demands for online products introduce more challenges to Livestreaming Product Recognition. Previous works have primarily focused on fashion clothing data or utilize single-modal input, which does not reflect the real-world scenario where multimodal data from various categories are present. In this paper, we present LPR4M, a large-scale multimodal dataset that covers 34 categories, comprises 3 modalities (image, video, and text), and is 50x larger than the largest publicly available dataset. LPR4M contains diverse videos and noise modality pairs while exhibiting a long-tailed distribution, resembling real-world problems. Moreover, a cRoss-vIew semantiC alignmEnt (RICE) model is proposed to learn discriminative instance features from the image and video views of the products. This is achieved through instance-level contrastive learning and cross-view patch-level feature propagation. A novel Patch Feature Reconstruction loss is proposed to penalize the semantic misalignment between cross-view patches. Extensive experiments demonstrate the effectiveness of RICE and provide insights into the importance of dataset diversity and expressivity. The dataset and code are available at https://github.com/adxcreative/RICE

Preparing high-quality datasets required by various data-driven AI and machine learning models has become a cornerstone task in data-driven analysis. Conventional data discovery methods typically integrate datasets towards a single pre-defined quality measure that may lead to bias for downstream tasks. This paper introduces MODis, a framework that discovers datasets by optimizing multiple user-defined, model-performance measures. Given a set of data sources and a model, MODis selects and integrates data sources into a skyline dataset, over which the model is expected to have the desired performance in all the performance measures. We formulate MODis as a multi-goal finite state transducer, and derive three feasible algorithms to generate skyline datasets. Our first algorithm adopts a "reduce-from-universal" strategy, that starts with a universal schema and iteratively prunes unpromising data. Our second algorithm further reduces the cost with a bi-directional strategy that interleaves data augmentation and reduction. We also introduce a diversification algorithm to mitigate the bias in skyline datasets. We experimentally verify the efficiency and effectiveness of our skyline data discovery algorithms, and showcase their applications in optimizing data science pipelines.

Many recent datasets contain a variety of different data modalities, for instance, image, question, and answer data in visual question answering (VQA). When training deep net classifiers on those multi-modal datasets, the modalities get exploited at different scales, i.e., some modalities can more easily contribute to the classification results than others. This is suboptimal because the classifier is inherently biased towards a subset of the modalities. To alleviate this shortcoming, we propose a novel regularization term based on the functional entropy. Intuitively, this term encourages to balance the contribution of each modality to the classification result. However, regularization with the functional entropy is challenging. To address this, we develop a method based on the log-Sobolev inequality, which bounds the functional entropy with the functional-Fisher-information. Intuitively, this maximizes the amount of information that the modalities contribute. On the two challenging multi-modal datasets VQA-CPv2 and SocialIQ, we obtain state-of-the-art results while more uniformly exploiting the modalities. In addition, we demonstrate the efficacy of our method on Colored MNIST.

New capabilities in foundation models are owed in large part to massive, widely-sourced, and under-documented training data collections. Existing practices in data collection have led to challenges in documenting data transparency, tracing authenticity, verifying consent, privacy, representation, bias, copyright infringement, and the overall development of ethical and trustworthy foundation models. In response, regulation is emphasizing the need for training data transparency to understand foundation models' limitations. Based on a large-scale analysis of the foundation model training data landscape and existing solutions, we identify the missing infrastructure to facilitate responsible foundation model development practices. We examine the current shortcomings of common tools for tracing data authenticity, consent, and documentation, and outline how policymakers, developers, and data creators can facilitate responsible foundation model development by adopting universal data provenance standards.

With the advent of Vision-Language Models (VLMs), medical artificial intelligence (AI) has experienced significant technological progress and paradigm shifts. This survey provides an extensive review of recent advancements in Medical Vision-Language Models (Med-VLMs), which integrate visual and textual data to enhance healthcare outcomes. We discuss the foundational technology behind Med-VLMs, illustrating how general models are adapted for complex medical tasks, and examine their applications in healthcare. The transformative impact of Med-VLMs on clinical practice, education, and patient care is highlighted, alongside challenges such as data scarcity, narrow task generalization, interpretability issues, and ethical concerns like fairness, accountability, and privacy. These limitations are exacerbated by uneven dataset distribution, computational demands, and regulatory hurdles. Rigorous evaluation methods and robust regulatory frameworks are essential for safe integration into healthcare workflows. Future directions include leveraging large-scale, diverse datasets, improving cross-modal generalization, and enhancing interpretability. Innovations like federated learning, lightweight architectures, and Electronic Health Record (EHR) integration are explored as pathways to democratize access and improve clinical relevance. This review aims to provide a comprehensive understanding of Med-VLMs' strengths and limitations, fostering their ethical and balanced adoption in healthcare.

Visible-infrared person re-identification (VIReID) primarily deals with matching identities across person images from different modalities. Due to the modality gap between visible and infrared images, cross-modality identity matching poses significant challenges. Recognizing that high-level semantics of pedestrian appearance, such as gender, shape, and clothing style, remain consistent across modalities, this paper intends to bridge the modality gap by infusing visual features with high-level semantics. Given the capability of CLIP to sense high-level semantic information corresponding to visual representations, we explore the application of CLIP within the domain of VIReID. Consequently, we propose a CLIP-Driven Semantic Discovery Network (CSDN) that consists of Modality-specific Prompt Learner, Semantic Information Integration (SII), and High-level Semantic Embedding (HSE). Specifically, considering the diversity stemming from modality discrepancies in language descriptions, we devise bimodal learnable text tokens to capture modality-private semantic information for visible and infrared images, respectively. Additionally, acknowledging the complementary nature of semantic details across different modalities, we integrate text features from the bimodal language descriptions to achieve comprehensive semantics. Finally, we establish a connection between the integrated text features and the visual features across modalities. This process embed rich high-level semantic information into visual representations, thereby promoting the modality invariance of visual representations. The effectiveness and superiority of our proposed CSDN over existing methods have been substantiated through experimental evaluations on multiple widely used benchmarks. The code will be released at https://github.com/nengdong96/CSDN.

As information exists in various modalities in real world, effective interaction and fusion among multimodal information plays a key role for the creation and perception of multimodal data in computer vision and deep learning research. With superb power in modeling the interaction among multimodal information, multimodal image synthesis and editing has become a hot research topic in recent years. Instead of providing explicit guidance for network training, multimodal guidance offers intuitive and flexible means for image synthesis and editing. On the other hand, this field is also facing several challenges in alignment of multimodal features, synthesis of high-resolution images, faithful evaluation metrics, etc. In this survey, we comprehensively contextualize the advance of the recent multimodal image synthesis and editing and formulate taxonomies according to data modalities and model types. We start with an introduction to different guidance modalities in image synthesis and editing, and then describe multimodal image synthesis and editing approaches extensively according to their model types. After that, we describe benchmark datasets and evaluation metrics as well as corresponding experimental results. Finally, we provide insights about the current research challenges and possible directions for future research. A project associated with this survey is available at https://github.com/fnzhan/Generative-AI.

One of the challenging research problems in the domain of time series analysis and forecasting is making efficient and robust prediction of stock market prices. With rapid development and evolution of sophisticated algorithms and with the availability of extremely fast computing platforms, it has now become possible to effectively extract, store, process and analyze high volume stock market time series data. Complex algorithms for forecasting are now available for speedy execution over parallel architecture leading to fairly accurate results. In this paper, we have used time series data of the two sectors of the Indian economy: Consumer Durables sector and the Small Cap sector for the period January 2010 to December 2015 and proposed a decomposition approach for better understanding of the behavior of each of the time series. Our contention is that various sectors reveal different time series patterns and understanding them is essential for portfolio formation. Further, based on this structural analysis, we have also proposed several robust forecasting techniques and analyzed their accuracy in prediction using suitably chosen training and test data sets. Extensive results are presented to demonstrate the effectiveness of our propositions.

We propose TAROT, a targeted data selection framework grounded in optimal transport theory. Previous targeted data selection methods primarily rely on influence-based greedy heuristics to enhance domain-specific performance. While effective on limited, unimodal data (i.e., data following a single pattern), these methods struggle as target data complexity increases. Specifically, in multimodal distributions, these heuristics fail to account for multiple inherent patterns, leading to suboptimal data selection. This work identifies two primary factors contributing to this limitation: (i) the disproportionate impact of dominant feature components in high-dimensional influence estimation, and (ii) the restrictive linear additive assumptions inherent in greedy selection strategies. To address these challenges, TAROT incorporates whitened feature distance to mitigate dominant feature bias, providing a more reliable measure of data influence. Building on this, TAROT uses whitened feature distance to quantify and minimize the optimal transport distance between the selected data and target domains. Notably, this minimization also facilitates the estimation of optimal selection ratios. We evaluate TAROT across multiple tasks, including semantic segmentation, motion prediction, and instruction tuning. Results consistently show that TAROT outperforms state-of-the-art methods, highlighting its versatility across various deep learning tasks. Code is available at https://github.com/vita-epfl/TAROT.

The integration of Artificial Intelligence (AI) in the financial domain has opened new avenues for quantitative trading, particularly through the use of Large Language Models (LLMs). However, the challenge of effectively synthesizing insights from diverse data sources and integrating both structured and unstructured data persists. This paper presents TradeExpert, a novel framework that employs a mix of experts (MoE) approach, using four specialized LLMs, each analyzing distinct sources of financial data, including news articles, market data, alpha factors, and fundamental data. The insights of these expert LLMs are further synthesized by a General Expert LLM to make a final prediction or decision. With specific prompts, TradeExpert can be switched between the prediction mode and the ranking mode for stock movement prediction and quantitative stock trading, respectively. In addition to existing benchmarks, we also release a large-scale financial dataset to comprehensively evaluate TradeExpert's effectiveness. Our experimental results demonstrate TradeExpert's superior performance across all trading scenarios.

Financial Technology (FinTech) is one of the worldwide rapidly-rising topics in the past five years according to the statistics of FinTech from Google Trends. In this position paper, we focus on the researches applying natural language processing (NLP) technologies in the finance domain. Our goal is to indicate the position we are now and provide the blueprint for future researches. We go through the application scenarios from three aspects including Know Your Customer (KYC), Know Your Product (KYP), and Satisfy Your Customer (SYC). Both formal documents and informal textual data are analyzed to understand corporate customers and personal customers. Furthermore, we talk over how to dynamically update the features of products from the prospect and the risk points of view. Finally, we discuss satisfying the customers in both B2C and C2C business models. After summarizing the past and the recent challenges, we highlight several promising future research directions in the trend of FinTech and the open finance tendency.

Currently, high-dimensional data is ubiquitous in data science, which necessitates the development of techniques to decompose and interpret such multidimensional (aka tensor) datasets. Finding a low dimensional representation of the data, that is, its inherent structure, is one of the approaches that can serve to understand the dynamics of low dimensional latent features hidden in the data. Nonnegative RESCAL is one such technique, particularly well suited to analyze self-relational data, such as dynamic networks found in international trade flows. Nonnegative RESCAL computes a low dimensional tensor representation by finding the latent space containing multiple modalities. Estimating the dimensionality of this latent space is crucial for extracting meaningful latent features. Here, to determine the dimensionality of the latent space with nonnegative RESCAL, we propose a latent dimension determination method which is based on clustering of the solutions of multiple realizations of nonnegative RESCAL decompositions. We demonstrate the performance of our model selection method on synthetic data and then we apply our method to decompose a network of international trade flows data from International Monetary Fund and validate the resulting features against empirical facts from economic literature.

Multi-modal co-learning is emerging as an effective paradigm in machine learning, enabling models to collaboratively learn from different modalities to enhance single-modality predictions. Earth Observation (EO) represents a quintessential domain for multi-modal data analysis, wherein diverse remote sensors collect data to sense our planet. This unprecedented volume of data introduces novel challenges. Specifically, the access to the same sensor modalities at both training and inference stages becomes increasingly complex based on real-world constraints affecting remote sensing platforms. In this context, multi-modal co-learning presents a promising strategy to leverage the vast amount of sensor-derived data available at the training stage to improve single-modality models for inference-time deployment. Most current research efforts focus on designing customized solutions for either particular downstream tasks or specific modalities available at the inference stage. To address this, we propose a novel multi-modal co-learning framework capable of generalizing across various tasks without targeting a specific modality for inference. Our approach combines contrastive and modality discriminative learning together to guide single-modality models to structure the internal model manifold into modality-shared and modality-specific information. We evaluate our framework on four EO benchmarks spanning classification and regression tasks across different sensor modalities, where only one of the modalities available during training is accessible at inference time. Our results demonstrate consistent predictive improvements over state-of-the-art approaches from the recent machine learning and computer vision literature, as well as EO-specific methods. The obtained findings validate our framework in the single-modality inference scenarios across a diverse range of EO applications.

Multimodal AI has the potential to significantly enhance document-understanding tasks, such as processing receipts, understanding workflows, extracting data from documents, and summarizing reports. Code generation tasks that require long-structured outputs can also be enhanced by multimodality. Despite this, their use in commercial applications is often limited due to limited access to training data and restrictive licensing, which hinders open access. To address these limitations, we introduce BigDocs-7.5M, a high-quality, open-access dataset comprising 7.5 million multimodal documents across 30 tasks. We use an efficient data curation process to ensure our data is high-quality and license-permissive. Our process emphasizes accountability, responsibility, and transparency through filtering rules, traceable metadata, and careful content analysis. Additionally, we introduce BigDocs-Bench, a benchmark suite with 10 novel tasks where we create datasets that reflect real-world use cases involving reasoning over Graphical User Interfaces (GUI) and code generation from images. Our experiments show that training with BigDocs-Bench improves average performance up to 25.8% over closed-source GPT-4o in document reasoning and structured output tasks such as Screenshot2HTML or Image2Latex generation. Finally, human evaluations showed a preference for outputs from models trained on BigDocs over GPT-4o. This suggests that BigDocs can help both academics and the open-source community utilize and improve AI tools to enhance multimodal capabilities and document reasoning. The project is hosted at https://bigdocs.github.io .

Retrieval-Augmented Generation (RAG) has shown substantial promise in improving factual accuracy by grounding model responses with external knowledge relevant to queries. However, most existing RAG approaches are limited to a text-only corpus, and while recent efforts have extended RAG to other modalities such as images and videos, they typically operate over a single modality-specific corpus. In contrast, real-world queries vary widely in the type of knowledge they require, which a single type of knowledge source cannot address. To address this, we introduce UniversalRAG, a novel RAG framework designed to retrieve and integrate knowledge from heterogeneous sources with diverse modalities and granularities. Specifically, motivated by the observation that forcing all modalities into a unified representation space derived from a single combined corpus causes a modality gap, where the retrieval tends to favor items from the same modality as the query, we propose a modality-aware routing mechanism that dynamically identifies the most appropriate modality-specific corpus and performs targeted retrieval within it. Also, beyond modality, we organize each modality into multiple granularity levels, enabling fine-tuned retrieval tailored to the complexity and scope of the query. We validate UniversalRAG on 8 benchmarks spanning multiple modalities, showing its superiority over modality-specific and unified baselines.

The field of Earth Observations (EO) offers a wealth of data from diverse sensors, presenting a great opportunity for advancing self-supervised multimodal learning. However, current multimodal EO datasets and models focus on a single data type, either mono-date images or time series, which limits their expressivity. We introduce OmniSat, a novel architecture that exploits the spatial alignment between multiple EO modalities to learn expressive multimodal representations without labels. To demonstrate the advantages of combining modalities of different natures, we augment two existing datasets with new modalities. As demonstrated on three downstream tasks: forestry, land cover classification, and crop mapping. OmniSat can learn rich representations in an unsupervised manner, leading to improved performance in the semi- and fully-supervised settings, even when only one modality is available for inference. The code and dataset are available at github.com/gastruc/OmniSat.

This paper presents OmniDataComposer, an innovative approach for multimodal data fusion and unlimited data generation with an intent to refine and uncomplicate interplay among diverse data modalities. Coming to the core breakthrough, it introduces a cohesive data structure proficient in processing and merging multimodal data inputs, which include video, audio, and text. Our crafted algorithm leverages advancements across multiple operations such as video/image caption extraction, dense caption extraction, Automatic Speech Recognition (ASR), Optical Character Recognition (OCR), Recognize Anything Model(RAM), and object tracking. OmniDataComposer is capable of identifying over 6400 categories of objects, substantially broadening the spectrum of visual information. It amalgamates these diverse modalities, promoting reciprocal enhancement among modalities and facilitating cross-modal data correction. The final output metamorphoses each video input into an elaborate sequential document, virtually transmuting videos into thorough narratives, making them easier to be processed by large language models. Future prospects include optimizing datasets for each modality to encourage unlimited data generation. This robust base will offer priceless insights to models like ChatGPT, enabling them to create higher quality datasets for video captioning and easing question-answering tasks based on video content. OmniDataComposer inaugurates a new stage in multimodal learning, imparting enormous potential for augmenting AI's understanding and generation of complex, real-world data.

This paper presents a multi-label topic model for financial texts like ad-hoc announcements, 8-K filings, finance related news or annual reports. I train the model on a new financial multi-label database consisting of 3,044 German ad-hoc announcements that are labeled manually using 20 predefined, economically motivated topics. The best model achieves a macro F1 score of more than 85%. Translating the data results in an English version of the model with similar performance. As application of the model, I investigate differences in stock market reactions across topics. I find evidence for strong positive or negative market reactions for some topics, like announcements of new Large Scale Projects or Bankruptcy Filings, while I do not observe significant price effects for some other topics. Furthermore, in contrast to previous studies, the multi-label structure of the model allows to analyze the effects of co-occurring topics on stock market reactions. For many cases, the reaction to a specific topic depends heavily on the co-occurrence with other topics. For example, if allocated capital from a Seasoned Equity Offering (SEO) is used for restructuring a company in the course of a Bankruptcy Proceeding, the market reacts positively on average. However, if that capital is used for covering unexpected, additional costs from the development of new drugs, the SEO implies negative reactions on average.

We present the MULTIMODAL UNIVERSE, a large-scale multimodal dataset of scientific astronomical data, compiled specifically to facilitate machine learning research. Overall, the MULTIMODAL UNIVERSE contains hundreds of millions of astronomical observations, constituting 100\,TB of multi-channel and hyper-spectral images, spectra, multivariate time series, as well as a wide variety of associated scientific measurements and "metadata". In addition, we include a range of benchmark tasks representative of standard practices for machine learning methods in astrophysics. This massive dataset will enable the development of large multi-modal models specifically targeted towards scientific applications. All codes used to compile the MULTIMODAL UNIVERSE and a description of how to access the data is available at https://github.com/MultimodalUniverse/MultimodalUniverse

As the Chinese stock market continues to evolve and its market structure grows increasingly complex, traditional quantitative trading methods are facing escalating challenges. Particularly, due to policy uncertainty and the frequent market fluctuations triggered by sudden economic events, existing models often struggle to accurately predict market dynamics. To address these challenges, this paper introduces Stockformer, a price-volume factor stock selection model that integrates wavelet transformation and a multitask self-attention network, aimed at enhancing responsiveness and predictive accuracy regarding market instabilities. Through discrete wavelet transform, Stockformer decomposes stock returns into high and low frequencies, meticulously capturing long-term market trends and short-term fluctuations, including abrupt events. Moreover, the model incorporates a Dual-Frequency Spatiotemporal Encoder and graph embedding techniques to effectively capture complex temporal and spatial relationships among stocks. Employing a multitask learning strategy, it simultaneously predicts stock returns and directional trends. Experimental results show that Stockformer outperforms existing advanced methods on multiple real stock market datasets. In strategy backtesting, Stockformer consistently demonstrates exceptional stability and reliability across market conditions-whether rising, falling, or fluctuating-particularly maintaining high performance during downturns or volatile periods, indicating a high adaptability to market fluctuations. To foster innovation and collaboration in the financial analysis sector, the Stockformer model's code has been open-sourced and is available on the GitHub repository: https://github.com/Eric991005/Multitask-Stockformer.

Multimedia content in social media platforms provides significant information during disaster events. The types of information shared include reports of injured or deceased people, infrastructure damage, and missing or found people, among others. Although many studies have shown the usefulness of both text and image content for disaster response purposes, the research has been mostly focused on analyzing only the text modality in the past. In this paper, we propose to use both text and image modalities of social media data to learn a joint representation using state-of-the-art deep learning techniques. Specifically, we utilize convolutional neural networks to define a multimodal deep learning architecture with a modality-agnostic shared representation. Extensive experiments on real-world disaster datasets show that the proposed multimodal architecture yields better performance than models trained using a single modality (e.g., either text or image).

This study develops FinText, a financial word embedding compiled from 15 years of business news archives. The results show that FinText produces substantially more accurate results than general word embeddings based on the gold-standard financial benchmark we introduced. In contrast to well-known econometric models, and over the sample period from 27 July 2007 to 27 January 2022 for 23 NASDAQ stocks, using stock-related news, our simple natural language processing model supported by different word embeddings improves realised volatility forecasts on high volatility days. This improvement in realised volatility forecasting performance switches to normal volatility days when general hot news is used. By utilising SHAP, an Explainable AI method, we also identify and classify key phrases in stock-related and general hot news that moved volatility.

Multimodal embedding models aim to yield informative unified representations that empower diverse cross-modal tasks. Despite promising developments in the evolution from CLIP-based dual-tower architectures to large vision-language models, prior works still face unavoidable challenges in real-world applications and business scenarios, such as the limited modality support, unstable training mechanisms, and industrial domain gaps. In this work, we introduce SAIL-Embedding, an omni-modal embedding foundation model that addresses these issues through tailored training strategies and architectural design. In the optimization procedure, we propose a multi-stage training scheme to boost the multifaceted effectiveness of representation learning. Specifically, the content-aware progressive training aims to enhance the model's adaptability to diverse downstream tasks and master enriched cross-modal proficiency. The collaboration-aware recommendation enhancement training further adapts multimodal representations for recommendation scenarios by distilling knowledge from sequence-to-item and ID-to-item embeddings while mining user historical interests. Concurrently, we develop the stochastic specialization and dataset-driven pattern matching to strengthen model training flexibility and generalizability. Experimental results show that SAIL-Embedding achieves SOTA performance compared to other methods in different retrieval tasks. In online experiments across various real-world scenarios integrated with our model, we observe a significant increase in Lifetime (LT), which is a crucial indicator for the recommendation experience. For instance, the model delivers the 7-day LT gain of +0.158% and the 14-day LT gain of +0.144% in the Douyin-Selected scenario. For the Douyin feed rank model, the match features produced by SAIL-Embedding yield a +0.08% AUC gain.

3D building models are critical for applications in architecture, energy simulation, and navigation. Yet, generating accurate and semantically rich 3D buildings automatically remains a major challenge due to the lack of large-scale annotated datasets in the public domain. Inspired by the success of synthetic data in computer vision, we introduce SYNBUILD-3D, a large, diverse, and multi-modal dataset of over 6.2 million synthetic 3D residential buildings at Level of Detail (LoD) 4. In the dataset, each building is represented through three distinct modalities: a semantically enriched 3D wireframe graph at LoD 4 (Modality I), the corresponding floor plan images (Modality II), and a LiDAR-like roof point cloud (Modality III). The semantic annotations for each building wireframe are derived from the corresponding floor plan images and include information on rooms, doors, and windows. Through its tri-modal nature, future work can use SYNBUILD-3D to develop novel generative AI algorithms that automate the creation of 3D building models at LoD 4, subject to predefined floor plan layouts and roof geometries, while enforcing semantic-geometric consistency. Dataset and code samples are publicly available at https://github.com/kdmayer/SYNBUILD-3D.

Many keypoint detection and description methods have been proposed for image matching or registration. While these methods demonstrate promising performance for single-modality image matching, they often struggle with multimodal data because the descriptors trained on single-modality data tend to lack robustness against the non-linear variations present in multimodal data. Extending such methods to multimodal image matching often requires well-aligned multimodal data to learn modality-invariant descriptors. However, acquiring such data is often costly and impractical in many real-world scenarios. To address this challenge, we propose a modality-invariant feature learning network (MIFNet) to compute modality-invariant features for keypoint descriptions in multimodal image matching using only single-modality training data. Specifically, we propose a novel latent feature aggregation module and a cumulative hybrid aggregation module to enhance the base keypoint descriptors trained on single-modality data by leveraging pre-trained features from Stable Diffusion models. We validate our method with recent keypoint detection and description methods in three multimodal retinal image datasets (CF-FA, CF-OCT, EMA-OCTA) and two remote sensing datasets (Optical-SAR and Optical-NIR). Extensive experiments demonstrate that the proposed MIFNet is able to learn modality-invariant feature for multimodal image matching without accessing the targeted modality and has good zero-shot generalization ability. The source code will be made publicly available.

Progress in AI is driven largely by the scale and quality of training data. Despite this, there is a deficit of empirical analysis examining the attributes of well-established datasets beyond text. In this work we conduct the largest and first-of-its-kind longitudinal audit across modalities--popular text, speech, and video datasets--from their detailed sourcing trends and use restrictions to their geographical and linguistic representation. Our manual analysis covers nearly 4000 public datasets between 1990-2024, spanning 608 languages, 798 sources, 659 organizations, and 67 countries. We find that multimodal machine learning applications have overwhelmingly turned to web-crawled, synthetic, and social media platforms, such as YouTube, for their training sets, eclipsing all other sources since 2019. Secondly, tracing the chain of dataset derivations we find that while less than 33% of datasets are restrictively licensed, over 80% of the source content in widely-used text, speech, and video datasets, carry non-commercial restrictions. Finally, counter to the rising number of languages and geographies represented in public AI training datasets, our audit demonstrates measures of relative geographical and multilingual representation have failed to significantly improve their coverage since 2013. We believe the breadth of our audit enables us to empirically examine trends in data sourcing, restrictions, and Western-centricity at an ecosystem-level, and that visibility into these questions are essential to progress in responsible AI. As a contribution to ongoing improvements in dataset transparency and responsible use, we release our entire multimodal audit, allowing practitioners to trace data provenance across text, speech, and video.

Despite the large body of work on fairness-aware learning for individual modalities like tabular data, images, and text, less work has been done on multimodal data, which fuses various modalities for a comprehensive analysis. In this work, we investigate the fairness and bias implications of multimodal fusion techniques in the context of multimodal AI-based recruitment systems using the FairCVdb dataset. Our results show that early-fusion closely matches the ground truth for both demographics, achieving the lowest MAEs by integrating each modality's unique characteristics. In contrast, late-fusion leads to highly generalized mean scores and higher MAEs. Our findings emphasise the significant potential of early-fusion for accurate and fair applications, even in the presence of demographic biases, compared to late-fusion. Future research could explore alternative fusion strategies and incorporate modality-related fairness constraints to improve fairness. For code and additional insights, visit: https://github.com/Swati17293/Multimodal-AI-Based-Recruitment-FairCVdb

Human perception of the world is shaped by a multitude of viewpoints and modalities. While many existing datasets focus on scene understanding from a certain perspective (e.g. egocentric or third-person views), our dataset offers a panoptic perspective (i.e. multiple viewpoints with multiple data modalities). Specifically, we encapsulate third-person panoramic and front views, as well as egocentric monocular/binocular views with rich modalities including video, multi-channel audio, directional binaural delay, location data and textual scene descriptions within each scene captured, presenting comprehensive observation of the world. Figure 1 offers a glimpse of all 28 scene categories of our 360+x dataset. To the best of our knowledge, this is the first database that covers multiple viewpoints with multiple data modalities to mimic how daily information is accessed in the real world. Through our benchmark analysis, we presented 5 different scene understanding tasks on the proposed 360+x dataset to evaluate the impact and benefit of each data modality and perspective in panoptic scene understanding. We hope this unique dataset could broaden the scope of comprehensive scene understanding and encourage the community to approach these problems from more diverse perspectives.

Predicting in-hospital mortality for intensive care unit (ICU) patients is key to final clinical outcomes. AI has shown advantaged accuracy but suffers from the lack of explainability. To address this issue, this paper proposes an eXplainable Multimodal Mortality Predictor (X-MMP) approaching an efficient, explainable AI solution for predicting in-hospital mortality via multimodal ICU data. We employ multimodal learning in our framework, which can receive heterogeneous inputs from clinical data and make decisions. Furthermore, we introduce an explainable method, namely Layer-Wise Propagation to Transformer, as a proper extension of the LRP method to Transformers, producing explanations over multimodal inputs and revealing the salient features attributed to prediction. Moreover, the contribution of each modality to clinical outcomes can be visualized, assisting clinicians in understanding the reasoning behind decision-making. We construct a multimodal dataset based on MIMIC-III and MIMIC-III Waveform Database Matched Subset. Comprehensive experiments on benchmark datasets demonstrate that our proposed framework can achieve reasonable interpretation with competitive prediction accuracy. In particular, our framework can be easily transferred to other clinical tasks, which facilitates the discovery of crucial factors in healthcare research.

The booming development of AI agents presents unprecedented opportunities for automating complex tasks across various domains. However, their multi-step, multi-tool collaboration capabilities in the financial sector remain underexplored. This paper introduces FinGAIA, an end-to-end benchmark designed to evaluate the practical abilities of AI agents in the financial domain. FinGAIA comprises 407 meticulously crafted tasks, spanning seven major financial sub-domains: securities, funds, banking, insurance, futures, trusts, and asset management. These tasks are organized into three hierarchical levels of scenario depth: basic business analysis, asset decision support, and strategic risk management. We evaluated 10 mainstream AI agents in a zero-shot setting. The best-performing agent, ChatGPT, achieved an overall accuracy of 48.9\%, which, while superior to non-professionals, still lags financial experts by over 35 percentage points. Error analysis has revealed five recurring failure patterns: Cross-modal Alignment Deficiency, Financial Terminological Bias, Operational Process Awareness Barrier, among others. These patterns point to crucial directions for future research. Our work provides the first agent benchmark closely related to the financial domain, aiming to objectively assess and promote the development of agents in this crucial field. Partial data is available at https://github.com/SUFE-AIFLM-Lab/FinGAIA.

Accurate medical classification requires a large number of multi-modal data, and in many cases, different feature types. Previous studies have shown promising results when using multi-modal data, outperforming single-modality models when classifying diseases such as Alzheimer's Disease (AD). However, those models are usually not flexible enough to handle missing modalities. Currently, the most common workaround is discarding samples with missing modalities which leads to considerable data under-utilization. Adding to the fact that labeled medical images are already scarce, the performance of data-driven methods like deep learning can be severely hampered. Therefore, a multi-modal method that can handle missing data in various clinical settings is highly desirable. In this paper, we present Multi-Modal Mixing Transformer (3MAT), a disease classification transformer that not only leverages multi-modal data but also handles missing data scenarios. In this work, we test 3MT for AD and Cognitively normal (CN) classification and mild cognitive impairment (MCI) conversion prediction to progressive MCI (pMCI) or stable MCI (sMCI) using clinical and neuroimaging data. The model uses a novel Cascaded Modality Transformer architecture with cross-attention to incorporate multi-modal information for more informed predictions. We propose a novel modality dropout mechanism to ensure an unprecedented level of modality independence and robustness to handle missing data scenarios. The result is a versatile network that enables the mixing of arbitrary numbers of modalities with different feature types and also ensures full data utilization missing data scenarios. The model is trained and evaluated on the ADNI dataset with the SOTRA performance and further evaluated with the AIBL dataset with missing data.

We consider the use of automated supervised learning systems for data tables that not only contain numeric/categorical columns, but one or more text fields as well. Here we assemble 18 multimodal data tables that each contain some text fields and stem from a real business application. Our publicly-available benchmark enables researchers to comprehensively evaluate their own methods for supervised learning with numeric, categorical, and text features. To ensure that any single modeling strategy which performs well over all 18 datasets will serve as a practical foundation for multimodal text/tabular AutoML, the diverse datasets in our benchmark vary greatly in: sample size, problem types (a mix of classification and regression tasks), number of features (with the number of text columns ranging from 1 to 28 between datasets), as well as how the predictive signal is decomposed between text vs. numeric/categorical features (and predictive interactions thereof). Over this benchmark, we evaluate various straightforward pipelines to model such data, including standard two-stage approaches where NLP is used to featurize the text such that AutoML for tabular data can then be applied. Compared with human data science teams, the fully automated methodology that performed best on our benchmark (stack ensembling a multimodal Transformer with various tree models) also manages to rank 1st place when fit to the raw text/tabular data in two MachineHack prediction competitions and 2nd place (out of 2380 teams) in Kaggle's Mercari Price Suggestion Challenge.

Prediction of stock prices plays a significant role in aiding the decision-making of investors. Considering its importance, a growing literature has emerged trying to forecast stock prices with improved accuracy. In this study, we introduce an innovative approach for forecasting stock prices with greater accuracy. We incorporate external economic environment-related information along with stock prices. In our novel approach, we improve the performance of stock price prediction by taking into account variations due to future expected macroeconomic policy changes as investors adjust their current behavior ahead of time based on expected future macroeconomic policy changes. Furthermore, we incorporate macroeconomic variables along with historical stock prices to make predictions. Results from this strongly support the inclusion of future economic policy changes along with current macroeconomic information. We confirm the supremacy of our method over the conventional approach using several tree-based machine-learning algorithms. Results are strongly conclusive across various machine learning models. Our preferred model outperforms the conventional approach with an RMSE value of 1.61 compared to an RMSE value of 1.75 from the conventional approach.

Multi-modal information retrieval (MMIR) is a rapidly evolving field, where significant progress, particularly in image-text pairing, has been made through advanced representation learning and cross-modality alignment research. However, current benchmarks for evaluating MMIR performance in image-text pairing within the scientific domain show a notable gap, where chart and table images described in scholarly language usually do not play a significant role. To bridge this gap, we develop a specialised scientific MMIR (SciMMIR) benchmark by leveraging open-access paper collections to extract data relevant to the scientific domain. This benchmark comprises 530K meticulously curated image-text pairs, extracted from figures and tables with detailed captions in scientific documents. We further annotate the image-text pairs with two-level subset-subcategory hierarchy annotations to facilitate a more comprehensive evaluation of the baselines. We conducted zero-shot and fine-tuning evaluations on prominent multi-modal image-captioning and visual language models, such as CLIP and BLIP. Our analysis offers critical insights for MMIR in the scientific domain, including the impact of pre-training and fine-tuning settings and the influence of the visual and textual encoders. All our data and checkpoints are publicly available at https://github.com/Wusiwei0410/SciMMIR.

This paper introduces Workflow Intention, a novel framework for identifying and encoding process objectives within complex business environments. Workflow Intention is the alignment of Input, Process and Output elements defining a Workflow's transformation objective interpreted from Workflow Signal inside Business Artefacts. It specifies how Input is processed to achieve desired Output, incorporating quality standards, business rules, compliance requirements and constraints. We adopt an end-to-end Business Artefact Encoder and Workflow Signal interpretation methodology involving four steps: Modality-Specific Encoding, Intra-Modality Attention, Inter-Modality Fusion Attention then Intention Decoding. We provide training procedures and critical loss function definitions. In this paper we introduce the concepts of Workflow Signal and Workflow Intention, where Workflow Signal decomposed into Input, Process and Output elements is interpreted from Business Artefacts, and Workflow Intention is a complete triple of these elements. We introduce a mathematical framework for representing Workflow Signal as a vector and Workflow Intention as a tensor, formalizing properties of these objects. Finally, we propose a modular, scalable, trainable, attention-based multimodal generative system to resolve Workflow Intention from Business Artefacts.

Synthetic data is emerging as one of the most promising solutions to share individual-level data while safeguarding privacy. While membership inference attacks (MIAs), based on shadow modeling, have become the standard to evaluate the privacy of synthetic data, they currently assume the attacker to have access to an auxiliary dataset sampled from a similar distribution as the training dataset. This is often seen as a very strong assumption in practice, especially as the proposed main use cases for synthetic tabular data (e.g. medical data, financial transactions) are very specific and don't have any reference datasets directly available. We here show how this assumption can be removed, allowing for MIAs to be performed using only the synthetic data. Specifically, we developed three different scenarios: (S1) Black-box access to the generator, (S2) only access to the released synthetic dataset and (S3) a theoretical setup as upper bound for the attack performance using only synthetic data. Our results show that MIAs are still successful, across two real-world datasets and two synthetic data generators. These results show how the strong hypothesis made when auditing synthetic data releases - access to an auxiliary dataset - can be relaxed, making the attacks more realistic in practice.

Large Language Models (LLMs) have demonstrated notable capabilities across financial tasks, including financial report summarization, earnings call transcript analysis, and asset classification. However, their real-world effectiveness in managing complex fund investment remains inadequately assessed. A fundamental limitation of existing benchmarks for evaluating LLM-driven trading strategies is their reliance on historical back-testing, inadvertently enabling LLMs to "time travel"-leveraging future information embedded in their training corpora, thus resulting in possible information leakage and overly optimistic performance estimates. To address this issue, we introduce DeepFund, a live fund benchmark tool designed to rigorously evaluate LLM in real-time market conditions. Utilizing a multi-agent architecture, DeepFund connects directly with real-time stock market data-specifically data published after each model pretraining cutoff-to ensure fair and leakage-free evaluations. Empirical tests on nine flagship LLMs from leading global institutions across multiple investment dimensions-including ticker-level analysis, investment decision-making, portfolio management, and risk control-reveal significant practical challenges. Notably, even cutting-edge models such as DeepSeek-V3 and Claude-3.7-Sonnet incur net trading losses within DeepFund real-time evaluation environment, underscoring the present limitations of LLMs for active fund management. Our code is available at https://github.com/HKUSTDial/DeepFund.

Invoices and receipts submitted by employees are visually rich documents (VRDs) with textual, visual and layout information. To protect against the risk of fraud and abuse, it is crucial for organizations to efficiently extract desired information from submitted receipts. This helps in the assessment of key factors such as appropriateness of the expense claim, adherence to spending and transaction policies, the validity of the receipt, as well as downstream anomaly detection at various levels. These documents are heterogeneous, with multiple formats and languages, uploaded with different image qualities, and often do not contain ground truth labels for the efficient training of models. In this paper we propose Task Aware Instruction-based Labelling (TAIL), a method for synthetic label generation in VRD corpuses without labels, and fine-tune a multimodal Visually Rich Document Understanding Model (VRDU) on TAIL labels using response-based knowledge distillation without using the teacher model's weights or training dataset to conditionally generate annotations in the appropriate format. Using a benchmark external dataset where ground truth labels are available, we demonstrate conditions under which our approach performs at par with Claude 3 Sonnet through empirical studies. We then show that the resulting model performs at par or better on the internal expense documents of a large multinational organization than state-of-the-art LMM (large multimodal model) Claude 3 Sonnet while being 85% less costly and ~5X faster, and outperforms layout-aware baselines by more than 10% in Average Normalized Levenshtein Similarity (ANLS) scores due to its ability to reason and extract information from rare formats. Finally, we illustrate the usage of our approach in overpayment prevention.

Accurate mapping of the built asset information to established data classification systems and taxonomies is crucial for effective asset management, whether for compliance at project handover or ad-hoc data integration scenarios. Due to the complex nature of built asset data, which predominantly comprises technical text elements, this process remains largely manual and reliant on domain expert input. Recent breakthroughs in contextual text representation learning (text embedding), particularly through pre-trained large language models, offer promising approaches that can facilitate the automation of cross-mapping of the built asset data. However, no comprehensive evaluation has yet been conducted to assess these models' ability to effectively represent the complex semantics specific to built asset technical terminology. This study presents a comparative benchmark of state-of-the-art text embedding models to evaluate their effectiveness in aligning built asset information with domain-specific technical concepts. Our proposed datasets are derived from two renowned built asset data classification dictionaries. The results of our benchmarking across six proposed datasets, covering three tasks of clustering, retrieval, and reranking, highlight the need for future research on domain adaptation techniques. The benchmarking resources are published as an open-source library, which will be maintained and extended to support future evaluations in this field.

This book is the result of a seminar in which we reviewed multimodal approaches and attempted to create a solid overview of the field, starting with the current state-of-the-art approaches in the two subfields of Deep Learning individually. Further, modeling frameworks are discussed where one modality is transformed into the other, as well as models in which one modality is utilized to enhance representation learning for the other. To conclude the second part, architectures with a focus on handling both modalities simultaneously are introduced. Finally, we also cover other modalities as well as general-purpose multi-modal models, which are able to handle different tasks on different modalities within one unified architecture. One interesting application (Generative Art) eventually caps off this booklet.

Semantic identifiers (SIDs) have gained increasing attention in generative retrieval (GR) due to their meaningful semantic discriminability. However, current research on SIDs faces three main challenges: (1) the absence of large-scale public datasets with multimodal features, (2) limited investigation into optimization strategies for SID generation, which typically rely on costly GR training for evaluation, and (3) slow online convergence in industrial deployment. To address these challenges, we propose FORGE, a comprehensive benchmark for FOrming semantic identifieR in Generative rEtrieval with industrial datasets. Specifically, FORGE is equipped with a dataset comprising 14 billion user interactions and multimodal features of 250 million items sampled from Taobao, one of the biggest e-commerce platforms in China. Leveraging this dataset, FORGE explores several optimizations to enhance the SID construction and validates their effectiveness via offline experiments across different settings and tasks. Further online analysis conducted on our platform, which serves over 300 million users daily, reveals a 0.35% increase in transaction count, highlighting the practical impact of our method. Regarding the expensive SID validation accompanied by the full training of GRs, we propose two novel metrics of SID that correlate positively with recommendation performance, enabling convenient evaluations without any GR training. For real-world applications, FORGE introduces an offline pretraining schema that reduces online convergence by half. The code and data are available at https://github.com/selous123/al_sid.

Recent advances in Large Language Models (LLMs) have demonstrated significant potential in the field of Recommendation Systems (RSs). Most existing studies have focused on converting user behavior logs into textual prompts and leveraging techniques such as prompt tuning to enable LLMs for recommendation tasks. Meanwhile, research interest has recently grown in multimodal recommendation systems that integrate data from images, text, and other sources using modality fusion techniques. This introduces new challenges to the existing LLM-based recommendation paradigm which relies solely on text modality information. Moreover, although Multimodal Large Language Models (MLLMs) capable of processing multi-modal inputs have emerged, how to equip MLLMs with multi-modal recommendation capabilities remains largely unexplored. To this end, in this paper, we propose the Multimodal Large Language Model-enhanced Multimodaln Sequential Recommendation (MLLM-MSR) model. To capture the dynamic user preference, we design a two-stage user preference summarization method. Specifically, we first utilize an MLLM-based item-summarizer to extract image feature given an item and convert the image into text. Then, we employ a recurrent user preference summarization generation paradigm to capture the dynamic changes in user preferences based on an LLM-based user-summarizer. Finally, to enable the MLLM for multi-modal recommendation task, we propose to fine-tune a MLLM-based recommender using Supervised Fine-Tuning (SFT) techniques. Extensive evaluations across various datasets validate the effectiveness of MLLM-MSR, showcasing its superior ability to capture and adapt to the evolving dynamics of user preferences.

In real-world scenarios, using multiple modalities like visible (RGB) and infrared (IR) can greatly improve the performance of a predictive task such as object detection (OD). Multimodal learning is a common way to leverage these modalities, where multiple modality-specific encoders and a fusion module are used to improve performance. In this paper, we tackle a different way to employ RGB and IR modalities, where only one modality or the other is observed by a single shared vision encoder. This realistic setting requires a lower memory footprint and is more suitable for applications such as autonomous driving and surveillance, which commonly rely on RGB and IR data. However, when learning a single encoder on multiple modalities, one modality can dominate the other, producing uneven recognition results. This work investigates how to efficiently leverage RGB and IR modalities to train a common transformer-based OD vision encoder, while countering the effects of modality imbalance. For this, we introduce a novel training technique to Mix Patches (MiPa) from the two modalities, in conjunction with a patch-wise modality agnostic module, for learning a common representation of both modalities. Our experiments show that MiPa can learn a representation to reach competitive results on traditional RGB/IR benchmarks while only requiring a single modality during inference. Our code is available at: https://github.com/heitorrapela/MiPa.

Image matching for both cross-view and cross-modality plays a critical role in multimodal perception. In practice, the modality gap caused by different imaging systems/styles poses great challenges to the matching task. Existing works try to extract invariant features for specific modalities and train on limited datasets, showing poor generalization. In this paper, we present MINIMA, a unified image matching framework for multiple cross-modal cases. Without pursuing fancy modules, our MINIMA aims to enhance universal performance from the perspective of data scaling up. For such purpose, we propose a simple yet effective data engine that can freely produce a large dataset containing multiple modalities, rich scenarios, and accurate matching labels. Specifically, we scale up the modalities from cheap but rich RGB-only matching data, by means of generative models. Under this setting, the matching labels and rich diversity of the RGB dataset are well inherited by the generated multimodal data. Benefiting from this, we construct MD-syn, a new comprehensive dataset that fills the data gap for general multimodal image matching. With MD-syn, we can directly train any advanced matching pipeline on randomly selected modality pairs to obtain cross-modal ability. Extensive experiments on in-domain and zero-shot matching tasks, including 19 cross-modal cases, demonstrate that our MINIMA can significantly outperform the baselines and even surpass modality-specific methods. The dataset and code are available at https://github.com/LSXI7/MINIMA .

Financial analysis presents complex challenges that could leverage large language model (LLM) capabilities. However, the scarcity of challenging financial datasets, particularly for Japanese financial data, impedes academic innovation in financial analytics. As LLMs advance, this lack of accessible research resources increasingly hinders their development and evaluation in this specialized domain. To address this gap, we introduce EDINET-Bench, an open-source Japanese financial benchmark designed to evaluate the performance of LLMs on challenging financial tasks including accounting fraud detection, earnings forecasting, and industry prediction. EDINET-Bench is constructed by downloading annual reports from the past 10 years from Japan's Electronic Disclosure for Investors' NETwork (EDINET) and automatically assigning labels corresponding to each evaluation task. Our experiments reveal that even state-of-the-art LLMs struggle, performing only slightly better than logistic regression in binary classification for fraud detection and earnings forecasting. These results highlight significant challenges in applying LLMs to real-world financial applications and underscore the need for domain-specific adaptation. Our dataset, benchmark construction code, and evaluation code is publicly available to facilitate future research in finance with LLMs.

Recent advances in learning multi-modal representation have witnessed the success in biomedical domains. While established techniques enable handling multi-modal information, the challenges are posed when extended to various clinical modalities and practical modalitymissing setting due to the inherent modality gaps. To tackle these, we propose an innovative Modality-prompted Heterogeneous Graph for Omnimodal Learning (GTP-4o), which embeds the numerous disparate clinical modalities into a unified representation, completes the deficient embedding of missing modality and reformulates the cross-modal learning with a graph-based aggregation. Specially, we establish a heterogeneous graph embedding to explicitly capture the diverse semantic properties on both the modality-specific features (nodes) and the cross-modal relations (edges). Then, we design a modality-prompted completion that enables completing the inadequate graph representation of missing modality through a graph prompting mechanism, which generates hallucination graphic topologies to steer the missing embedding towards the intact representation. Through the completed graph, we meticulously develop a knowledge-guided hierarchical cross-modal aggregation consisting of a global meta-path neighbouring to uncover the potential heterogeneous neighbors along the pathways driven by domain knowledge, and a local multi-relation aggregation module for the comprehensive cross-modal interaction across various heterogeneous relations. We assess the efficacy of our methodology on rigorous benchmarking experiments against prior state-of-the-arts. In a nutshell, GTP-4o presents an initial foray into the intriguing realm of embedding, relating and perceiving the heterogeneous patterns from various clinical modalities holistically via a graph theory. Project page: https://gtp-4-o.github.io/.

Detecting out-of-distribution (OOD) samples is important for deploying machine learning models in safety-critical applications such as autonomous driving and robot-assisted surgery. Existing research has mainly focused on unimodal scenarios on image data. However, real-world applications are inherently multimodal, which makes it essential to leverage information from multiple modalities to enhance the efficacy of OOD detection. To establish a foundation for more realistic Multimodal OOD Detection, we introduce the first-of-its-kind benchmark, MultiOOD, characterized by diverse dataset sizes and varying modality combinations. We first evaluate existing unimodal OOD detection algorithms on MultiOOD, observing that the mere inclusion of additional modalities yields substantial improvements. This underscores the importance of utilizing multiple modalities for OOD detection. Based on the observation of Modality Prediction Discrepancy between in-distribution (ID) and OOD data, and its strong correlation with OOD performance, we propose the Agree-to-Disagree (A2D) algorithm to encourage such discrepancy during training. Moreover, we introduce a novel outlier synthesis method, NP-Mix, which explores broader feature spaces by leveraging the information from nearest neighbor classes and complements A2D to strengthen OOD detection performance. Extensive experiments on MultiOOD demonstrate that training with A2D and NP-Mix improves existing OOD detection algorithms by a large margin. Our source code and MultiOOD benchmark are available at https://github.com/donghao51/MultiOOD.

Multimodal learning significantly benefits cancer survival prediction, especially the integration of pathological images and genomic data. Despite advantages of multimodal learning for cancer survival prediction, massive redundancy in multimodal data prevents it from extracting discriminative and compact information: (1) An extensive amount of intra-modal task-unrelated information blurs discriminability, especially for gigapixel whole slide images (WSIs) with many patches in pathology and thousands of pathways in genomic data, leading to an ``intra-modal redundancy" issue. (2) Duplicated information among modalities dominates the representation of multimodal data, which makes modality-specific information prone to being ignored, resulting in an ``inter-modal redundancy" issue. To address these, we propose a new framework, Prototypical Information Bottlenecking and Disentangling (PIBD), consisting of Prototypical Information Bottleneck (PIB) module for intra-modal redundancy and Prototypical Information Disentanglement (PID) module for inter-modal redundancy. Specifically, a variant of information bottleneck, PIB, is proposed to model prototypes approximating a bunch of instances for different risk levels, which can be used for selection of discriminative instances within modality. PID module decouples entangled multimodal data into compact distinct components: modality-common and modality-specific knowledge, under the guidance of the joint prototypical distribution. Extensive experiments on five cancer benchmark datasets demonstrated our superiority over other methods.

Recent advances in generative medical models are constrained by modality-specific scenarios that hinder the integration of complementary evidence from imaging, pathology, and clinical notes. This fragmentation limits their evolution into foundation models that can learn and reason across the full spectrum of biomedical data. We propose MeDiM, the first medical discrete diffusion model that learns shared distributions across modalities without modality-specific components. MeDiM unifies multiple generative tasks: translating between images and text, and jointly producing image-report pairs across domains in response to prompts. Built on a discrete diffusion framework, MeDiM bridges vision and language representations through a shared probabilistic space. To enable unified and flexible medical generation, we employ a multimodal large language model (MLLM) as the diffusion backbone, leveraging its prior knowledge and cross-modal reasoning. Two key designs are introduced: (1) removing the causal attention mask for bidirectional context, and (2) injecting continuous timestep embeddings for diffusion awareness. Experiments demonstrate high-fidelity medical generation (FID 16.60 on MIMIC-CXR and FID 24.19 on PathGen) and accurate report generation (METEOR 0.2650 and 0.2580). Jointly generated image-report pairs further enhance downstream performance (plus6.43 percent BLEU-1, plus18.57 percent BLEU-2, plus31.58 percent BLEU-3, plus4.80 percent METEOR), showing that MeDiM supports coherent and clinically grounded multimodal outputs.

Existing multimodal task-oriented dialog data fails to demonstrate the diverse expressions of user subjective preferences and recommendation acts in the real-life shopping scenario. This paper introduces a new dataset SURE (Multimodal Recommendation Dialog with SUbjective PREference), which contains 12K shopping dialogs in complex store scenes. The data is built in two phases with human annotations to ensure quality and diversity. SURE is well-annotated with subjective preferences and recommendation acts proposed by sales experts. A comprehensive analysis is given to reveal the distinguishing features of SURE. Three benchmark tasks are then proposed on the data to evaluate the capability of multimodal recommendation agents. Based on the SURE, we propose a baseline model, powered by a state-of-the-art multimodal model, for these tasks.

Multimodal click-through rate (CTR) prediction is a key technique in industrial recommender systems. It leverages heterogeneous modalities such as text, images, and behavioral logs to capture high-order feature interactions between users and items, thereby enhancing the system's understanding of user interests and its ability to predict click behavior. The primary challenge in this field lies in effectively utilizing the rich semantic information from multiple modalities while satisfying the low-latency requirements of online inference in real-world applications. To foster progress in this area, the Multimodal CTR Prediction Challenge Track of the WWW 2025 EReL@MIR Workshop formulates the problem into two tasks: (1) Task 1 of Multimodal Item Embedding: this task aims to explore multimodal information extraction and item representation learning methods that enhance recommendation tasks; and (2) Task 2 of Multimodal CTR Prediction: this task aims to explore what multimodal recommendation model can effectively leverage multimodal embedding features and achieve better performance. In this paper, we propose a novel model for Task 2, named Quadratic Interest Network (QIN) for Multimodal CTR Prediction. Specifically, QIN employs adaptive sparse target attention to extract multimodal user behavior features, and leverages Quadratic Neural Networks to capture high-order feature interactions. As a result, QIN achieved an AUC of 0.9798 on the leaderboard and ranked second in the competition. The model code, training logs, hyperparameter configurations, and checkpoints are available at https://github.com/salmon1802/QIN.

We propose a novel approach for analysis of the composition of an equity mutual fund based on the time series decomposition of the price movements of the individual stocks of the fund. The proposed scheme can be applied to check whether the style proclaimed for a mutual fund actually matches with the fund composition. We have applied our proposed framework on eight well known mutual funds of varying styles in the Indian financial market to check the consistency between their fund style and actual fund composition, and have obtained extensive results from our experiments. A detailed analysis of the results has shown that while in majority of the cases the actual allocations of funds are consistent with the corresponding fund styles, there have been some notable deviations too.

Sequential recommendation (SR) systems have evolved significantly over the past decade, transitioning from traditional collaborative filtering to deep learning approaches and, more recently, to large language models (LLMs). While the adoption of LLMs has driven substantial advancements, these models inherently lack collaborative filtering information, relying primarily on textual content data neglecting other modalities and thus failing to achieve optimal recommendation performance. To address this limitation, we propose Molar, a Multimodal large language sequential recommendation framework that integrates multiple content modalities with ID information to capture collaborative signals effectively. Molar employs an MLLM to generate unified item representations from both textual and non-textual data, facilitating comprehensive multimodal modeling and enriching item embeddings. Additionally, it incorporates collaborative filtering signals through a post-alignment mechanism, which aligns user representations from content-based and ID-based models, ensuring precise personalization and robust performance. By seamlessly combining multimodal content with collaborative filtering insights, Molar captures both user interests and contextual semantics, leading to superior recommendation accuracy. Extensive experiments validate that Molar significantly outperforms traditional and LLM-based baselines, highlighting its strength in utilizing multimodal data and collaborative signals for sequential recommendation tasks. The source code is available at https://anonymous.4open.science/r/Molar-8B06/.

Medicine is inherently multimodal, with rich data modalities spanning text, imaging, genomics, and more. Generalist biomedical artificial intelligence (AI) systems that flexibly encode, integrate, and interpret this data at scale can potentially enable impactful applications ranging from scientific discovery to care delivery. To enable the development of these models, we first curate MultiMedBench, a new multimodal biomedical benchmark. MultiMedBench encompasses 14 diverse tasks such as medical question answering, mammography and dermatology image interpretation, radiology report generation and summarization, and genomic variant calling. We then introduce Med-PaLM Multimodal (Med-PaLM M), our proof of concept for a generalist biomedical AI system. Med-PaLM M is a large multimodal generative model that flexibly encodes and interprets biomedical data including clinical language, imaging, and genomics with the same set of model weights. Med-PaLM M reaches performance competitive with or exceeding the state of the art on all MultiMedBench tasks, often surpassing specialist models by a wide margin. We also report examples of zero-shot generalization to novel medical concepts and tasks, positive transfer learning across tasks, and emergent zero-shot medical reasoning. To further probe the capabilities and limitations of Med-PaLM M, we conduct a radiologist evaluation of model-generated (and human) chest X-ray reports and observe encouraging performance across model scales. In a side-by-side ranking on 246 retrospective chest X-rays, clinicians express a pairwise preference for Med-PaLM M reports over those produced by radiologists in up to 40.50% of cases, suggesting potential clinical utility. While considerable work is needed to validate these models in real-world use cases, our results represent a milestone towards the development of generalist biomedical AI systems.

A common practice in deep learning involves training large neural networks on massive datasets to achieve high accuracy across various domains and tasks. While this approach works well in many application areas, it often fails drastically when processing data from a new modality with a significant distribution shift from the data used to pre-train the model. This paper focuses on adapting a large object detection model trained on RGB images to new data extracted from IR images with a substantial modality shift. We propose Modality Translator (ModTr) as an alternative to the common approach of fine-tuning a large model to the new modality. ModTr adapts the IR input image with a small transformation network trained to directly minimize the detection loss. The original RGB model can then work on the translated inputs without any further changes or fine-tuning to its parameters. Experimental results on translating from IR to RGB images on two well-known datasets show that our simple approach provides detectors that perform comparably or better than standard fine-tuning, without forgetting the knowledge of the original model. This opens the door to a more flexible and efficient service-based detection pipeline, where a unique and unaltered server, such as an RGB detector, runs constantly while being queried by different modalities, such as IR with the corresponding translations model. Our code is available at: https://github.com/heitorrapela/ModTr.

Financial markets are complex systems characterized by high statistical noise, nonlinearity, and constant evolution. Thus, modeling them is extremely hard. We address the task of generating realistic and responsive Limit Order Book (LOB) market simulations, which are fundamental for calibrating and testing trading strategies, performing market impact experiments, and generating synthetic market data. Previous works lack realism, usefulness, and responsiveness of the generated simulations. To bridge this gap, we propose a novel TRAnsformer-based Denoising Diffusion Probabilistic Engine for LOB Simulations (TRADES). TRADES generates realistic order flows conditioned on the state of the market, leveraging a transformer-based architecture that captures the temporal and spatial characteristics of high-frequency market data. There is a notable absence of quantitative metrics for evaluating generative market simulation models in the literature. To tackle this problem, we adapt the predictive score, a metric measured as an MAE, by training a stock price predictive model on synthetic data and testing it on real data. We compare TRADES with previous works on two stocks, reporting an x3.27 and x3.47 improvement over SoTA according to the predictive score, demonstrating that we generate useful synthetic market data for financial downstream tasks. We assess TRADES's market simulation realism and responsiveness, showing that it effectively learns the conditional data distribution and successfully reacts to an experimental agent, giving sprout to possible calibrations and evaluations of trading strategies and market impact experiments. We developed DeepMarket, the first open-source Python framework for market simulation with deep learning. Our repository includes a synthetic LOB dataset composed of TRADES's generates simulations. We release the code at github.com/LeonardoBerti00/DeepMarket.

Cancer has relational information residing at varying scales, modalities, and resolutions of the acquired data, such as radiology, pathology, genomics, proteomics, and clinical records. Integrating diverse data types can improve the accuracy and reliability of cancer diagnosis and treatment. There can be disease-related information that is too subtle for humans or existing technological tools to discern visually. Traditional methods typically focus on partial or unimodal information about biological systems at individual scales and fail to encapsulate the complete spectrum of the heterogeneous nature of data. Deep neural networks have facilitated the development of sophisticated multimodal data fusion approaches that can extract and integrate relevant information from multiple sources. Recent deep learning frameworks such as Graph Neural Networks (GNNs) and Transformers have shown remarkable success in multimodal learning. This review article provides an in-depth analysis of the state-of-the-art in GNNs and Transformers for multimodal data fusion in oncology settings, highlighting notable research studies and their findings. We also discuss the foundations of multimodal learning, inherent challenges, and opportunities for integrative learning in oncology. By examining the current state and potential future developments of multimodal data integration in oncology, we aim to demonstrate the promising role that multimodal neural networks can play in cancer prevention, early detection, and treatment through informed oncology practices in personalized settings.

With the popularity of multimodal techniques, it receives growing interests to acquire useful information in visual forms. In this work, we formally define an emerging IR paradigm called Visualized Information Retrieval, or Vis-IR, where multimodal information, such as texts, images, tables and charts, is jointly represented by a unified visual format called Screenshots, for various retrieval applications. We further make three key contributions for Vis-IR. First, we create VIRA (Vis-IR Aggregation), a large-scale dataset comprising a vast collection of screenshots from diverse sources, carefully curated into captioned and question-answer formats. Second, we develop UniSE (Universal Screenshot Embeddings), a family of retrieval models that enable screenshots to query or be queried across arbitrary data modalities. Finally, we construct MVRB (Massive Visualized IR Benchmark), a comprehensive benchmark covering a variety of task forms and application scenarios. Through extensive evaluations on MVRB, we highlight the deficiency from existing multimodal retrievers and the substantial improvements made by UniSE. Our work will be shared with the community, laying a solid foundation for this emerging field.

The large-scale training of multi-modal models on data scraped from the web has shown outstanding utility in infusing these models with the required world knowledge to perform effectively on multiple downstream tasks. However, one downside of scraping data from the web can be the potential sacrifice of the benchmarks on which the abilities of these models are often evaluated. To safeguard against test data contamination and to truly test the abilities of these foundation models we propose LiveXiv: A scalable evolving live benchmark based on scientific ArXiv papers. LiveXiv accesses domain-specific manuscripts at any given timestamp and proposes to automatically generate visual question-answer pairs (VQA). This is done without any human-in-the-loop, using the multi-modal content in the manuscripts, like graphs, charts, and tables. Moreover, we introduce an efficient evaluation approach that estimates the performance of all models on the evolving benchmark using evaluations of only a subset of models. This significantly reduces the overall evaluation cost. We benchmark multiple open and proprietary Large Multi-modal Models (LMMs) on the first version of our benchmark, showing its challenging nature and exposing the models true abilities, avoiding contamination. Lastly, in our commitment to high quality, we have collected and evaluated a manually verified subset. By comparing its overall results to our automatic annotations, we have found that the performance variance is indeed minimal (<2.5%). Our dataset is available online on HuggingFace, and our code will be available here.

We develop a portfolio allocation framework that leverages deep learning techniques to address challenges arising from high-dimensional, non-stationary, and low-signal-to-noise market information. Our approach includes a dynamic embedding method that reduces the non-stationary, high-dimensional state space into a lower-dimensional representation. We design a reinforcement learning (RL) framework that integrates generative autoencoders and online meta-learning to dynamically embed market information, enabling the RL agent to focus on the most impactful parts of the state space for portfolio allocation decisions. Empirical analysis based on the top 500 U.S. stocks demonstrates that our framework outperforms common portfolio benchmarks and the predict-then-optimize (PTO) approach using machine learning, particularly during periods of market stress. Traditional factor models do not fully explain this superior performance. The framework's ability to time volatility reduces its market exposure during turbulent times. Ablation studies confirm the robustness of this performance across various reinforcement learning algorithms. Additionally, the embedding and meta-learning techniques effectively manage the complexities of high-dimensional, noisy, and non-stationary financial data, enhancing both portfolio performance and risk management.

Multi-modal entity alignment (MMEA) aims to discover identical entities across different knowledge graphs (KGs) whose entities are associated with relevant images. However, current MMEA algorithms rely on KG-level modality fusion strategies for multi-modal entity representation, which ignores the variations of modality preferences of different entities, thus compromising robustness against noise in modalities such as blurry images and relations. This paper introduces MEAformer, a multi-modal entity alignment transformer approach for meta modality hybrid, which dynamically predicts the mutual correlation coefficients among modalities for more fine-grained entity-level modality fusion and alignment. Experimental results demonstrate that our model not only achieves SOTA performance in multiple training scenarios, including supervised, unsupervised, iterative, and low-resource settings, but also has a limited number of parameters, efficient runtime, and interpretability. Our code is available at https://github.com/zjukg/MEAformer.

Multimodal pathology-genomic analysis is critical for cancer survival prediction. However, existing approaches predominantly integrate formalin-fixed paraffin-embedded (FFPE) slides with genomic data, while neglecting the availability of other preservation slides, such as Fresh Froze (FF) slides. Moreover, as the high-resolution spatial nature of pathology data tends to dominate the cross-modality fusion process, it hinders effective multimodal fusion and leads to modality imbalance challenges between pathology and genomics. These methods also typically require complete data modalities, limiting their clinical applicability with incomplete modalities, such as missing either pathology or genomic data. In this paper, we propose a multimodal survival prediction framework that leverages hypergraph learning to effectively integrate multi-WSI information and cross-modality interactions between pathology slides and genomics data while addressing modality imbalance. In addition, we introduce a memory mechanism that stores previously learned paired pathology-genomic features and dynamically compensates for incomplete modalities. Experiments on five TCGA datasets demonstrate that our model outperforms advanced methods by over 2.3% in C-Index. Under incomplete modality scenarios, our approach surpasses pathology-only (3.3%) and gene-only models (7.9%). Code: https://github.com/MCPathology/M2Surv

Multi-modal transformers mark significant progress in different domains, but siloed high-quality data hinders their further improvement. To remedy this, federated learning (FL) has emerged as a promising privacy-preserving paradigm for training models without direct access to the raw data held by different clients. Despite its potential, a considerable research direction regarding the unpaired uni-modal clients and the transformer architecture in FL remains unexplored. To fill this gap, this paper explores a transfer multi-modal federated learning (MFL) scenario within the vision-language domain, where clients possess data of various modalities distributed across different datasets. We systematically evaluate the performance of existing methods when a transformer architecture is utilized and introduce a novel framework called Federated modality complementary and collaboration (FedCola) by addressing the in-modality and cross-modality gaps among clients. Through extensive experiments across various FL settings, FedCola demonstrates superior performance over previous approaches, offering new perspectives on future federated training of multi-modal transformers.

In this study, we aim to initiate the development of Radiology Foundation Model, termed as RadFM.We consider the construction of foundational models from the perspectives of data, model design, and evaluation thoroughly. Our contribution can be concluded as follows: (i), we construct a large-scale Medical Multi-modal Dataset, MedMD, consisting of 16M 2D and 3D medical scans. To the best of our knowledge, this is the first multi-modal dataset containing 3D medical scans. (ii), We propose an architecture that enables visually conditioned generative pre-training, allowing for the integration of text input interleaved with 2D or 3D medical scans to generate response for diverse radiologic tasks. The model was initially pre-trained on MedMD and subsequently domain-specific fine-tuned on RadMD, a radiologic cleaned version of MedMD, containing 3M radiologic visual-language pairs. (iii), we propose a new evaluation benchmark that comprises five tasks, aiming to comprehensively assess the capability of foundation models in handling practical clinical problems. Our experimental results confirm that RadFM significantly outperforms existing multi-modal foundation models. The codes, data, and model checkpoint will all be made publicly available to promote further research and development in the field.

Most economic theories typically assume that financial market participants are fully rational individuals and use mathematical models to simulate human behavior in financial markets. However, human behavior is often not entirely rational and is challenging to predict accurately with mathematical models. In this paper, we propose Agent-based Simulated Financial Market (ASFM), which first constructs a simulated stock market with a real order matching system. Then, we propose a large language model based agent as the stock trader, which contains the profile, observation, and tool-learning based action module. The trading agent can comprehensively understand current market dynamics and financial policy information, and make decisions that align with their trading strategy. In the experiments, we first verify that the reactions of our ASFM are consistent with the real stock market in two controllable scenarios. In addition, we also conduct experiments in two popular economics research directions, and we find that conclusions drawn in our \model align with the preliminary findings in economics research. Based on these observations, we believe our proposed ASFM provides a new paradigm for economic research.

Electronic Health Records (EHRs), which contain patients' medical histories in various multi-modal formats, often overlook the potential for joint reasoning across imaging and table modalities underexplored in current EHR Question Answering (QA) systems. In this paper, we introduce EHRXQA, a novel multi-modal question answering dataset combining structured EHRs and chest X-ray images. To develop our dataset, we first construct two uni-modal resources: 1) The MIMIC- CXR-VQA dataset, our newly created medical visual question answering (VQA) benchmark, specifically designed to augment the imaging modality in EHR QA, and 2) EHRSQL (MIMIC-IV), a refashioned version of a previously established table-based EHR QA dataset. By integrating these two uni-modal resources, we successfully construct a multi-modal EHR QA dataset that necessitates both uni-modal and cross-modal reasoning. To address the unique challenges of multi-modal questions within EHRs, we propose a NeuralSQL-based strategy equipped with an external VQA API. This pioneering endeavor enhances engagement with multi-modal EHR sources and we believe that our dataset can catalyze advances in real-world medical scenarios such as clinical decision-making and research. EHRXQA is available at https://github.com/baeseongsu/ehrxqa.

Advancement in information and communication technology (ICT) has given rise to explosion of data in every field of operations. Working with the enormous volume of data (or Big Data, as it is popularly known as) for extraction of useful information to support decision making is one of the sources of competitive advantage for organizations today. Enterprises are leveraging the power of analytics in formulating business strategy in every facet of their operations to mitigate business risk. Volatile global market scenario has compelled the organizations to redefine their supply chain management (SCM). In this paper, we have delineated the relevance of Big Data and its importance in managing end to end supply chains for achieving business excellence. A Big Data-centric architecture for SCM has been proposed that exploits the current state of the art technology of data management, analytics and visualization. The security and privacy requirements of a Big Data system have also been highlighted and several mechanisms have been discussed to implement these features in a real world Big Data system deployment in the context of SCM. Some future scope of work has also been pointed out. Keyword: Big Data, Analytics, Cloud, Architecture, Protocols, Supply Chain Management, Security, Privacy.

Multi-modal models have shown a promising capability to effectively integrate information from various sources, yet meanwhile, they are found vulnerable to pervasive perturbations, such as uni-modal attacks and missing conditions. To counter these perturbations, robust multi-modal representations are highly expected, which are positioned well away from the discriminative multi-modal decision boundary. In this paper, different from conventional empirical studies, we focus on a commonly used joint multi-modal framework and theoretically discover that larger uni-modal representation margins and more reliable integration for modalities are essential components for achieving higher robustness. This discovery can further explain the limitation of multi-modal robustness and the phenomenon that multi-modal models are often vulnerable to attacks on the specific modality. Moreover, our analysis reveals how the widespread issue, that the model has different preferences for modalities, limits the multi-modal robustness by influencing the essential components and could lead to attacks on the specific modality highly effective. Inspired by our theoretical finding, we introduce a training procedure called Certifiable Robust Multi-modal Training (CRMT), which can alleviate this influence from modality preference and explicitly regulate essential components to significantly improve robustness in a certifiable manner. Our method demonstrates substantial improvements in performance and robustness compared with existing methods. Furthermore, our training procedure can be easily extended to enhance other robust training strategies, highlighting its credibility and flexibility.

Government fiscal policies, particularly annual union budgets, exert significant influence on financial markets. However, real-time analysis of budgetary impacts on sector-specific equity performance remains methodologically challenging and largely unexplored. This study proposes a framework to systematically identify and rank sectors poised to benefit from India's Union Budget announcements. The framework addresses two core tasks: (1) multi-label classification of excerpts from budget transcripts into 81 predefined economic sectors, and (2) performance ranking of these sectors. Leveraging a comprehensive corpus of Indian Union Budget transcripts from 1947 to 2025, we introduce BASIR (Budget-Assisted Sectoral Impact Ranking), an annotated dataset mapping excerpts from budgetary transcripts to sectoral impacts. Our architecture incorporates fine-tuned embeddings for sector identification, coupled with language models that rank sectors based on their predicted performances. Our results demonstrate 0.605 F1-score in sector classification, and 0.997 NDCG score in predicting ranks of sectors based on post-budget performances. The methodology enables investors and policymakers to quantify fiscal policy impacts through structured, data-driven insights, addressing critical gaps in manual analysis. The annotated dataset has been released under CC-BY-NC-SA-4.0 license to advance computational economics research.

Multimodal Attributed Graphs (MAGs) are ubiquitous in real-world applications, encompassing extensive knowledge through multimodal attributes attached to nodes (e.g., texts and images) and topological structure representing node interactions. Despite its potential to advance diverse research fields like social networks and e-commerce, MAG representation learning (MAGRL) remains underexplored due to the lack of standardized datasets and evaluation frameworks. In this paper, we first propose MAGB, a comprehensive MAG benchmark dataset, featuring curated graphs from various domains with both textual and visual attributes. Based on MAGB dataset, we further systematically evaluate two mainstream MAGRL paradigms: GNN-as-Predictor, which integrates multimodal attributes via Graph Neural Networks (GNNs), and VLM-as-Predictor, which harnesses Vision Language Models (VLMs) for zero-shot reasoning. Extensive experiments on MAGB reveal following critical insights: (i) Modality significances fluctuate drastically with specific domain characteristics. (ii) Multimodal embeddings can elevate the performance ceiling of GNNs. However, intrinsic biases among modalities may impede effective training, particularly in low-data scenarios. (iii) VLMs are highly effective at generating multimodal embeddings that alleviate the imbalance between textual and visual attributes. These discoveries, which illuminate the synergy between multimodal attributes and graph topologies, contribute to reliable benchmarks, paving the way for future MAG research. The MAGB dataset and evaluation pipeline are publicly available at https://github.com/sktsherlock/MAGB.

In this paper, we investigate the influence of claims in analyst reports and earnings calls on financial market returns, considering them as significant quarterly events for publicly traded companies. To facilitate a comprehensive analysis, we construct a new financial dataset for the claim detection task in the financial domain. We benchmark various language models on this dataset and propose a novel weak-supervision model that incorporates the knowledge of subject matter experts (SMEs) in the aggregation function, outperforming existing approaches. We also demonstrate the practical utility of our proposed model by constructing a novel measure of optimism. Here, we observe the dependence of earnings surprise and return on our optimism measure. Our dataset, models, and code are publicly (under CC BY 4.0 license) available on GitHub.

The inherent challenge of multimodal fusion is to precisely capture the cross-modal correlation and flexibly conduct cross-modal interaction. To fully release the value of each modality and mitigate the influence of low-quality multimodal data, dynamic multimodal fusion emerges as a promising learning paradigm. Despite its widespread use, theoretical justifications in this field are still notably lacking. Can we design a provably robust multimodal fusion method? This paper provides theoretical understandings to answer this question under a most popular multimodal fusion framework from the generalization perspective. We proceed to reveal that several uncertainty estimation solutions are naturally available to achieve robust multimodal fusion. Then a novel multimodal fusion framework termed Quality-aware Multimodal Fusion (QMF) is proposed, which can improve the performance in terms of classification accuracy and model robustness. Extensive experimental results on multiple benchmarks can support our findings.

Medical image segmentation involves partitioning medical images into meaningful regions, with a focus on identifying anatomical structures and lesions. It has broad applications in healthcare, and deep learning methods have enabled significant advancements in automating this process. Recently, the introduction of the Segmentation Anything Model (SAM), the first foundation model for segmentation task, has prompted researchers to adapt it for the medical domain to improve performance across various tasks. However, SAM's large model size and high GPU requirements hinder its scalability and development in the medical domain. In this work, we propose MCP-MedSAM, a powerful and lightweight medical SAM model designed to be trainable on a single A100 GPU with 40GB of memory within one day while delivering superior segmentation performance. Recognizing the significant internal differences between modalities and the need for direct segmentation target information within bounding boxes, we introduce two kinds of prompts: the modality prompt and the content prompt. After passing through the prompt encoder, their embedding representations can further improve the segmentation performance by incorporating more relevant information without adding significant training overhead. Additionally, we adopt an effective modality-based data sampling strategy to address data imbalance between modalities, ensuring more balanced performance across all modalities. Our method was trained and evaluated using a large-scale challenge dataset, compared to top-ranking methods on the challenge leaderboard, MCP-MedSAM achieved superior performance while requiring only one day of training on a single GPU. The code is publicly available at blue{https://github.com/dong845/MCP-MedSAM}.}

Alzheimer's Disease (AD) is the most common form of dementia and often difficult to diagnose due to the multifactorial etiology of dementia. Recent works on neuroimaging-based computer-aided diagnosis with deep neural networks (DNNs) showed that fusing structural magnetic resonance images (sMRI) and fluorodeoxyglucose positron emission tomography (FDG-PET) leads to improved accuracy in a study population of healthy controls and subjects with AD. However, this result conflicts with the established clinical knowledge that FDG-PET better captures AD-specific pathologies than sMRI. Therefore, we propose a framework for the systematic evaluation of multi-modal DNNs and critically re-evaluate single- and multi-modal DNNs based on FDG-PET and sMRI for binary healthy vs. AD, and three-way healthy/mild cognitive impairment/AD classification. Our experiments demonstrate that a single-modality network using FDG-PET performs better than MRI (accuracy 0.91 vs 0.87) and does not show improvement when combined. This conforms with the established clinical knowledge on AD biomarkers, but raises questions about the true benefit of multi-modal DNNs. We argue that future work on multi-modal fusion should systematically assess the contribution of individual modalities following our proposed evaluation framework. Finally, we encourage the community to go beyond healthy vs. AD classification and focus on differential diagnosis of dementia, where fusing multi-modal image information conforms with a clinical need.

We used a dataset of daily Bloomberg Financial Market Summaries from 2010 to 2023, reposted on large financial media, to determine how global news headlines may affect stock market movements using ChatGPT and a two-stage prompt approach. We document a statistically significant positive correlation between the sentiment score and future equity market returns over short to medium term, which reverts to a negative correlation over longer horizons. Validation of this correlation pattern across multiple equity markets indicates its robustness across equity regions and resilience to non-linearity, evidenced by comparison of Pearson and Spearman correlations. Finally, we provide an estimate of the optimal horizon that strikes a balance between reactivity to new information and correlation.

Learning holistic computational representations in physical, chemical or biological systems requires the ability to process information from different distributions and modalities within the same model. Thus, the demand for multimodal machine learning models has sharply risen for modalities that go beyond vision and language, such as sequences, graphs, time series, or tabular data. While there are many available multimodal fusion and alignment approaches, most of them require end-to-end training, scale quadratically with the number of modalities, cannot handle cases of high modality imbalance in the training set, or are highly topology-specific, making them too restrictive for many biomedical learning tasks. This paper presents Multimodal Lego (MM-Lego), a modular and general-purpose fusion and model merging framework to turn any set of encoders into a competitive multimodal model with no or minimal fine-tuning. We achieve this by introducing a wrapper for unimodal encoders that enforces lightweight dimensionality assumptions between modalities and harmonises their representations by learning features in the frequency domain to enable model merging with little signal interference. We show that MM-Lego 1) can be used as a model merging method which achieves competitive performance with end-to-end fusion models without any fine-tuning, 2) can operate on any unimodal encoder, and 3) is a model fusion method that, with minimal fine-tuning, achieves state-of-the-art results on six benchmarked multimodal biomedical tasks.

We propose to improve transformers of a specific modality with irrelevant data from other modalities, e.g., improve an ImageNet model with audio or point cloud datasets. We would like to highlight that the data samples of the target modality are irrelevant to the other modalities, which distinguishes our method from other works utilizing paired (e.g., CLIP) or interleaved data of different modalities. We propose a methodology named Multimodal Pathway - given a target modality and a transformer designed for it, we use an auxiliary transformer trained with data of another modality and construct pathways to connect components of the two models so that data of the target modality can be processed by both models. In this way, we utilize the universal sequence-to-sequence modeling abilities of transformers obtained from two modalities. As a concrete implementation, we use a modality-specific tokenizer and task-specific head as usual but utilize the transformer blocks of the auxiliary model via a proposed method named Cross-Modal Re-parameterization, which exploits the auxiliary weights without any inference costs. On the image, point cloud, video, and audio recognition tasks, we observe significant and consistent performance improvements with irrelevant data from other modalities. The code and models are available at https://github.com/AILab-CVC/M2PT.

The increasing interest in developing Artificial Intelligence applications in the medical domain, suffers from the lack of high-quality dataset, mainly due to privacy-related issues. Moreover, the recent rising of Multimodal Large Language Models (MLLM) leads to a need for multimodal medical datasets, where clinical reports and findings are attached to the corresponding CT or MR scans. This paper illustrates the entire workflow for building the data set MedPix 2.0. Starting from the well-known multimodal dataset MedPix\textregistered, mainly used by physicians, nurses and healthcare students for Continuing Medical Education purposes, a semi-automatic pipeline was developed to extract visual and textual data followed by a manual curing procedure where noisy samples were removed, thus creating a MongoDB database. Along with the dataset, we developed a GUI aimed at navigating efficiently the MongoDB instance, and obtaining the raw data that can be easily used for training and/or fine-tuning MLLMs. To enforce this point, we also propose a CLIP-based model trained on MedPix 2.0 for scan classification tasks.