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Two Sigma
Technology and investment company that applies data science, technology, and quantitative research to financial markets.
10 postsWebsite
Latest articles
5 Career Myths From Women in Engineering
Three engineering leaders at Two Sigma—Angela Wang, Cecilia Ye, and Mae Santos—challenge conventional career progression models by examining five persistent industry myths. Diverse transitions across civil engineering, enterprise architecture, and customer-facing solutions architecture supplied foundational skills for modern roles in feature engineering, reliability engineering, and real-time trading optimizers. The leaders emphasize that deep domain expertise stems from direct proximity to an active system rather than cumulative years of tenure. Beyond core programming capabilities, proactive contributions such as upgrading operational standards and cultivating peer relationships drive career opportunities and leadership recognition. Adapting to emerging technologies and maintaining consistent execution allows engineers to build credibility across evolving technical environments.
Emily MajewskiAI in Investment Management: 2026 Outlook (Part II)
Two Sigma leadership outlines the evolving role of artificial intelligence across quantitative investing workflows heading into 2026. The firm is embedding frontier large language models into internal systems, incident management, and feature generation pipelines to accelerate research tasks that previously took months into days. Technical focus across the broader field is shifting from raw parameter scaling toward efficiency optimizations, multimodal unified representations, and mechanistic interpretability circuits. In forecasting pipelines, rapid automated hypothesis generation introduces severe risks of overfitting and compromised backtesting, particularly when pre-trained models already contain historical regime knowledge prior to their cutoff dates. Consequently, engineering success requires strong institutional research discipline, production monitoring, and skepticism alongside the adoption of automated agentic tooling.
Emily MajewskiAI in Investment Management: 2026 Outlook (Part I)
Senior leaders and researchers at Two Sigma analyze the expanding role of artificial intelligence across quantitative investment management for 2026. Rapid model improvements are inverting traditional quantitative research workflows by vastly expanding hypothesis generation and shifting operational bottlenecks toward rapid evaluation. Rather than relying on large language models to execute trades independently, firms are integrating agentic workflows as an underlying operating system across data pipelines and portfolio rooms. However, autonomous agents present alignment challenges because they optimize proxy objective functions relentlessly without intrinsic contextual awareness. Sustained success relies heavily on human supervision, rigorous safety monitoring, and disciplined research execution rather than mere compute scale or model complexity.
Emily MajewskiTreating Data as Code at Two Sigma
Scaling research and trading platforms across thousands of data sources created bottlenecks at Two Sigma, where reliance on database snapshots and fragmented infrastructure slowed dataset delivery to data scientists. To address operational costs and architectural complexity, the data engineering team adopted software development principles by treating data as code. The organization migrated to Google BigQuery's serverless architecture, standardized SQL transformations using dbt, and defined declarative pipelines with Terraform under continuous integration workflows. Internal tooling was introduced to track directed acyclic graph dependencies, automate anomaly detection, and streamline data discovery. These shifts eliminated manual data movement routines, reduced operational overhead, and enabled formal data contracts to safeguard downstream consumers and emerging language model integrations.
Emily MajewskiPlatform Thinking: Three Views from Two Sigma Leaders
Two Sigma structures its quantitative investment operations around foundational platforms that balance operational speed with scientific rigor. In data engineering, foundational teams provide both raw and curated datasets using BigQuery, CI/CD-managed transformation pipelines, and reusable data contracts termed ice cubes to serve ninety percent of use cases. Quantitative modeling incorporates open-source large language models trained strictly on point-in-time data to rapidly generate features while preventing temporal leakage. Long-term platform innovation follows an epsilon and omega strategy that couples overarching vision with iterative, learning-focused steps. Platform leadership categorizes artificial intelligence applications into advisory, oracle, operational, and agentic functions designed to enhance human productivity rather than replace researchers.
Emily MajewskiOdysseus to AI: Matt Greenwood on the Dev Interrupted Podcast
Matt Greenwood, Chief Innovation Officer at Two Sigma, outlines strategies for managing technological change, integrating artificial intelligence into systematic investment, and building supportive engineering organizations. Greenwood describes sustained innovation through the S-curve using an epsilon and omega approach, combining small iterative steps with a broad long-term vision. To direct resources amid rapid advances in machine learning and large language models, he presents a functional framework categorizing AI roles into advisory insights, oracle outcome validation, operational task automation, and agentic coordination. This categorization aims to automate routine workflows while keeping human creativity, control, and higher-level thinking at the center of the investment process. Additionally, the organization fosters employee engagement through initiatives such as an internal hacker lab where cross-disciplinary teams build projects ranging from robots to racing simulators.
Emily MajewskiAI Core Team Lead Mike Schuster on How to Get the Most From LLMs
Mike Schuster, Head of the AI Core Team at Two Sigma, advocates for grounding large language model adoption in practical tasks rather than speculative industry hype. Realistic enterprise applications focus on accelerating data processing, running faster experiments, and extracting domain-specific features from transcripts such as earnings calls and Federal Reserve speeches via prompt engineering. Because financial data faces inherent volume limits across trading days, successful deployments require multidisciplinary human teams to balance rapid technical experimentation with rigorous domain expertise and analytical reasoning. Schuster also dismisses predictions that programming will become obsolete, comparing coding to learning a musical instrument that cultivates structured thinking, problem decomposition, and scientific common sense essential for building complex predictive models.
Joy LooneyImproving Compute Sustainability: A Case Study
Two Sigma's large computing footprint drives significant energy consumption and carbon emissions, particularly across live trading applications that require continuous real-time market data caching. To address this overhead without sacrificing performance, engineering teams used a routine hardware refresh to transition from legacy single-process machines to denser multi-core server configurations. By replacing roughly 60 legacy hosts with 28-core processor hardware, the team distributed baseline power draw over more cores and eliminated underutilized compute capacity. This architectural consolidation reduced absolute power consumption across production hosts by 66%, dropping electricity usage from 27 MWh in January 2023 to 10 MWh in January 2024. The initiative subsequently established an annual sustainability rationalization practice for hardware budgeting across the organization.
Emily MajewskiOffice Hours with Engineering Managing Director Mae Santos
Mae Santos, Head of Critical Applications and Data Reliability Engineering at Two Sigma, leads a global team across New York, Houston, London, and Tokyo to support critical applications and data pipelines. While software teams frequently prioritize functional features over operational stability, designing systems with reliability in mind from the beginning allows for progressive enhancements without complete rewrites. System architecture should be guided by concrete goals across four key dimensions: availability, observability, scalability, and supportability. In addition, mapping out interconnections among systems, infrastructure, data, and human processes helps teams manage dependencies effectively. Applying automation across support and delivery workflows further reinforces reliability by minimizing human error and accelerating execution.
Emily MajewskiNeurIPS 2023: Our Favorite Papers on LLMs, Statistical Learning, and More
Researchers reviewed prominent machine learning papers presented at NeurIPS 2023 covering large language models and statistical learning theory. One investigation showed that claimed emergent abilities in models such as GPT-3 often result from nonlinear evaluation metrics rather than fundamental shifts in model capability. To reduce the computational burden of model adaptation, QLoRA enables 65-billion-parameter model fine-tuning on a single 48-gigabyte GPU via 4-bit NormalFloat quantization and paged optimization. Direct Preference Optimization eliminates complex reward modeling by casting reinforcement learning from human feedback into a preference classification task. Additional work resolved statistical anomalies like double descent using effective parameter counts and introduced stochastic gradient approximations for Gaussian processes.
Emily Majewski