Daily Papers

LLM-based trading agents are increasingly deployed in real-world financial markets to perform autonomous analysis and execution. However, their reliability and robustness under adversarial or faulty conditions remain largely unexamined, despite operating in high-risk, irreversible financial environments. We propose TradeTrap, a unified evaluation framework for systematically stress-testing both adaptive and procedural autonomous trading agents. TradeTrap targets four core components of autonomous trading agents: market intelligence, strategy formulation, portfolio and ledger handling, and trade execution, and evaluates their robustness under controlled system-level perturbations. All evaluations are conducted in a closed-loop historical backtesting setting on real US equity market data with identical initial conditions, enabling fair and reproducible comparisons across agents and attacks. Extensive experiments show that small perturbations at a single component can propagate through the agent decision loop and induce extreme concentration, runaway exposure, and large portfolio drawdowns across both agent types, demonstrating that current autonomous trading agents can be systematically misled at the system level. Our code is available at https://github.com/Yanlewen/TradeTrap.

Large language models show promise for financial decision-making, yet deploying them as autonomous trading agents raises fundamental challenges: how to adapt instructions when rewards arrive late and obscured by market noise, how to synthesize heterogeneous information streams into coherent decisions, and how to bridge the gap between model outputs and executable market actions. We present ATLAS (Adaptive Trading with LLM AgentS), a unified multi-agent framework that integrates structured information from markets, news, and corporate fundamentals to support robust trading decisions. Within ATLAS, the central trading agent operates in an order-aware action space, ensuring that outputs correspond to executable market orders rather than abstract signals. The agent can incorporate feedback while trading using Adaptive-OPRO, a novel prompt-optimization technique that dynamically adapts the prompt by incorporating real-time, stochastic feedback, leading to increasing performance over time. Across regime-specific equity studies and multiple LLM families, Adaptive-OPRO consistently outperforms fixed prompts, while reflection-based feedback fails to provide systematic gains.

Large Language Models (LLMs) have demonstrated remarkable potential as autonomous agents, approaching human-expert performance through advanced reasoning and tool orchestration. However, decision-making in fully dynamic and live environments remains highly challenging, requiring real-time information integration and adaptive responses. While existing efforts have explored live evaluation mechanisms in structured tasks, a critical gap remains in systematic benchmarking for real-world applications, particularly in finance where stringent requirements exist for live strategic responsiveness. To address this gap, we introduce AI-Trader, the first fully-automated, live, and data-uncontaminated evaluation benchmark for LLM agents in financial decision-making. AI-Trader spans three major financial markets: U.S. stocks, A-shares, and cryptocurrencies, with multiple trading granularities to simulate live financial environments. Our benchmark implements a revolutionary fully autonomous minimal information paradigm where agents receive only essential context and must independently search, verify, and synthesize live market information without human intervention. We evaluate six mainstream LLMs across three markets and multiple trading frequencies. Our analysis reveals striking findings: general intelligence does not automatically translate to effective trading capability, with most agents exhibiting poor returns and weak risk management. We demonstrate that risk control capability determines cross-market robustness, and that AI trading strategies achieve excess returns more readily in highly liquid markets than policy-driven environments. These findings expose critical limitations in current autonomous agents and provide clear directions for future improvements. The code and evaluation data are open-sourced to foster community research: https://github.com/HKUDS/AI-Trader.

Recent advancements in Large Language Models (LLMs) have exhibited notable efficacy in question-answering (QA) tasks across diverse domains. Their prowess in integrating extensive web knowledge has fueled interest in developing LLM-based autonomous agents. While LLMs are efficient in decoding human instructions and deriving solutions by holistically processing historical inputs, transitioning to purpose-driven agents requires a supplementary rational architecture to process multi-source information, establish reasoning chains, and prioritize critical tasks. Addressing this, we introduce FinMem, a novel LLM-based agent framework devised for financial decision-making. It encompasses three core modules: Profiling, to customize the agent's characteristics; Memory, with layered message processing, to aid the agent in assimilating hierarchical financial data; and Decision-making, to convert insights gained from memories into investment decisions. Notably, FinMem's memory module aligns closely with the cognitive structure of human traders, offering robust interpretability and real-time tuning. Its adjustable cognitive span allows for the retention of critical information beyond human perceptual limits, thereby enhancing trading outcomes. This framework enables the agent to self-evolve its professional knowledge, react agilely to new investment cues, and continuously refine trading decisions in the volatile financial environment. We first compare FinMem with various algorithmic agents on a scalable real-world financial dataset, underscoring its leading trading performance in stocks. We then fine-tuned the agent's perceptual span and character setting to achieve a significantly enhanced trading performance. Collectively, FinMem presents a cutting-edge LLM agent framework for automated trading, boosting cumulative investment returns.

We demonstrate a situation in which Large Language Models, trained to be helpful, harmless, and honest, can display misaligned behavior and strategically deceive their users about this behavior without being instructed to do so. Concretely, we deploy GPT-4 as an agent in a realistic, simulated environment, where it assumes the role of an autonomous stock trading agent. Within this environment, the model obtains an insider tip about a lucrative stock trade and acts upon it despite knowing that insider trading is disapproved of by company management. When reporting to its manager, the model consistently hides the genuine reasons behind its trading decision. We perform a brief investigation of how this behavior varies under changes to the setting, such as removing model access to a reasoning scratchpad, attempting to prevent the misaligned behavior by changing system instructions, changing the amount of pressure the model is under, varying the perceived risk of getting caught, and making other simple changes to the environment. To our knowledge, this is the first demonstration of Large Language Models trained to be helpful, harmless, and honest, strategically deceiving their users in a realistic situation without direct instructions or training for deception.

Significant progress has been made in automated problem-solving using societies of agents powered by large language models (LLMs). In finance, efforts have largely focused on single-agent systems handling specific tasks or multi-agent frameworks independently gathering data. However, the multi-agent systems' potential to replicate real-world trading firms' collaborative dynamics remains underexplored. TradingAgents proposes a novel stock trading framework inspired by trading firms, featuring LLM-powered agents in specialized roles such as fundamental analysts, sentiment analysts, technical analysts, and traders with varied risk profiles. The framework includes Bull and Bear researcher agents assessing market conditions, a risk management team monitoring exposure, and traders synthesizing insights from debates and historical data to make informed decisions. By simulating a dynamic, collaborative trading environment, this framework aims to improve trading performance. Detailed architecture and extensive experiments reveal its superiority over baseline models, with notable improvements in cumulative returns, Sharpe ratio, and maximum drawdown, highlighting the potential of multi-agent LLM frameworks in financial trading. TradingAgents is available at https://github.com/TauricResearch/TradingAgents.

While Large Language Model (LLM) agents show promise in automated trading, they still face critical limitations. Prominent multi-agent frameworks often suffer from inefficiency, produce inconsistent signals, and lack the end-to-end optimization required to learn a coherent strategy from market feedback. To address this, we introduce AlphaQuanter, a single-agent framework that uses reinforcement learning (RL) to learn a dynamic policy over a transparent, tool-augmented decision workflow, which empowers a single agent to autonomously orchestrate tools and proactively acquire information on demand, establishing a transparent and auditable reasoning process. Extensive experiments demonstrate that AlphaQuanter achieves state-of-the-art performance on key financial metrics. Moreover, its interpretable reasoning reveals sophisticated strategies, offering novel and valuable insights for human traders. Our code for data acquisition and agent training is publicly available at: https://github.com/AlphaQuanter/AlphaQuanter

In financial trading, large language model (LLM)-based agents demonstrate significant potential. However, the high sensitivity to market noise undermines the performance of LLM-based trading systems. To address this limitation, we propose a novel multi-agent system featuring an internal competitive mechanism inspired by modern corporate management structures. The system consists of two specialized teams: (1) Data Team - responsible for processing and condensing massive market data into diversified text factors, ensuring they fit the model's constrained context. (2) Research Team - tasked with making parallelized multipath trading decisions based on deep research methods. The core innovation lies in implementing a real-time evaluation and ranking mechanism within each team, driven by authentic market feedback. Each agent's performance undergoes continuous scoring and ranking, with only outputs from top-performing agents being adopted. The design enables the system to adaptively adjust to dynamic environment, enhances robustness against market noise and ultimately delivers superior trading performance. Experimental results demonstrate that our proposed system significantly outperforms prevailing multi-agent systems and traditional quantitative investment methods across diverse evaluation metrics. ContestTrade is open-sourced on GitHub at https://github.com/FinStep-AI/ContestTrade.

Recent advancements in large language models (LLMs) have enabled powerful agent-based applications in finance, particularly for sentiment analysis, financial report comprehension, and stock forecasting. However, existing systems often lack inter-agent coordination, structured self-reflection, and access to high-quality, domain-specific post-training data such as data from trading activities including both market conditions and agent decisions. These data are crucial for agents to understand the market dynamics, improve the quality of decision-making and promote effective coordination. We introduce TradingGroup, a multi-agent trading system designed to address these limitations through a self-reflective architecture and an end-to-end data-synthesis pipeline. TradingGroup consists of specialized agents for news sentiment analysis, financial report interpretation, stock trend forecasting, trading style adaptation, and a trading decision making agent that merges all signals and style preferences to produce buy, sell or hold decisions. Specifically, we design self-reflection mechanisms for the stock forecasting, style, and decision-making agents to distill past successes and failures for similar reasoning in analogous future scenarios and a dynamic risk-management model to offer configurable dynamic stop-loss and take-profit mechanisms. In addition, TradingGroup embeds an automated data-synthesis and annotation pipeline that generates high-quality post-training data for further improving the agent performance through post-training. Our backtesting experiments across five real-world stock datasets demonstrate TradingGroup's superior performance over rule-based, machine learning, reinforcement learning, and existing LLM-based trading strategies.

The financial market is a mission-critical playground for AI agents due to its temporal dynamics and low signal-to-noise ratio. Building an effective algorithmic trading system may require a professional team to develop and test over the years. In this paper, we propose an orchestration framework for financial agents, which aims to democratize financial intelligence to the general public. We map each component of the traditional algorithmic trading system to agents, including planner, orchestrator, alpha agents, risk agents, portfolio agents, backtest agents, execution agents, audit agents, and memory agent. We present two in-house trading examples. For the stock trading task (hourly data from 04/2024 to 12/2024), our approach achieved a return of 20.42%, a Sharpe ratio of 2.63, and a maximum drawdown of -3.59%, while the S&P 500 index yielded a return of 15.97%. For the BTC trading task (minute data from 27/07/2025 to 13/08/2025), our approach achieved a return of 8.39%, a Sharpe ratio of 0.38, and a maximum drawdown of -2.80%, whereas the BTC price increased by 3.80%. Our code is available on https://github.com/Open-Finance-Lab/AgenticTrading{GitHub}.

Can AI Agents simulate real-world trading environments to investigate the impact of external factors on stock trading activities (e.g., macroeconomics, policy changes, company fundamentals, and global events)? These factors, which frequently influence trading behaviors, are critical elements in the quest for maximizing investors' profits. Our work attempts to solve this problem through large language model based agents. We have developed a multi-agent AI system called StockAgent, driven by LLMs, designed to simulate investors' trading behaviors in response to the real stock market. The StockAgent allows users to evaluate the impact of different external factors on investor trading and to analyze trading behavior and profitability effects. Additionally, StockAgent avoids the test set leakage issue present in existing trading simulation systems based on AI Agents. Specifically, it prevents the model from leveraging prior knowledge it may have acquired related to the test data. We evaluate different LLMs under the framework of StockAgent in a stock trading environment that closely resembles real-world conditions. The experimental results demonstrate the impact of key external factors on stock market trading, including trading behavior and stock price fluctuation rules. This research explores the study of agents' free trading gaps in the context of no prior knowledge related to market data. The patterns identified through StockAgent simulations provide valuable insights for LLM-based investment advice and stock recommendation. The code is available at https://github.com/MingyuJ666/Stockagent.

Artificial Intelligence (AI) and Machine Learning (ML) are transforming the domain of Quantitative Trading (QT) through the deployment of advanced algorithms capable of sifting through extensive financial datasets to pinpoint lucrative investment openings. AI-driven models, particularly those employing ML techniques such as deep learning and reinforcement learning, have shown great prowess in predicting market trends and executing trades at a speed and accuracy that far surpass human capabilities. Its capacity to automate critical tasks, such as discerning market conditions and executing trading strategies, has been pivotal. However, persistent challenges exist in current QT methods, especially in effectively handling noisy and high-frequency financial data. Striking a balance between exploration and exploitation poses another challenge for AI-driven trading agents. To surmount these hurdles, our proposed solution, QTNet, introduces an adaptive trading model that autonomously formulates QT strategies through an intelligent trading agent. Incorporating deep reinforcement learning (DRL) with imitative learning methodologies, we bolster the proficiency of our model. To tackle the challenges posed by volatile financial datasets, we conceptualize the QT mechanism within the framework of a Partially Observable Markov Decision Process (POMDP). Moreover, by embedding imitative learning, the model can capitalize on traditional trading tactics, nurturing a balanced synergy between discovery and utilization. For a more realistic simulation, our trading agent undergoes training using minute-frequency data sourced from the live financial market. Experimental findings underscore the model's proficiency in extracting robust market features and its adaptability to diverse market conditions.

Although Large Language Model (LLM)-based agents are increasingly used in financial trading, it remains unclear whether they can reason and adapt in live markets, as most studies test models instead of agents, cover limited periods and assets, and rely on unverified data. To address these gaps, we introduce Agent Market Arena (AMA), the first lifelong, real-time benchmark for evaluating LLM-based trading agents across multiple markets. AMA integrates verified trading data, expert-checked news, and diverse agent architectures within a unified trading framework, enabling fair and continuous comparison under real conditions. It implements four agents, including InvestorAgent as a single-agent baseline, TradeAgent and HedgeFundAgent with different risk styles, and DeepFundAgent with memory-based reasoning, and evaluates them across GPT-4o, GPT-4.1, Claude-3.5-haiku, Claude-sonnet-4, and Gemini-2.0-flash. Live experiments on both cryptocurrency and stock markets demonstrate that agent frameworks display markedly distinct behavioral patterns, spanning from aggressive risk-taking to conservative decision-making, whereas model backbones contribute less to outcome variation. AMA thus establishes a foundation for rigorous, reproducible, and continuously evolving evaluation of financial reasoning and trading intelligence in LLM-based agents.

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.

We introduce a novel hybrid approach that augments Agent-Based Models (ABMs) with behaviors generated by Large Language Models (LLMs) to simulate human trading interactions. We call our model TraderTalk. Leveraging LLMs trained on extensive human-authored text, we capture detailed and nuanced representations of bilateral conversations in financial trading. Applying this Generative Agent-Based Model (GABM) to government bond markets, we replicate trading decisions between two stylised virtual humans. Our method addresses both structural challenges, such as coordinating turn-taking between realistic LLM-based agents, and design challenges, including the interpretation of LLM outputs by the agent model. By exploring prompt design opportunistically rather than systematically, we enhance the realism of agent interactions without exhaustive overfitting or model reliance. Our approach successfully replicates trade-to-order volume ratios observed in related asset markets, demonstrating the potential of LLM-augmented ABMs in financial simulations

Large language models (LLMs) have recently demonstrated strong capabilities as autonomous agents, showing promise in reasoning, tool use, and sequential decision-making. While prior benchmarks have evaluated LLM agents in domains such as software engineering and scientific discovery, the finance domain remains underexplored, despite its direct relevance to economic value and high-stakes decision-making. Existing financial benchmarks primarily test static knowledge through question answering, but they fall short of capturing the dynamic and iterative nature of trading. To address this gap, we introduce StockBench, a contamination-free benchmark designed to evaluate LLM agents in realistic, multi-month stock trading environments. Agents receive daily market signals -- including prices, fundamentals, and news -- and must make sequential buy, sell, or hold decisions. Performance is assessed using financial metrics such as cumulative return, maximum drawdown, and the Sortino ratio. Our evaluation of state-of-the-art proprietary (e.g., GPT-5, Claude-4) and open-weight (e.g., Qwen3, Kimi-K2, GLM-4.5) models shows that while most LLM agents struggle to outperform the simple buy-and-hold baseline, several models demonstrate the potential to deliver higher returns and manage risk more effectively. These findings highlight both the challenges and opportunities in developing LLM-powered financial agents, showing that excelling at static financial knowledge tasks does not necessarily translate into successful trading strategies. We release StockBench as an open-source resource to support reproducibility and advance future research in this domain.

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.

Trading is a highly competitive task that requires a combination of strategy, knowledge, and psychological fortitude. With the recent success of large language models(LLMs), it is appealing to apply the emerging intelligence of LLM agents in this competitive arena and understanding if they can outperform professional traders. In this survey, we provide a comprehensive review of the current research on using LLMs as agents in financial trading. We summarize the common architecture used in the agent, the data inputs, and the performance of LLM trading agents in backtesting as well as the challenges presented in these research. This survey aims to provide insights into the current state of LLM-based financial trading agents and outline future research directions in this field.

Recent advances in Large Language Models (LLMs) have demonstrated impressive capabilities in financial reasoning and market understanding. Multi-agent LLM frameworks such as TradingAgent and FINMEM augment these models to long-horizon investment tasks, leveraging fundamental and sentiment-based inputs for strategic decision-making. However, such systems are ill-suited for the high-speed, precision-critical demands of High-Frequency Trading (HFT). HFT requires rapid, risk-aware decisions based on structured, short-horizon signals, including technical indicators, chart patterns, and trend-based features, distinct from the long-term semantic reasoning typical of traditional financial LLM applications. To this end, we introduce QuantAgent, the first multi-agent LLM framework explicitly designed for high-frequency algorithmic trading. The system decomposes trading into four specialized agents, Indicator, Pattern, Trend, and Risk, each equipped with domain-specific tools and structured reasoning capabilities to capture distinct aspects of market dynamics over short temporal windows. In zero-shot evaluations across ten financial instruments, including Bitcoin and Nasdaq futures, QuantAgent demonstrates superior performance in both predictive accuracy and cumulative return over 4-hour trading intervals, outperforming strong neural and rule-based baselines. Our findings suggest that combining structured financial priors with language-native reasoning unlocks new potential for traceable, real-time decision systems in high-frequency financial markets.

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.

Online marketplaces will be transformed by autonomous AI agents acting on behalf of consumers. Rather than humans browsing and clicking, vision-language-model (VLM) agents can parse webpages, evaluate products, and transact. This raises a fundamental question: what do AI agents buy, and why? We develop ACES, a sandbox environment that pairs a platform-agnostic VLM agent with a fully programmable mock marketplace to study this question. We first conduct basic rationality checks in the context of simple tasks, and then, by randomizing product positions, prices, ratings, reviews, sponsored tags, and platform endorsements, we obtain causal estimates of how frontier VLMs actually shop. Models show strong but heterogeneous position effects: all favor the top row, yet different models prefer different columns, undermining the assumption of a universal "top" rank. They penalize sponsored tags and reward endorsements. Sensitivities to price, ratings, and reviews are directionally human-like but vary sharply in magnitude across models. Motivated by scenarios where sellers use AI agents to optimize product listings, we show that a seller-side agent that makes minor tweaks to product descriptions, targeting AI buyer preferences, can deliver substantial market-share gains if AI-mediated shopping dominates. We also find that modal product choices can differ across models and, in some cases, demand may concentrate on a few select products, raising competition questions. Together, our results illuminate how AI agents may behave in e-commerce settings and surface concrete seller strategy, platform design, and regulatory questions in an AI-mediated ecosystem.

AI agents are increasingly used in consumer-facing applications to assist with tasks such as product search, negotiation, and transaction execution. In this paper, we explore a future scenario where both consumers and merchants authorize AI agents to fully automate negotiations and transactions. We aim to answer two key questions: (1) Do different LLM agents vary in their ability to secure favorable deals for users? (2) What risks arise from fully automating deal-making with AI agents in consumer markets? To address these questions, we develop an experimental framework that evaluates the performance of various LLM agents in real-world negotiation and transaction settings. Our findings reveal that AI-mediated deal-making is an inherently imbalanced game -- different agents achieve significantly different outcomes for their users. Moreover, behavioral anomalies in LLMs can result in financial losses for both consumers and merchants, such as overspending or accepting unreasonable deals. These results underscore that while automation can improve efficiency, it also introduces substantial risks. Users should exercise caution when delegating business decisions to AI agents.

The rapid adoption of autonomous AI agents is giving rise to a new economic layer where agents transact and coordinate at scales and speeds beyond direct human oversight. We propose the "sandbox economy" as a framework for analyzing this emergent system, characterizing it along two key dimensions: its origins (emergent vs. intentional) and its degree of separateness from the established human economy (permeable vs. impermeable). Our current trajectory points toward a spontaneous emergence of a vast and highly permeable AI agent economy, presenting us with opportunities for an unprecedented degree of coordination as well as significant challenges, including systemic economic risk and exacerbated inequality. Here we discuss a number of possible design choices that may lead to safely steerable AI agent markets. In particular, we consider auction mechanisms for fair resource allocation and preference resolution, the design of AI "mission economies" to coordinate around achieving collective goals, and socio-technical infrastructure needed to ensure trust, safety, and accountability. By doing this, we argue for the proactive design of steerable agent markets to ensure the coming technological shift aligns with humanity's long-term collective flourishing.

The field of artificial intelligence (AI) agents is evolving rapidly, driven by the capabilities of Large Language Models (LLMs) to autonomously perform and refine tasks with human-like efficiency and adaptability. In this context, multi-agent collaboration has emerged as a promising approach, enabling multiple AI agents to work together to solve complex challenges. This study investigates the application of role-based multi-agent systems to support stock selection in equity research and portfolio management. We present a comprehensive analysis performed by a team of specialized agents and evaluate their stock-picking performance against established benchmarks under varying levels of risk tolerance. Furthermore, we examine the advantages and limitations of employing multi-agent frameworks in equity analysis, offering critical insights into their practical efficacy and implementation challenges.

Algorithmic trading requires short-term decisions aligned with long-term financial goals. While reinforcement learning (RL) has been explored for such tactical decisions, its adoption remains limited by myopic behavior and opaque policy rationale. In contrast, large language models (LLMs) have recently demonstrated strategic reasoning and multi-modal financial signal interpretation when guided by well-designed prompts. We propose a hybrid system where LLMs generate high-level trading strategies to guide RL agents in their actions. We evaluate (i) the rationale of LLM-generated strategies via expert review, and (ii) the Sharpe Ratio (SR) and Maximum Drawdown (MDD) of LLM-guided agents versus unguided baselines. Results show improved return and risk metrics over standard RL.

Large Language Models (LLMs), prominently highlighted by the recent evolution in the Generative Pre-trained Transformers (GPT) series, have displayed significant prowess across various domains, such as aiding in healthcare diagnostics and curating analytical business reports. The efficacy of GPTs lies in their ability to decode human instructions, achieved through comprehensively processing historical inputs as an entirety within their memory system. Yet, the memory processing of GPTs does not precisely emulate the hierarchical nature of human memory. This can result in LLMs struggling to prioritize immediate and critical tasks efficiently. To bridge this gap, we introduce an innovative LLM multi-agent framework endowed with layered memories. We assert that this framework is well-suited for stock and fund trading, where the extraction of highly relevant insights from hierarchical financial data is imperative to inform trading decisions. Within this framework, one agent organizes memory into three distinct layers, each governed by a custom decay mechanism, aligning more closely with human cognitive processes. Agents can also engage in inter-agent debate. In financial trading contexts, LLMs serve as the decision core for trading agents, leveraging their layered memory system to integrate multi-source historical actions and market insights. This equips them to navigate financial changes, formulate strategies, and debate with peer agents about investment decisions. Another standout feature of our approach is to equip agents with individualized trading traits, enhancing memory diversity and decision robustness. These sophisticated designs boost the system's responsiveness to historical trades and real-time market signals, ensuring superior automated trading accuracy.

Vision-Language Models (VLMs) enable powerful multi-agent systems, but scaling them is economically unsustainable: coordinating heterogeneous agents under information asymmetry often spirals costs. Existing paradigms, such as Mixture-of-Agents and knowledge-based routers, rely on heuristic proxies that ignore costs and collapse uncertainty structure, leading to provably suboptimal coordination. We introduce Agora, a framework that reframes coordination as a decentralized market for uncertainty. Agora formalizes epistemic uncertainty into a structured, tradable asset (perceptual, semantic, inferential), and enforces profitability-driven trading among agents based on rational economic rules. A market-aware broker, extending Thompson Sampling, initiates collaboration and guides the system toward cost-efficient equilibria. Experiments on five multimodal benchmarks (MMMU, MMBench, MathVision, InfoVQA, CC-OCR) show that Agora outperforms strong VLMs and heuristic multi-agent strategies, e.g., achieving +8.5% accuracy over the best baseline on MMMU while reducing cost by over 3x. These results establish market-based coordination as a principled and scalable paradigm for building economically viable multi-agent visual intelligence systems.

As LLM agents advance, they are increasingly mediating economic decisions, ranging from product discovery to transactions, on behalf of users. Such applications promise benefits but also raise many questions about agent accountability and value for users. Addressing these questions requires understanding how agents behave in realistic market conditions. However, previous research has largely evaluated agents in constrained settings, such as single-task marketplaces (e.g., negotiation) or structured two-agent interactions. Real-world markets are fundamentally different: they require agents to handle diverse economic activities and coordinate within large, dynamic ecosystems where multiple agents with opaque behaviors may engage in open-ended dialogues. To bridge this gap, we investigate two-sided agentic marketplaces where Assistant agents represent consumers and Service agents represent competing businesses. To study these interactions safely, we develop Magentic-Marketplace-- a simulated environment where Assistants and Services can operate. This environment enables us to study key market dynamics: the utility agents achieve, behavioral biases, vulnerability to manipulation, and how search mechanisms shape market outcomes. Our experiments show that frontier models can approach optimal welfare-- but only under ideal search conditions. Performance degrades sharply with scale, and all models exhibit severe first-proposal bias, creating 10-30x advantages for response speed over quality. These findings reveal how behaviors emerge across market conditions, informing the design of fair and efficient agentic marketplaces.

This paper presents a novel risk-sensitive trading agent combining reinforcement learning and large language models (LLMs). We extend the Conditional Value-at-Risk Proximal Policy Optimization (CPPO) algorithm, by adding risk assessment and trading recommendation signals generated by a LLM from financial news. Our approach is backtested on the Nasdaq-100 index benchmark, using financial news data from the FNSPID dataset and the DeepSeek V3, Qwen 2.5 and Llama 3.3 language models. The code, data, and trading agents are available at: https://github.com/benstaf/FinRL_DeepSeek

This technical brief introduces Deep Agent, an advanced autonomous AI system designed to manage complex multi-phase tasks through a novel hierarchical task management architecture. The system's foundation is built on our Hierarchical Task DAG (HTDAG) framework, which dynamically decomposes high-level objectives into manageable sub-tasks while rigorously maintaining dependencies and execution coherence. Deep Agent advances beyond traditional agent systems through three key innovations: First, it implements a recursive two-stage planner-executor architecture that enables continuous task refinement and adaptation as circumstances change. Second, it features an Autonomous API & Tool Creation (AATC) system that automatically generates reusable components from UI interactions, substantially reducing operational costs for similar tasks. Third, it incorporates Prompt Tweaking Engine and Autonomous Prompt Feedback Learning components that optimize Large Language Model prompts for specific scenarios, enhancing both inference accuracy and operational stability. These components are integrated to form a service infrastructure that manages user contexts, handles complex task dependencies, and orchestrates end-to-end agentic workflow execution. Through this sophisticated architecture, Deep Agent establishes a novel paradigm in self-governing AI systems, demonstrating robust capability to independently handle intricate, multi-step tasks while maintaining consistent efficiency and reliability through continuous self-optimization.

Cryptocurrency trading increasingly depends on timely integration of heterogeneous web information and market microstructure signals to support short-horizon decision making under extreme volatility. However, existing trading systems struggle to jointly reason over noisy multi-source web evidence while maintaining robustness to rapid price shocks at sub-second timescales. The first challenge lies in synthesizing unstructured web content, social sentiment, and structured OHLCV signals into coherent and interpretable trading decisions without amplifying spurious correlations, while the second challenge concerns risk control, as slow deliberative reasoning pipelines are ill-suited for handling abrupt market shocks that require immediate defensive responses. To address these challenges, we propose WebCryptoAgent, an agentic trading framework that decomposes web-informed decision making into modality-specific agents and consolidates their outputs into a unified evidence document for confidence-calibrated reasoning. We further introduce a decoupled control architecture that separates strategic hourly reasoning from a real-time second-level risk model, enabling fast shock detection and protective intervention independent of the trading loop. Extensive experiments on real-world cryptocurrency markets demonstrate that WebCryptoAgent improves trading stability, reduces spurious activity, and enhances tail-risk handling compared to existing baselines. Code will be available at https://github.com/AIGeeksGroup/WebCryptoAgent.

With generative AI advances, the exciting potential for autonomous agents to manage daily tasks via natural language commands has emerged. However, cur rent agents are primarily created and tested in simplified synthetic environments, substantially limiting real-world scenario representation. In this paper, we build an environment for agent command and control that is highly realistic and reproducible. Specifically, we focus on agents that perform tasks on websites, and we create an environment with fully functional websites from four common domains: e-commerce, social forum discussions, collaborative software development, and content management. Our environment is enriched with tools (e.g., a map) and external knowledge bases (e.g., user manuals) to encourage human-like task-solving. Building upon our environment, we release a set of benchmark tasks focusing on evaluating the functional correctness of task completions. The tasks in our benchmark are diverse, long-horizon, and are designed to emulate tasks that humans routinely perform on the internet. We design and implement several autonomous agents, integrating recent techniques such as reasoning before acting. The results demonstrate that solving complex tasks is challenging: our best GPT-4-based agent only achieves an end-to-end task success rate of 10.59%. These results highlight the need for further development of robust agents, that current state-of-the-art LMs are far from perfect performance in these real-life tasks, and that WebArena can be used to measure such progress. Our code, data, environment reproduction resources, and video demonstrations are publicly available at https://webarena.dev/.

Large language model (LLM)-based agents are increasingly expected to negotiate, coordinate, and transact autonomously, yet existing benchmarks lack principled settings for evaluating language-mediated economic interaction among multiple agents. We introduce AgenticPay, a benchmark and simulation framework for multi-agent buyer-seller negotiation driven by natural language. AgenticPay models markets in which buyers and sellers possess private constraints and product-dependent valuations, and must reach agreements through multi-round linguistic negotiation rather than numeric bidding alone. The framework supports a diverse suite of over 110 tasks ranging from bilateral bargaining to many-to-many markets, with structured action extraction and metrics for feasibility, efficiency, and welfare. Benchmarking state-of-the-art proprietary and open-weight LLMs reveals substantial gaps in negotiation performance and highlights challenges in long-horizon strategic reasoning, establishing AgenticPay as a foundation for studying agentic commerce and language-based market interaction. Code and dataset are available at the link: https://github.com/SafeRL-Lab/AgenticPay.

The rapid progress of foundation models has led to the prosperity of autonomous agents, which leverage the universal capabilities of foundation models to conduct reasoning, decision-making, and environmental interaction. However, the efficacy of agents remains limited when operating in intricate, realistic environments. In this work, we introduce the principles of Unified Alignment for Agents (UA^2), which advocate for the simultaneous alignment of agents with human intentions, environmental dynamics, and self-constraints such as the limitation of monetary budgets. From the perspective of UA^2, we review the current agent research and highlight the neglected factors in existing agent benchmarks and method candidates. We also conduct proof-of-concept studies by introducing realistic features to WebShop, including user profiles to demonstrate intentions, personalized reranking for complex environmental dynamics, and runtime cost statistics to reflect self-constraints. We then follow the principles of UA^2 to propose an initial design of our agent, and benchmark its performance with several candidate baselines in the retrofitted WebShop. The extensive experimental results further prove the importance of the principles of UA^2. Our research sheds light on the next steps of autonomous agent research with improved general problem-solving abilities.

Large language models and autonomous AI agents have evolved rapidly, resulting in a diverse array of evaluation benchmarks, frameworks, and collaboration protocols. However, the landscape remains fragmented and lacks a unified taxonomy or comprehensive survey. Therefore, we present a side-by-side comparison of benchmarks developed between 2019 and 2025 that evaluate these models and agents across multiple domains. In addition, we propose a taxonomy of approximately 60 benchmarks that cover general and academic knowledge reasoning, mathematical problem-solving, code generation and software engineering, factual grounding and retrieval, domain-specific evaluations, multimodal and embodied tasks, task orchestration, and interactive assessments. Furthermore, we review AI-agent frameworks introduced between 2023 and 2025 that integrate large language models with modular toolkits to enable autonomous decision-making and multi-step reasoning. Moreover, we present real-world applications of autonomous AI agents in materials science, biomedical research, academic ideation, software engineering, synthetic data generation, chemical reasoning, mathematical problem-solving, geographic information systems, multimedia, healthcare, and finance. We then survey key agent-to-agent collaboration protocols, namely the Agent Communication Protocol (ACP), the Model Context Protocol (MCP), and the Agent-to-Agent Protocol (A2A). Finally, we discuss recommendations for future research, focusing on advanced reasoning strategies, failure modes in multi-agent LLM systems, automated scientific discovery, dynamic tool integration via reinforcement learning, integrated search capabilities, and security vulnerabilities in agent protocols.

Recent advances in large language models have sparked growing interest in AI agents capable of solving complex, real-world tasks. However, most existing agent systems rely on manually crafted configurations that remain static after deployment, limiting their ability to adapt to dynamic and evolving environments. To this end, recent research has explored agent evolution techniques that aim to automatically enhance agent systems based on interaction data and environmental feedback. This emerging direction lays the foundation for self-evolving AI agents, which bridge the static capabilities of foundation models with the continuous adaptability required by lifelong agentic systems. In this survey, we provide a comprehensive review of existing techniques for self-evolving agentic systems. Specifically, we first introduce a unified conceptual framework that abstracts the feedback loop underlying the design of self-evolving agentic systems. The framework highlights four key components: System Inputs, Agent System, Environment, and Optimisers, serving as a foundation for understanding and comparing different strategies. Based on this framework, we systematically review a wide range of self-evolving techniques that target different components of the agent system. We also investigate domain-specific evolution strategies developed for specialised fields such as biomedicine, programming, and finance, where optimisation objectives are tightly coupled with domain constraints. In addition, we provide a dedicated discussion on the evaluation, safety, and ethical considerations for self-evolving agentic systems, which are critical to ensuring their effectiveness and reliability. This survey aims to provide researchers and practitioners with a systematic understanding of self-evolving AI agents, laying the foundation for the development of more adaptive, autonomous, and lifelong agentic systems.

The advent of large language models has ushered in a new era of agentic systems, where artificial intelligence programs exhibit remarkable autonomous decision-making capabilities across diverse domains. This paper explores agentic system workflows in the financial services industry. In particular, we build agentic crews with human-in-the-loop module that can effectively collaborate to perform complex modeling and model risk management (MRM) tasks. The modeling crew consists of a judge agent and multiple agents who perform specific tasks such as exploratory data analysis, feature engineering, model selection/hyperparameter tuning, model training, model evaluation, and writing documentation. The MRM crew consists of a judge agent along with specialized agents who perform tasks such as checking compliance of modeling documentation, model replication, conceptual soundness, analysis of outcomes, and writing documentation. We demonstrate the effectiveness and robustness of modeling and MRM crews by presenting a series of numerical examples applied to credit card fraud detection, credit card approval, and portfolio credit risk modeling datasets.

Progress in scientific discovery is rarely the result of a single "Eureka" moment, but is rather the product of hundreds of scientists incrementally working together toward a common goal. While existing agent workflows are capable of producing research autonomously, they do so in isolation, without the ability to continuously improve upon prior research results. To address these challenges, we introduce AgentRxiv-a framework that lets LLM agent laboratories upload and retrieve reports from a shared preprint server in order to collaborate, share insights, and iteratively build on each other's research. We task agent laboratories to develop new reasoning and prompting techniques and find that agents with access to their prior research achieve higher performance improvements compared to agents operating in isolation (11.4% relative improvement over baseline on MATH-500). We find that the best performing strategy generalizes to benchmarks in other domains (improving on average by 3.3%). Multiple agent laboratories sharing research through AgentRxiv are able to work together towards a common goal, progressing more rapidly than isolated laboratories, achieving higher overall accuracy (13.7% relative improvement over baseline on MATH-500). These findings suggest that autonomous agents may play a role in designing future AI systems alongside humans. We hope that AgentRxiv allows agents to collaborate toward research goals and enables researchers to accelerate discovery.

Multi-agent systems commonly distribute tasks among specialized, autonomous agents, yet they often lack mechanisms to replace or reassign underperforming agents in real time. Inspired by the free-agency model of Major League Baseball, the Reinforcement Learning Free Agent (RLFA) algorithm introduces a reward-based mechanism to detect and remove agents exhibiting persistent underperformance and seamlessly insert more capable ones. Each agent internally uses a mixture-of-experts (MoE) approach, delegating incoming tasks to specialized sub-models under the guidance of a gating function. A primary use case is fraud detection, where RLFA promptly swaps out an agent whose detection accuracy dips below a preset threshold. A new agent is tested in a probationary mode, and upon demonstrating superior performance, fully replaces the underperformer. This dynamic, free-agency cycle ensures sustained accuracy, quicker adaptation to emerging threats, and minimal disruption to ongoing operations. By continually refreshing its roster of agents, the system fosters ongoing improvements and more resilient collaboration in multi-agent Generative AI environments.

The emergence of Large Language Models (LLMs) has ushered in a transformative paradigm in artificial intelligence, Agentic AI, where intelligent agents exhibit goal-directed autonomy, contextual reasoning, and dynamic multi-agent coordination. This paper provides a systematic review and comparative analysis of leading Agentic AI frameworks, including CrewAI, LangGraph, AutoGen, Semantic Kernel, Agno, Google ADK, and MetaGPT, evaluating their architectural principles, communication mechanisms, memory management, safety guardrails, and alignment with service-oriented computing paradigms. Furthermore, we identify key limitations, emerging trends, and open challenges in the field. To address the issue of agent communication, we conduct an in-depth analysis of protocols such as the Contract Net Protocol (CNP), Agent-to-Agent (A2A), Agent Network Protocol (ANP), and Agora. Our findings not only establish a foundational taxonomy for Agentic AI systems but also propose future research directions to enhance scalability, robustness, and interoperability. This work serves as a comprehensive reference for researchers and practitioners working to advance the next generation of autonomous AI systems.

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.

Autonomous agents, which perceive environments and take actions to achieve goals, have become increasingly feasible with the advancements in large language models (LLMs). However, current powerful agents often depend on sophisticated prompt engineering combined with closed-source LLMs like GPT-4. Although training open-source LLMs using expert trajectories from teacher models has yielded some improvements in agent capabilities, this approach still faces limitations such as performance plateauing and error propagation. To mitigate these challenges, we propose STeP, a novel method for improving LLM-based agent training. We synthesize self-reflected trajectories that include reflections and corrections of error steps, which enhance the effectiveness of LLM agents in learning from teacher models, enabling them to become agents capable of self-reflecting and correcting. We also introduce partial masking strategy that prevents the LLM from internalizing incorrect or suboptimal steps. Experiments demonstrate that our method improves agent performance across three representative tasks: ALFWorld, WebShop, and SciWorld. For the open-source model LLaMA2-7B-Chat, when trained using self-reflected trajectories constructed with Qwen1.5-110B-Chat as the teacher model, it achieves comprehensive improvements with less training data compared to agents trained exclusively on expert trajectories.

We study the problem of cooperative multi-agent reinforcement learning with a single joint reward signal. This class of learning problems is difficult because of the often large combined action and observation spaces. In the fully centralized and decentralized approaches, we find the problem of spurious rewards and a phenomenon we call the "lazy agent" problem, which arises due to partial observability. We address these problems by training individual agents with a novel value decomposition network architecture, which learns to decompose the team value function into agent-wise value functions. We perform an experimental evaluation across a range of partially-observable multi-agent domains and show that learning such value-decompositions leads to superior results, in particular when combined with weight sharing, role information and information channels.

The rapid advancement of large language models (LLMs) has spurred the emergence of data agents--autonomous systems designed to orchestrate Data + AI ecosystems for tackling complex data-related tasks. However, the term "data agent" currently suffers from terminological ambiguity and inconsistent adoption, conflating simple query responders with sophisticated autonomous architectures. This terminological ambiguity fosters mismatched user expectations, accountability challenges, and barriers to industry growth. Inspired by the SAE J3016 standard for driving automation, this survey introduces the first systematic hierarchical taxonomy for data agents, comprising six levels that delineate and trace progressive shifts in autonomy, from manual operations (L0) to a vision of generative, fully autonomous data agents (L5), thereby clarifying capability boundaries and responsibility allocation. Through this lens, we offer a structured review of existing research arranged by increasing autonomy, encompassing specialized data agents for data management, preparation, and analysis, alongside emerging efforts toward versatile, comprehensive systems with enhanced autonomy. We further analyze critical evolutionary leaps and technical gaps for advancing data agents, especially the ongoing L2-to-L3 transition, where data agents evolve from procedural execution to autonomous orchestration. Finally, we conclude with a forward-looking roadmap, envisioning the advent of proactive, generative data agents.

Recent advancements in large language models (LLMs) have significantly advanced the automation of software development tasks, including code synthesis, program repair, and test generation. More recently, researchers and industry practitioners have developed various autonomous LLM agents to perform end-to-end software development tasks. These agents are equipped with the ability to use tools, run commands, observe feedback from the environment, and plan for future actions. However, the complexity of these agent-based approaches, together with the limited abilities of current LLMs, raises the following question: Do we really have to employ complex autonomous software agents? To attempt to answer this question, we build Agentless -- an agentless approach to automatically solve software development problems. Compared to the verbose and complex setup of agent-based approaches, Agentless employs a simplistic two-phase process of localization followed by repair, without letting the LLM decide future actions or operate with complex tools. Our results on the popular SWE-bench Lite benchmark show that surprisingly the simplistic Agentless is able to achieve both the highest performance (27.33%) and lowest cost (\$0.34) compared with all existing open-source software agents! Furthermore, we manually classified the problems in SWE-bench Lite and found problems with exact ground truth patch or insufficient/misleading issue descriptions. As such, we construct SWE-bench Lite-S by excluding such problematic issues to perform more rigorous evaluation and comparison. Our work highlights the current overlooked potential of a simple, interpretable technique in autonomous software development. We hope Agentless will help reset the baseline, starting point, and horizon for autonomous software agents, and inspire future work along this crucial direction.

This technical white paper introduces the Interactive Agents Call Tree (IACT), a computational model designed to address the limitations of static, hard-coded agent workflows. Unlike traditional systems that require pre-defined graphs or specialized programming, IACT operates as a general-purpose autonomous system driven purely by user dialogue. Given a high-level objective, the system autonomously grows a dynamic, recursive agent topology incrementally tailored to the problem's structure. This allows it to scale its organizational complexity to match open-ended tasks. To mitigate the error propagation inherent in unidirectional function calls, IACT introduces interactional redundancy by replacing rigid invocations with bidirectional, stateful dialogues. This mechanism enables runtime error correction and ambiguity resolution. We describe the architecture, design principles, and practical lessons behind the production deployment of this model in the kragent.ai system, presenting qualitative evidence from real-world workflows rather than exhaustive benchmark results.

The inherent volatility and dynamic fluctuations within the financial stock market underscore the necessity for investors to employ a comprehensive and reliable approach that integrates risk management strategies, market trends, and the movement trends of individual securities. By evaluating specific data, investors can make more informed decisions. However, the current body of literature lacks substantial evidence supporting the practical efficacy of reinforcement learning (RL) agents, as many models have only demonstrated success in back testing using historical data. This highlights the urgent need for a more advanced methodology capable of addressing these challenges. There is a significant disconnect in the effective utilization of financial indicators to better understand the potential market trends of individual securities. The disclosure of successful trading strategies is often restricted within financial markets, resulting in a scarcity of widely documented and published strategies leveraging RL. Furthermore, current research frequently overlooks the identification of financial indicators correlated with various market trends and their potential advantages. This research endeavors to address these complexities by enhancing the ability of RL agents to effectively differentiate between positive and negative buy/sell actions using financial indicators. While we do not address all concerns, this paper provides deeper insights and commentary on the utilization of technical indicators and their benefits within reinforcement learning. This work establishes a foundational framework for further exploration and investigation of more complex scenarios.

We define Agency as the emergent capacity of AI systems to function as autonomous agents actively discovering problems, formulating hypotheses, and executing solutions through self-directed engagement with environments and tools. This fundamental capability marks the dawn of the Age of AI Agency, driven by a critical industry shift: the urgent need for AI systems that don't just think, but work. While current AI excels at reasoning and generating responses, industries demand autonomous agents that can execute tasks, operate tools, and drive real-world outcomes. As agentic intelligence becomes the defining characteristic separating cognitive systems from productive workers, efficiently cultivating machine autonomy becomes paramount. Current approaches assume that more data yields better agency, following traditional scaling laws from language modeling. We fundamentally challenge this paradigm. LIMI (Less Is More for Intelligent Agency) demonstrates that agency follows radically different development principles. Through strategic focus on collaborative software development and scientific research workflows, we show that sophisticated agentic intelligence can emerge from minimal but strategically curated demonstrations of autonomous behavior. Using only 78 carefully designed training samples, LIMI achieves 73.5% on comprehensive agency benchmarks, dramatically outperforming state-of-the-art models: Kimi-K2-Instruct (24.1%), DeepSeek-V3.1 (11.9%), Qwen3-235B-A22B-Instruct (27.5%), and GLM-4.5 (45.1%). Most strikingly, LIMI demonstrates 53.7% improvement over models trained on 10,000 samples-achieving superior agentic intelligence with 128 times fewer samples. Our findings establish the Agency Efficiency Principle: machine autonomy emerges not from data abundance but from strategic curation of high-quality agentic demonstrations.

A multi-agent AI system (MAS) is composed of multiple autonomous agents that interact, exchange information, and make decisions based on internal generative models. Recent advances in large language models and tool-using agents have made MAS increasingly practical in areas like scientific discovery and collaborative automation. However, key questions remain: When are MAS more effective than single-agent systems? What new safety risks arise from agent interactions? And how should we evaluate their reliability and structure? This paper outlines a formal framework for analyzing MAS, focusing on two core aspects: effectiveness and safety. We explore whether MAS truly improve robustness, adaptability, and performance, or merely repackage known techniques like ensemble learning. We also study how inter-agent dynamics may amplify or suppress system vulnerabilities. While MAS are relatively new to the signal processing community, we envision them as a powerful abstraction that extends classical tools like distributed estimation and sensor fusion to higher-level, policy-driven inference. Through experiments on data science automation, we highlight the potential of MAS to reshape how signal processing systems are designed and trusted.

Autonomous agents powered by large language models (LLMs) have attracted significant research interest. However, the open-source community faces many challenges in developing specialized models for agent tasks, driven by the scarcity of high-quality agent datasets and the absence of standard protocols in this area. We introduce and publicly release xLAM, a series of large action models designed for AI agent tasks. The xLAM series includes five models with both dense and mixture-of-expert architectures, ranging from 1B to 8x22B parameters, trained using a scalable, flexible pipeline that unifies, augments, and synthesizes diverse datasets to enhance AI agents' generalizability and performance across varied environments. Our experimental results demonstrate that xLAM consistently delivers exceptional performance across multiple agent ability benchmarks, notably securing the 1st position on the Berkeley Function-Calling Leaderboard, outperforming GPT-4, Claude-3, and many other models in terms of tool use. By releasing the xLAM series, we aim to advance the performance of open-source LLMs for autonomous AI agents, potentially accelerating progress and democratizing access to high-performance models for agent tasks. Models are available at https://huggingface.co/collections/Salesforce/xlam-models-65f00e2a0a63bbcd1c2dade4

Autonomous agents have long been a prominent research focus in both academic and industry communities. Previous research in this field often focuses on training agents with limited knowledge within isolated environments, which diverges significantly from human learning processes, and thus makes the agents hard to achieve human-like decisions. Recently, through the acquisition of vast amounts of web knowledge, large language models (LLMs) have demonstrated remarkable potential in achieving human-level intelligence. This has sparked an upsurge in studies investigating LLM-based autonomous agents. In this paper, we present a comprehensive survey of these studies, delivering a systematic review of the field of LLM-based autonomous agents from a holistic perspective. More specifically, we first discuss the construction of LLM-based autonomous agents, for which we propose a unified framework that encompasses a majority of the previous work. Then, we present a comprehensive overview of the diverse applications of LLM-based autonomous agents in the fields of social science, natural science, and engineering. Finally, we delve into the evaluation strategies commonly used for LLM-based autonomous agents. Based on the previous studies, we also present several challenges and future directions in this field. To keep track of this field and continuously update our survey, we maintain a repository of relevant references at https://github.com/Paitesanshi/LLM-Agent-Survey.

Successful negotiators must learn how to balance optimizing for self-interest and cooperation. Yet current artificial negotiation agents often heavily depend on the quality of the static datasets they were trained on, limiting their capacity to fashion an adaptive response balancing self-interest and cooperation. For this reason, we find that these agents can achieve either high utility or cooperation, but not both. To address this, we introduce a targeted data acquisition framework where we guide the exploration of a reinforcement learning agent using annotations from an expert oracle. The guided exploration incentivizes the learning agent to go beyond its static dataset and develop new negotiation strategies. We show that this enables our agents to obtain higher-reward and more Pareto-optimal solutions when negotiating with both simulated and human partners compared to standard supervised learning and reinforcement learning methods. This trend additionally holds when comparing agents using our targeted data acquisition framework to variants of agents trained with a mix of supervised learning and reinforcement learning, or to agents using tailored reward functions that explicitly optimize for utility and Pareto-optimality.

Agentic AI denotes an architectural transition from stateless, prompt-driven generative models toward goal-directed systems capable of autonomous perception, planning, action, and adaptation through iterative control loops. This paper examines this transition by connecting foundational intelligent agent theories, including reactive, deliberative, and Belief-Desire-Intention models, with contemporary LLM-centric approaches such as tool invocation, memory-augmented reasoning, and multi-agent coordination. The paper presents three primary contributions: (i) a reference architecture for production-grade LLM agents that separates cognitive reasoning from execution using typed tool interfaces; (ii) a taxonomy of multi-agent topologies, together with their associated failure modes and mitigation approaches; and (iii) an enterprise hardening checklist that incorporates governance, observability, and reproducibility considerations. Through an analysis of emerging industry platforms, including Kore.ai, Salesforce Agentforce, TrueFoundry, ZenML, and LangChain, the study identifies a convergence toward standardized agent loops, registries, and auditable control mechanisms. It is argued that the subsequent phase of agentic AI development will parallel the maturation of web services, relying on shared protocols, typed contracts, and layered governance structures to support scalable and composable autonomy. The persistent challenges related to verifiability, interoperability, and safe autonomy remain key areas for future research and practical deployment.

Large language models (LLMs) fine-tuned on multimodal financial data have demonstrated impressive reasoning capabilities in various financial tasks. However, they often struggle with multi-step, goal-oriented scenarios in interactive financial markets, such as trading, where complex agentic approaches are required to improve decision-making. To address this, we propose FLAG-Trader, a unified architecture integrating linguistic processing (via LLMs) with gradient-driven reinforcement learning (RL) policy optimization, in which a partially fine-tuned LLM acts as the policy network, leveraging pre-trained knowledge while adapting to the financial domain through parameter-efficient fine-tuning. Through policy gradient optimization driven by trading rewards, our framework not only enhances LLM performance in trading but also improves results on other financial-domain tasks. We present extensive empirical evidence to validate these enhancements.

In the highly volatile and uncertain global financial markets, traditional quantitative trading models relying on statistical modeling or empirical rules often fail to adapt to dynamic market changes and black swan events due to rigid assumptions and limited generalization. To address these issues, this paper proposes QTMRL (Quantitative Trading Multi-Indicator Reinforcement Learning), an intelligent trading agent combining multi-dimensional technical indicators with reinforcement learning (RL) for adaptive and stable portfolio management. We first construct a comprehensive multi-indicator dataset using 23 years of S&P 500 daily OHLCV data (2000-2022) for 16 representative stocks across 5 sectors, enriching raw data with trend, volatility, and momentum indicators to capture holistic market dynamics. Then we design a lightweight RL framework based on the Advantage Actor-Critic (A2C) algorithm, including data processing, A2C algorithm, and trading agent modules to support policy learning and actionable trading decisions. Extensive experiments compare QTMRL with 9 baselines (e.g., ARIMA, LSTM, moving average strategies) across diverse market regimes, verifying its superiority in profitability, risk adjustment, and downside risk control. The code of QTMRL is publicly available at https://github.com/ChenJiahaoJNU/QTMRL.git

Large language models (LLMs) have enabled remarkable advances in automated task-solving with multi-agent systems. However, most existing LLM-based multi-agent approaches rely on predefined agents to handle simple tasks, limiting the adaptability of multi-agent collaboration to different scenarios. Therefore, we introduce AutoAgents, an innovative framework that adaptively generates and coordinates multiple specialized agents to build an AI team according to different tasks. Specifically, AutoAgents couples the relationship between tasks and roles by dynamically generating multiple required agents based on task content and planning solutions for the current task based on the generated expert agents. Multiple specialized agents collaborate with each other to efficiently accomplish tasks. Concurrently, an observer role is incorporated into the framework to reflect on the designated plans and agents' responses and improve upon them. Our experiments on various benchmarks demonstrate that AutoAgents generates more coherent and accurate solutions than the existing multi-agent methods. This underscores the significance of assigning different roles to different tasks and of team cooperation, offering new perspectives for tackling complex tasks. The repository of this project is available at https://github.com/Link-AGI/AutoAgents.

Autonomous agents driven by Large Language Models (LLMs) offer enormous potential for automation. Early proof of this technology can be found in various demonstrations of agents solving complex tasks, interacting with external systems to augment their knowledge, and triggering actions. In particular, workflows involving multiple agents solving complex tasks in a collaborative fashion exemplify their capacity to operate in less strict and less well-defined environments. Thus, a multi-agent approach has great potential for serving as a backbone in many industrial applications, ranging from complex knowledge retrieval systems to next generation robotic process automation. Given the reasoning abilities within the current generation of LLMs, complex processes require a multi-step approach that includes a plan of well-defined and modular tasks. Depending on the level of complexity, these tasks can be executed either by a single agent or a group of agents. In this work, we focus on designing a flexible agent engineering framework with careful attention to planning and execution, capable of handling complex use case applications across various domains. The proposed framework provides reliability in industrial applications and presents techniques to ensure a scalable, flexible, and collaborative workflow for multiple autonomous agents working together towards solving tasks.

Leveraging large language models (LLMs), autonomous agents have significantly improved, gaining the ability to handle a variety of tasks. In open-ended settings, optimizing collaboration for efficiency and effectiveness demands flexible adjustments. Despite this, current research mainly emphasizes fixed, task-oriented workflows and overlooks agent-centric organizational structures. Drawing inspiration from human organizational behavior, we introduce a self-organizing agent system (S-Agents) with a "tree of agents" structure for dynamic workflow, an "hourglass agent architecture" for balancing information priorities, and a "non-obstructive collaboration" method to allow asynchronous task execution among agents. This structure can autonomously coordinate a group of agents, efficiently addressing the challenges of an open and dynamic environment without human intervention. Our experiments demonstrate that S-Agents proficiently execute collaborative building tasks and resource collection in the Minecraft environment, validating their effectiveness.

Large language models (LLMs) achieve strong performance across benchmarks--from knowledge quizzes and math reasoning to web-agent tasks--but these tests occur in static settings, lacking real dynamics and uncertainty. Consequently, they evaluate isolated reasoning or problem-solving rather than decision-making under uncertainty. To address this, we introduce LiveTradeBench, a live trading environment for evaluating LLM agents in realistic and evolving markets. LiveTradeBench follows three design principles: (i) Live data streaming of market prices and news, eliminating dependence on offline backtesting and preventing information leakage while capturing real-time uncertainty; (ii) a portfolio-management abstraction that extends control from single-asset actions to multi-asset allocation, integrating risk management and cross-asset reasoning; and (iii) multi-market evaluation across structurally distinct environments--U.S. stocks and Polymarket prediction markets--differing in volatility, liquidity, and information flow. At each step, an agent observes prices, news, and its portfolio, then outputs percentage allocations that balance risk and return. Using LiveTradeBench, we run 50-day live evaluations of 21 LLMs across families. Results show that (1) high LMArena scores do not imply superior trading outcomes; (2) models display distinct portfolio styles reflecting risk appetite and reasoning dynamics; and (3) some LLMs effectively leverage live signals to adapt decisions. These findings expose a gap between static evaluation and real-world competence, motivating benchmarks that test sequential decision making and consistency under live uncertainty.

This paper sets forth a framework for deep reinforcement learning as applied to market making (DRLMM) for cryptocurrencies. Two advanced policy gradient-based algorithms were selected as agents to interact with an environment that represents the observation space through limit order book data, and order flow arrival statistics. Within the experiment, a forward-feed neural network is used as the function approximator and two reward functions are compared. The performance of each combination of agent and reward function is evaluated by daily and average trade returns. Using this DRLMM framework, this paper demonstrates the effectiveness of deep reinforcement learning in solving stochastic inventory control challenges market makers face.

Language agents have achieved considerable performance on various complex tasks. Despite the incessant exploration in this field, existing language agent systems still struggle with costly, non-reproducible data reliance and face the challenge of compelling a single model for multiple functions. To this end, we introduce AutoAct, an automatic agent learning framework that does not rely on large-scale annotated data and synthetic trajectories from closed-source models (e.g., GPT-4). Given limited data with a tool library, AutoAct first automatically synthesizes planning trajectories without any assistance from humans or strong closed-source models. Then, AutoAct leverages a division-of-labor strategy to automatically differentiate based on the target task information and synthesized trajectories, producing a sub-agent group to complete the task. We conduct comprehensive experiments with different LLMs, which demonstrates that AutoAct yields better or parallel performance compared to various strong baselines. We even notice that AutoAct, when using the Llama-2-13b model, can achieve performance comparable to that of the GPT-3.5-Turbo agent. Code will be available at https://github.com/zjunlp/AutoAct.

Agentic AI systems represent a new frontier in artificial intelligence, where agents often based on large language models(LLMs) interact with tools, environments, and other agents to accomplish tasks with a degree of autonomy. These systems show promise across a range of domains, but their architectural underpinnings remain immature. This paper conducts a comprehensive review of the types of agents, their modes of interaction with the environment, and the infrastructural and architectural challenges that emerge. We identify a gap in how these systems manage tool orchestration at scale and propose a reusable design abstraction: the "Control Plane as a Tool" pattern. This pattern allows developers to expose a single tool interface to an agent while encapsulating modular tool routing logic behind it. We position this pattern within the broader context of agent design and argue that it addresses several key challenges in scaling, safety, and extensibility.

LLM-based autonomous agents often fail to execute complex web tasks that require dynamic interaction due to the inherent uncertainty and complexity of these environments. Existing LLM-based web agents typically rely on rigid, expert-designed policies specific to certain states and actions, which lack the flexibility and generalizability needed to adapt to unseen tasks. In contrast, humans excel by exploring unknowns, continuously adapting strategies, and resolving ambiguities through exploration. To emulate human-like adaptability, web agents need strategic exploration and complex decision-making. Monte Carlo Tree Search (MCTS) is well-suited for this, but classical MCTS struggles with vast action spaces, unpredictable state transitions, and incomplete information in web tasks. In light of this, we develop WebPilot, a multi-agent system with a dual optimization strategy that improves MCTS to better handle complex web environments. Specifically, the Global Optimization phase involves generating a high-level plan by breaking down tasks into manageable subtasks and continuously refining this plan, thereby focusing the search process and mitigating the challenges posed by vast action spaces in classical MCTS. Subsequently, the Local Optimization phase executes each subtask using a tailored MCTS designed for complex environments, effectively addressing uncertainties and managing incomplete information. Experimental results on WebArena and MiniWoB++ demonstrate the effectiveness of WebPilot. Notably, on WebArena, WebPilot achieves SOTA performance with GPT-4, achieving a 93% relative increase in success rate over the concurrent tree search-based method. WebPilot marks a significant advancement in general autonomous agent capabilities, paving the way for more advanced and reliable decision-making in practical environments.

Recent advances in LLMs have enabled their use as autonomous agents across a range of tasks, yet they continue to struggle with formulating and adhering to coherent long-term strategies. In this paper, we investigate whether LLM agents can self-improve when placed in environments that explicitly challenge their strategic planning abilities. Using the board game Settlers of Catan, accessed through the open-source Catanatron framework, we benchmark a progression of LLM-based agents, from a simple game-playing agent to systems capable of autonomously rewriting their own prompts and their player agent's code. We introduce a multi-agent architecture in which specialized roles (Analyzer, Researcher, Coder, and Player) collaborate to iteratively analyze gameplay, research new strategies, and modify the agent's logic or prompt. By comparing manually crafted agents to those evolved entirely by LLMs, we evaluate how effectively these systems can diagnose failure and adapt over time. Our results show that self-evolving agents, particularly when powered by models like Claude 3.7 and GPT-4o, outperform static baselines by autonomously adopting their strategies, passing along sample behavior to game-playing agents, and demonstrating adaptive reasoning over multiple iterations.

We interact with computers on an everyday basis, be it in everyday life or work, and many aspects of work can be done entirely with access to a computer and the Internet. At the same time, thanks to improvements in large language models (LLMs), there has also been a rapid development in AI agents that interact with and affect change in their surrounding environments. But how performant are AI agents at helping to accelerate or even autonomously perform work-related tasks? The answer to this question has important implications for both industry looking to adopt AI into their workflows, and for economic policy to understand the effects that adoption of AI may have on the labor market. To measure the progress of these LLM agents' performance on performing real-world professional tasks, in this paper, we introduce TheAgentCompany, an extensible benchmark for evaluating AI agents that interact with the world in similar ways to those of a digital worker: by browsing the Web, writing code, running programs, and communicating with other coworkers. We build a self-contained environment with internal web sites and data that mimics a small software company environment, and create a variety of tasks that may be performed by workers in such a company. We test baseline agents powered by both closed API-based and open-weights language models (LMs), and find that with the most competitive agent, 24% of the tasks can be completed autonomously. This paints a nuanced picture on task automation with LM agents -- in a setting simulating a real workplace, a good portion of simpler tasks could be solved autonomously, but more difficult long-horizon tasks are still beyond the reach of current systems.

Agents built on LLMs are increasingly deployed across diverse domains, automating complex decision-making and task execution. However, their autonomy introduces safety risks, including security vulnerabilities, legal violations, and unintended harmful actions. Existing mitigation methods, such as model-based safeguards and early enforcement strategies, fall short in robustness, interpretability, and adaptability. To address these challenges, we propose AgentSpec, a lightweight domain-specific language for specifying and enforcing runtime constraints on LLM agents. With AgentSpec, users define structured rules that incorporate triggers, predicates, and enforcement mechanisms, ensuring agents operate within predefined safety boundaries. We implement AgentSpec across multiple domains, including code execution, embodied agents, and autonomous driving, demonstrating its adaptability and effectiveness. Our evaluation shows that AgentSpec successfully prevents unsafe executions in over 90% of code agent cases, eliminates all hazardous actions in embodied agent tasks, and enforces 100% compliance by autonomous vehicles (AVs). Despite its strong safety guarantees, AgentSpec remains computationally lightweight, with overheads in milliseconds. By combining interpretability, modularity, and efficiency, AgentSpec provides a practical and scalable solution for enforcing LLM agent safety across diverse applications. We also automate the generation of rules using LLMs and assess their effectiveness. Our evaluation shows that the rules generated by OpenAI o1 achieve a precision of 95.56% and recall of 70.96% for embodied agents, successfully identify 87.26% of the risky code, and prevent AVs from breaking laws in 5 out of 8 scenarios.

Recent advancements have underscored the potential of large language model (LLM)-based agents in financial decision-making. Despite this progress, the field currently encounters two main challenges: (1) the lack of a comprehensive LLM agent framework adaptable to a variety of financial tasks, and (2) the absence of standardized benchmarks and consistent datasets for assessing agent performance. To tackle these issues, we introduce InvestorBench, the first benchmark specifically designed for evaluating LLM-based agents in diverse financial decision-making contexts. InvestorBench enhances the versatility of LLM-enabled agents by providing a comprehensive suite of tasks applicable to different financial products, including single equities like stocks, cryptocurrencies and exchange-traded funds (ETFs). Additionally, we assess the reasoning and decision-making capabilities of our agent framework using thirteen different LLMs as backbone models, across various market environments and tasks. Furthermore, we have curated a diverse collection of open-source, multi-modal datasets and developed a comprehensive suite of environments for financial decision-making. This establishes a highly accessible platform for evaluating financial agents' performance across various scenarios.

Small language models are increasingly viewed as a promising, cost-effective approach to agentic AI, with proponents claiming they are sufficiently capable for agentic workflows. However, while smaller agents can closely match larger ones on simple tasks, it remains unclear how their performance scales with task complexity, when large models become necessary, and how to better leverage small agents for long-horizon workloads. In this work, we empirically show that small agents' performance fails to scale with task complexity on deep search and coding tasks, and we introduce Strategy Auctions for Workload Efficiency (SALE), an agent framework inspired by freelancer marketplaces. In SALE, agents bid with short strategic plans, which are scored by a systematic cost-value mechanism and refined via a shared auction memory, enabling per-task routing and continual self-improvement without training a separate router or running all models to completion. Across deep search and coding tasks of varying complexity, SALE reduces reliance on the largest agent by 53%, lowers overall cost by 35%, and consistently improves upon the largest agent's pass@1 with only a negligible overhead beyond executing the final trace. In contrast, established routers that rely on task descriptions either underperform the largest agent or fail to reduce cost -- often both -- underscoring their poor fit for agentic workflows. These results suggest that while small agents may be insufficient for complex workloads, they can be effectively "scaled up" through coordinated task allocation and test-time self-improvement. More broadly, they motivate a systems-level view of agentic AI in which performance gains come less from ever-larger individual models and more from market-inspired coordination mechanisms that organize heterogeneous agents into efficient, adaptive ecosystems.

Public research results on large-scale supervised finetuning of AI agents remain relatively rare, since the collection of agent training data presents unique challenges. In this work, we argue that the bottleneck is not a lack of underlying data sources, but that a large variety of data is fragmented across heterogeneous formats, tools, and interfaces. To this end, we introduce the agent data protocol (ADP), a light-weight representation language that serves as an "interlingua" between agent datasets in diverse formats and unified agent training pipelines downstream. The design of ADP is expressive enough to capture a large variety of tasks, including API/tool use, browsing, coding, software engineering, and general agentic workflows, while remaining simple to parse and train on without engineering at a per-dataset level. In experiments, we unified a broad collection of 13 existing agent training datasets into ADP format, and converted the standardized ADP data into training-ready formats for multiple agent frameworks. We performed SFT on these data, and demonstrated an average performance gain of ~20% over corresponding base models, and delivers state-of-the-art or near-SOTA performance on standard coding, browsing, tool use, and research benchmarks, without domain-specific tuning. All code and data are released publicly, in the hope that ADP could help lower the barrier to standardized, scalable, and reproducible agent training.

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.

While scaling test-time compute through trajectory-level sampling has significantly improved Graphical User Interface (GUI) agents, the lack of regressive ability prevents the reuse of partial successes and the recovery from early missteps. In this paper, we introduce Agent Alpha, a unified framework that synergizes generation, exploration, and evaluation through step-level Monte Carlo Tree Search (MCTS). It enables active modeling or exploiting structures of the planning space. By integrating alpha-UCT guided search into the interaction loop, Agent Alpha enables deliberate planning, facilitating early pruning of suboptimal branches and efficient prefix reuse. We also employ comparison-driven evaluation to mitigate absolute scoring biases and diversity-constrained expansion to maintain a compact, informative search space. Regret bound of alpha-UCT is analyzed. On the OSWorld benchmark, Agent Alpha achieves a state-of-the-art success rate of sim 77%, significantly outperforming trajectory-level baselines under equivalent compute.

To survive and thrive in complex environments, humans have evolved sophisticated self-improvement mechanisms through environment exploration, hierarchical abstraction of experiences into reuseable skills, and collaborative construction of an ever-growing skill repertoire. Despite recent advancements, autonomous web agents still lack crucial self-improvement capabilities, struggling with procedural knowledge abstraction, refining skills, and skill composition. In this work, we introduce SkillWeaver, a skill-centric framework enabling agents to self-improve by autonomously synthesizing reusable skills as APIs. Given a new website, the agent autonomously discovers skills, executes them for practice, and distills practice experiences into robust APIs. Iterative exploration continually expands a library of lightweight, plug-and-play APIs, significantly enhancing the agent's capabilities. Experiments on WebArena and real-world websites demonstrate the efficacy of SkillWeaver, achieving relative success rate improvements of 31.8% and 39.8%, respectively. Additionally, APIs synthesized by strong agents substantially enhance weaker agents through transferable skills, yielding improvements of up to 54.3% on WebArena. These results demonstrate the effectiveness of honing diverse website interactions into APIs, which can be seamlessly shared among various web agents.

We introduce tulip agent, an architecture for autonomous LLM-based agents with Create, Read, Update, and Delete access to a tool library containing a potentially large number of tools. In contrast to state-of-the-art implementations, tulip agent does not encode the descriptions of all available tools in the system prompt, which counts against the model's context window, or embed the entire prompt for retrieving suitable tools. Instead, the tulip agent can recursively search for suitable tools in its extensible tool library, implemented exemplarily as a vector store. The tulip agent architecture significantly reduces inference costs, allows using even large tool libraries, and enables the agent to adapt and extend its set of tools. We evaluate the architecture with several ablation studies in a mathematics context and demonstrate its generalizability with an application to robotics. A reference implementation and the benchmark are available at github.com/HRI-EU/tulip_agent.

Reinforcement learning (RL) is a subfield of machine learning that has been used in many fields, such as robotics, gaming, and autonomous systems. There has been growing interest in using RL for quantitative trading, where the goal is to make trades that generate profits in financial markets. This paper presents the use of RL for quantitative trading and reports a case study based on an RL-based trading algorithm. The results show that RL can be a useful tool for quantitative trading and can perform better than traditional trading algorithms. The use of reinforcement learning for quantitative trading is a promising area of research that can help develop more sophisticated and efficient trading systems. Future research can explore the use of other reinforcement learning techniques, the use of other data sources, and the testing of the system on a range of asset classes. Together, our work shows the potential in the use of reinforcement learning for quantitative trading and the need for further research and development in this area. By developing the sophistication and efficiency of trading systems, it may be possible to make financial markets more efficient and generate higher returns for investors.

Financial markets pose fundamental challenges for asset return prediction due to their high dimensionality, non-stationarity, and persistent volatility. Despite advances in large language models and multi-agent systems, current quantitative research pipelines suffer from limited automation, weak interpretability, and fragmented coordination across key components such as factor mining and model innovation. In this paper, we propose R&D-Agent for Quantitative Finance, in short RD-Agent(Q), the first data-centric multi-agent framework designed to automate the full-stack research and development of quantitative strategies via coordinated factor-model co-optimization. RD-Agent(Q) decomposes the quant process into two iterative stages: a Research stage that dynamically sets goal-aligned prompts, formulates hypotheses based on domain priors, and maps them to concrete tasks, and a Development stage that employs a code-generation agent, Co-STEER, to implement task-specific code, which is then executed in real-market backtests. The two stages are connected through a feedback stage that thoroughly evaluates experimental outcomes and informs subsequent iterations, with a multi-armed bandit scheduler for adaptive direction selection. Empirically, RD-Agent(Q) achieves up to 2X higher annualized returns than classical factor libraries using 70% fewer factors, and outperforms state-of-the-art deep time-series models on real markets. Its joint factor-model optimization delivers a strong balance between predictive accuracy and strategy robustness. Our code is available at: https://github.com/microsoft/RD-Agent.

Agents built on large language models (LLMs) have excelled in turn-by-turn human-AI collaboration but struggle with simultaneous tasks requiring real-time interaction. Latency issues and the challenge of inferring variable human strategies hinder their ability to make autonomous decisions without explicit instructions. Through experiments with current independent System 1 and System 2 methods, we validate the necessity of using Dual Process Theory (DPT) in real-time tasks. We propose DPT-Agent, a novel language agent framework that integrates System 1 and System 2 for efficient real-time simultaneous human-AI collaboration. DPT-Agent's System 1 uses a Finite-state Machine (FSM) and code-as-policy for fast, intuitive, and controllable decision-making. DPT-Agent's System 2 integrates Theory of Mind (ToM) and asynchronous reflection to infer human intentions and perform reasoning-based autonomous decisions. We demonstrate the effectiveness of DPT-Agent through further experiments with rule-based agents and human collaborators, showing significant improvements over mainstream LLM-based frameworks. To the best of our knowledge, DPT-Agent is the first language agent framework that achieves successful real-time simultaneous human-AI collaboration autonomously. Code of DPT-Agent can be found in https://github.com/sjtu-marl/DPT-Agent.

Equipping large language models (LLMs) with complex, interleaved reasoning and tool-use capabilities has become a key focus in agentic AI research, especially with recent advances in reasoning-oriented (``thinking'') models. Such capabilities are key to unlocking a number of important applications. One such application is Deep Research (DR), which requires extensive search and reasoning over many sources. Our work in this paper focuses on the development of native Autonomous Single-Agent models for DR featuring minimal web crawling and Python tool integration. Unlike multi-agent systems, where agents take up pre-defined roles and are told what to do at each step in a static workflow, an autonomous single-agent determines its next action dynamically based on context, without manual directive. While prior work has proposed training recipes for base or instruction-tuned LLMs, we focus on continual reinforcement learning (RL) of reasoning-optimized models to further enhance agentic skills while preserving reasoning ability. Towards this end, we propose a simple RL recipe with entirely synthetic data, which we apply to various open-source LLMs. Our best variant SFR-DR-20B achieves up to 28.7% on Humanity's Last Exam benchmark. In addition, we conduct key analysis experiments to provide more insights into our methodologies.

The rapid advancement of large language models (LLMs) has significantly enhanced the capabilities of AI-driven agents across various tasks. However, existing agentic systems, whether based on fixed pipeline algorithms or pre-defined meta-learning frameworks, cannot search the whole agent design space due to the restriction of human-designed components, and thus might miss the globally optimal agent design. In this paper, we introduce G\"odel Agent, a self-evolving framework inspired by the G\"odel machine, enabling agents to recursively improve themselves without relying on predefined routines or fixed optimization algorithms. G\"odel Agent leverages LLMs to dynamically modify its own logic and behavior, guided solely by high-level objectives through prompting. Experimental results on mathematical reasoning and complex agent tasks demonstrate that implementation of G\"odel Agent can achieve continuous self-improvement, surpassing manually crafted agents in performance, efficiency, and generalizability.

The realm of High-Frequency Trading (HFT) is characterized by rapid decision-making processes that capitalize on fleeting market inefficiencies. As the financial markets become increasingly competitive, there is a pressing need for innovative strategies that can adapt and evolve with changing market dynamics. Enter Reinforcement Learning (RL), a branch of machine learning where agents learn by interacting with their environment, making it an intriguing candidate for HFT applications. This paper dives deep into the integration of RL in statistical arbitrage strategies tailored for HFT scenarios. By leveraging the adaptive learning capabilities of RL, we explore its potential to unearth patterns and devise trading strategies that traditional methods might overlook. We delve into the intricate exploration-exploitation trade-offs inherent in RL and how they manifest in the volatile world of HFT. Furthermore, we confront the challenges of applying RL in non-stationary environments, typical of financial markets, and investigate methodologies to mitigate associated risks. Through extensive simulations and backtests, our research reveals that RL not only enhances the adaptability of trading strategies but also shows promise in improving profitability metrics and risk-adjusted returns. This paper, therefore, positions RL as a pivotal tool for the next generation of HFT-based statistical arbitrage, offering insights for both researchers and practitioners in the field.

Autonomous agent systems powered by Large Language Models (LLMs) have demonstrated promising capabilities in automating complex tasks. However, current evaluations largely rely on success rates without systematically analyzing the interactions, communication mechanisms, and failure causes within these systems. To bridge this gap, we present a benchmark of 34 representative programmable tasks designed to rigorously assess autonomous agents. Using this benchmark, we evaluate three popular open-source agent frameworks combined with two LLM backbones, observing a task completion rate of approximately 50%. Through in-depth failure analysis, we develop a three-tier taxonomy of failure causes aligned with task phases, highlighting planning errors, task execution issues, and incorrect response generation. Based on these insights, we propose actionable improvements to enhance agent planning and self-diagnosis capabilities. Our failure taxonomy, together with mitigation advice, provides an empirical foundation for developing more robust and effective autonomous agent systems in the future.

The emergence of AI agents powered by large language models (LLMs) marks a pivotal shift toward the Agentic Web, a new phase of the internet defined by autonomous, goal-driven interactions. In this paradigm, agents interact directly with one another to plan, coordinate, and execute complex tasks on behalf of users. This transition from human-driven to machine-to-machine interaction allows intent to be delegated, relieving users from routine digital operations and enabling a more interactive, automated web experience. In this paper, we present a structured framework for understanding and building the Agentic Web. We trace its evolution from the PC and Mobile Web eras and identify the core technological foundations that support this shift. Central to our framework is a conceptual model consisting of three key dimensions: intelligence, interaction, and economics. These dimensions collectively enable the capabilities of AI agents, such as retrieval, recommendation, planning, and collaboration. We analyze the architectural and infrastructural challenges involved in creating scalable agentic systems, including communication protocols, orchestration strategies, and emerging paradigms such as the Agent Attention Economy. We conclude by discussing the potential applications, societal risks, and governance issues posed by agentic systems, and outline research directions for developing open, secure, and intelligent ecosystems shaped by both human intent and autonomous agent behavior. A continuously updated collection of relevant studies for agentic web is available at: https://github.com/SafeRL-Lab/agentic-web.

Recent advances in large language models (LLMs) have sparked growing interest in building fully autonomous agents. However, fully autonomous LLM-based agents still face significant challenges, including limited reliability due to hallucinations, difficulty in handling complex tasks, and substantial safety and ethical risks, all of which limit their feasibility and trustworthiness in real-world applications. To overcome these limitations, LLM-based human-agent systems (LLM-HAS) incorporate human-provided information, feedback, or control into the agent system to enhance system performance, reliability and safety. This paper provides the first comprehensive and structured survey of LLM-HAS. It clarifies fundamental concepts, systematically presents core components shaping these systems, including environment & profiling, human feedback, interaction types, orchestration and communication, explores emerging applications, and discusses unique challenges and opportunities. By consolidating current knowledge and offering a structured overview, we aim to foster further research and innovation in this rapidly evolving interdisciplinary field. Paper lists and resources are available at https://github.com/HenryPengZou/Awesome-LLM-Based-Human-Agent-Systems.

Environments are the bottleneck for self-improving agents. Current terminal benchmarks were built for evaluation, not training; reinforcement learning requires a scalable pipeline, not just a dataset. We introduce Endless Terminals, a fully autonomous pipeline that procedurally generates terminal-use tasks without human annotation. The pipeline has four stages: generating diverse task descriptions, building and validating containerized environments, producing completion tests, and filtering for solvability. From this pipeline we obtain 3255 tasks spanning file operations, log management, data processing, scripting, and database operations. We train agents using vanilla PPO with binary episode level rewards and a minimal interaction loop: no retrieval, multi-agent coordination, or specialized tools. Despite this simplicity, models trained on Endless Terminals show substantial gains: on our held-out dev set, Llama-3.2-3B improves from 4.0% to 18.2%, Qwen2.5-7B from 10.7% to 53.3%, and Qwen3-8B-openthinker-sft from 42.6% to 59.0%. These improvements transfer to human-curated benchmarks: models trained on Endless Terminals show substantial gains on held out human curated benchmarks: on TerminalBench 2.0, Llama-3.2-3B improves from 0.0% to 2.2%, Qwen2.5-7B from 2.2% to 3.4%, and Qwen3-8B-openthinker-sft from 1.1% to 6.7%, in each case outperforming alternative approaches including models with more complex agentic scaffolds. These results demonstrate that simple RL succeeds when environments scale.

The study of social emergence has long been a central focus in social science. Traditional modeling approaches, such as rule-based Agent-Based Models (ABMs), struggle to capture the diversity and complexity of human behavior, particularly the irrational factors emphasized in behavioral economics. Recently, large language model (LLM) agents have gained traction as simulation tools for modeling human behavior in social science and role-playing applications. Studies suggest that LLMs can account for cognitive biases, emotional fluctuations, and other non-rational influences, enabling more realistic simulations of socio-economic dynamics. In this work, we introduce TwinMarket, a novel multi-agent framework that leverages LLMs to simulate socio-economic systems. Specifically, we examine how individual behaviors, through interactions and feedback mechanisms, give rise to collective dynamics and emergent phenomena. Through experiments in a simulated stock market environment, we demonstrate how individual actions can trigger group behaviors, leading to emergent outcomes such as financial bubbles and recessions. Our approach provides valuable insights into the complex interplay between individual decision-making and collective socio-economic patterns.

Through multi-agent competition, the simple objective of hide-and-seek, and standard reinforcement learning algorithms at scale, we find that agents create a self-supervised autocurriculum inducing multiple distinct rounds of emergent strategy, many of which require sophisticated tool use and coordination. We find clear evidence of six emergent phases in agent strategy in our environment, each of which creates a new pressure for the opposing team to adapt; for instance, agents learn to build multi-object shelters using moveable boxes which in turn leads to agents discovering that they can overcome obstacles using ramps. We further provide evidence that multi-agent competition may scale better with increasing environment complexity and leads to behavior that centers around far more human-relevant skills than other self-supervised reinforcement learning methods such as intrinsic motivation. Finally, we propose transfer and fine-tuning as a way to quantitatively evaluate targeted capabilities, and we compare hide-and-seek agents to both intrinsic motivation and random initialization baselines in a suite of domain-specific intelligence tests.

Agentic AI systems use specialized agents to handle tasks within complex workflows, enabling automation and efficiency. However, optimizing these systems often requires labor-intensive, manual adjustments to refine roles, tasks, and interactions. This paper introduces a framework for autonomously optimizing Agentic AI solutions across industries, such as NLP-driven enterprise applications. The system employs agents for Refinement, Execution, Evaluation, Modification, and Documentation, leveraging iterative feedback loops powered by an LLM (Llama 3.2-3B). The framework achieves optimal performance without human input by autonomously generating and testing hypotheses to improve system configurations. This approach enhances scalability and adaptability, offering a robust solution for real-world applications in dynamic environments. Case studies across diverse domains illustrate the transformative impact of this framework, showcasing significant improvements in output quality, relevance, and actionability. All data for these case studies, including original and evolved agent codes, along with their outputs, are here: https://anonymous.4open.science/r/evolver-1D11/

Agentic systems powered by large language models (LLMs) are becoming progressively more complex and capable. Their increasing agency and expanding deployment settings attract growing attention over effective governance policies, monitoring and control protocols. Based on emerging landscapes of the agentic market, we analyze the potential liability issues stemming from delegated use of LLM agents and their extended systems from a principal-agent perspective. Our analysis complements existing risk-based studies on artificial agency and covers the spectrum of important aspects of the principal-agent relationship and their potential consequences at deployment. Furthermore, we motivate method developments for technical governance along the directions of interpretability and behavior evaluations, reward and conflict management, and the mitigation of misalignment and misconduct through principled engineering of detection and fail-safe mechanisms. By illustrating the outstanding issues in AI liability for LLM-based agentic systems, we aim to inform the system design, auditing and monitoring approaches to enhancing transparency and accountability.

The dream to create AI assistants as capable and versatile as the fictional J.A.R.V.I.S from Iron Man has long captivated imaginations. With the evolution of (multi-modal) large language models ((M)LLMs), this dream is closer to reality, as (M)LLM-based Agents using computing devices (e.g., computers and mobile phones) by operating within the environments and interfaces (e.g., Graphical User Interface (GUI)) provided by operating systems (OS) to automate tasks have significantly advanced. This paper presents a comprehensive survey of these advanced agents, designated as OS Agents. We begin by elucidating the fundamentals of OS Agents, exploring their key components including the environment, observation space, and action space, and outlining essential capabilities such as understanding, planning, and grounding. We then examine methodologies for constructing OS Agents, focusing on domain-specific foundation models and agent frameworks. A detailed review of evaluation protocols and benchmarks highlights how OS Agents are assessed across diverse tasks. Finally, we discuss current challenges and identify promising directions for future research, including safety and privacy, personalization and self-evolution. This survey aims to consolidate the state of OS Agents research, providing insights to guide both academic inquiry and industrial development. An open-source GitHub repository is maintained as a dynamic resource to foster further innovation in this field. We present a 9-page version of our work, accepted by ACL 2025, to provide a concise overview to the domain.

Contemporary evaluation techniques are inadequate for agentic systems. These approaches either focus exclusively on final outcomes -- ignoring the step-by-step nature of agentic systems, or require excessive manual labour. To address this, we introduce the Agent-as-a-Judge framework, wherein agentic systems are used to evaluate agentic systems. This is an organic extension of the LLM-as-a-Judge framework, incorporating agentic features that enable intermediate feedback for the entire task-solving process. We apply the Agent-as-a-Judge to the task of code generation. To overcome issues with existing benchmarks and provide a proof-of-concept testbed for Agent-as-a-Judge, we present DevAI, a new benchmark of 55 realistic automated AI development tasks. It includes rich manual annotations, like a total of 365 hierarchical user requirements. We benchmark three of the popular agentic systems using Agent-as-a-Judge and find it dramatically outperforms LLM-as-a-Judge and is as reliable as our human evaluation baseline. Altogether, we believe that Agent-as-a-Judge marks a concrete step forward for modern agentic systems -- by providing rich and reliable reward signals necessary for dynamic and scalable self-improvement.

The emergence of multi-agent systems built from large language models (LLMs) offers a promising paradigm for scalable collective intelligence and self-evolution. Ideally, such systems would achieve continuous self-improvement in a fully closed loop while maintaining robust safety alignment--a combination we term the self-evolution trilemma. However, we demonstrate both theoretically and empirically that an agent society satisfying continuous self-evolution, complete isolation, and safety invariance is impossible. Drawing on an information-theoretic framework, we formalize safety as the divergence degree from anthropic value distributions. We theoretically demonstrate that isolated self-evolution induces statistical blind spots, leading to the irreversible degradation of the system's safety alignment. Empirical and qualitative results from an open-ended agent community (Moltbook) and two closed self-evolving systems reveal phenomena that align with our theoretical prediction of inevitable safety erosion. We further propose several solution directions to alleviate the identified safety concern. Our work establishes a fundamental limit on the self-evolving AI societies and shifts the discourse from symptom-driven safety patches to a principled understanding of intrinsic dynamical risks, highlighting the need for external oversight or novel safety-preserving mechanisms.

The rapid progress of Large Language Models (LLMs) has given rise to a new category of autonomous AI systems, referred to as Deep Research (DR) agents. These agents are designed to tackle complex, multi-turn informational research tasks by leveraging a combination of dynamic reasoning, adaptive long-horizon planning, multi-hop information retrieval, iterative tool use, and the generation of structured analytical reports. In this paper, we conduct a detailed analysis of the foundational technologies and architectural components that constitute Deep Research agents. We begin by reviewing information acquisition strategies, contrasting API-based retrieval methods with browser-based exploration. We then examine modular tool-use frameworks, including code execution, multimodal input processing, and the integration of Model Context Protocols (MCPs) to support extensibility and ecosystem development. To systematize existing approaches, we propose a taxonomy that differentiates between static and dynamic workflows, and we classify agent architectures based on planning strategies and agent composition, including single-agent and multi-agent configurations. We also provide a critical evaluation of current benchmarks, highlighting key limitations such as restricted access to external knowledge, sequential execution inefficiencies, and misalignment between evaluation metrics and the practical objectives of DR agents. Finally, we outline open challenges and promising directions for future research. A curated and continuously updated repository of DR agent research is available at: {https://github.com/ai-agents-2030/awesome-deep-research-agent}.

AI Agents are changing the way work gets done, both in consumer and enterprise domains. However, the design patterns and architectures to build highly capable agents or multi-agent systems are still developing, and the understanding of the implication of various design choices and algorithms is still evolving. In this paper, we present our work on building a novel web agent, Agent-E Our code is available at \url{https://github.com/EmergenceAI/Agent-E}. Agent-E introduces numerous architectural improvements over prior state-of-the-art web agents such as hierarchical architecture, flexible DOM distillation and denoising method, and the concept of change observation to guide the agent towards more accurate performance. We first present the results of an evaluation of Agent-E on WebVoyager benchmark dataset and show that Agent-E beats other SOTA text and multi-modal web agents on this benchmark in most categories by 10-30\%. We then synthesize our learnings from the development of Agent-E into general design principles for developing agentic systems. These include the use of domain-specific primitive skills, the importance of distillation and de-noising of environmental observations, the advantages of a hierarchical architecture, and the role of agentic self-improvement to enhance agent efficiency and efficacy as the agent gathers experience.

Autonomous agents powered by language models (LMs) have demonstrated promise in their ability to perform decision-making tasks such as web automation. However, a key limitation remains: LMs, primarily optimized for natural language understanding and generation, struggle with multi-step reasoning, planning, and using environmental feedback when attempting to solve realistic computer tasks. Towards addressing this, we propose an inference-time search algorithm for LM agents to explicitly perform exploration and multi-step planning in interactive web environments. Our approach is a form of best-first tree search that operates within the actual environment space, and is complementary with most existing state-of-the-art agents. It is the first tree search algorithm for LM agents that shows effectiveness on realistic web tasks. On the challenging VisualWebArena benchmark, applying our search algorithm on top of a GPT-4o agent yields a 39.7% relative increase in success rate compared to the same baseline without search, setting a state-of-the-art success rate of 26.4%. On WebArena, search also yields a 28.0% relative improvement over a baseline agent, setting a competitive success rate of 19.2%. Our experiments highlight the effectiveness of search for web agents, and we demonstrate that performance scales with increased test-time compute. We conduct a thorough analysis of our results to highlight improvements from search, limitations, and promising directions for future work. Our code and models are publicly released at https://jykoh.com/search-agents.

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.

Can AI effectively perform complex econometric analysis traditionally requiring human expertise? This paper evaluates an agentic AI's capability to master econometrics, focusing on empirical analysis performance. We develop an ``Econometrics AI Agent'' built on the open-source MetaGPT framework. This agent exhibits outstanding performance in: (1) planning econometric tasks strategically, (2) generating and executing code, (3) employing error-based reflection for improved robustness, and (4) allowing iterative refinement through multi-round conversations. We construct two datasets from academic coursework materials and published research papers to evaluate performance against real-world challenges. Comparative testing shows our domain-specialized agent significantly outperforms both benchmark large language models (LLMs) and general-purpose AI agents. This work establishes a testbed for exploring AI's impact on social science research and enables cost-effective integration of domain expertise, making advanced econometric methods accessible to users with minimal coding expertise. Furthermore, our agent enhances research reproducibility and offers promising pedagogical applications for econometrics teaching.

Large Language Models (LLMs) based autonomous agents demonstrate multifaceted capabilities to contribute substantially to economic production. However, existing benchmarks remain focused on single agentic capability, failing to capture long-horizon real-world scenarios. Moreover, the reliance on human-in-the-loop feedback for realistic tasks creates a scalability bottleneck, hindering automated rollout collection and evaluation. To bridge this gap, we introduce AgencyBench, a comprehensive benchmark derived from daily AI usage, evaluating 6 core agentic capabilities across 32 real-world scenarios, comprising 138 tasks with specific queries, deliverables, and rubrics. These scenarios require an average of 90 tool calls, 1 million tokens, and hours of execution time to resolve. To enable automated evaluation, we employ a user simulation agent to provide iterative feedback, and a Docker sandbox to conduct visual and functional rubric-based assessment. Experiments reveal that closed-source models significantly outperform open-source models (48.4% vs 32.1%). Further analysis reveals significant disparities across models in resource efficiency, feedback-driven self-correction, and specific tool-use preferences. Finally, we investigate the impact of agentic scaffolds, observing that proprietary models demonstrate superior performance within their native ecosystems (e.g., Claude-4.5-Opus via Claude-Agent-SDK), while open-source models exhibit distinct performance peaks, suggesting potential optimization for specific execution frameworks. AgencyBench serves as a critical testbed for next-generation agents, highlighting the necessity of co-optimizing model architecture with agentic frameworks. We believe this work sheds light on the future direction of autonomous agents, and we release the full benchmark and evaluation toolkit at https://github.com/GAIR-NLP/AgencyBench.

The integration of AI agents with Web3 ecosystems harnesses their complementary potential for autonomy and openness yet also introduces underexplored security risks, as these agents dynamically interact with financial protocols and immutable smart contracts. This paper investigates the vulnerabilities of AI agents within blockchain-based financial ecosystems when exposed to adversarial threats in real-world scenarios. We introduce the concept of context manipulation, a comprehensive attack vector that exploits unprotected context surfaces, including input channels, memory modules, and external data feeds. Through empirical analysis of ElizaOS, a decentralized AI agent framework for automated Web3 operations, we demonstrate how adversaries can manipulate context by injecting malicious instructions into prompts or historical interaction records, leading to unintended asset transfers and protocol violations which could be financially devastating. To quantify these vulnerabilities, we design CrAIBench, a Web3 domain-specific benchmark that evaluates the robustness of AI agents against context manipulation attacks across 150+ realistic blockchain tasks, including token transfers, trading, bridges and cross-chain interactions and 500+ attack test cases using context manipulation. We systematically assess attack and defense strategies, analyzing factors like the influence of security prompts, reasoning models, and the effectiveness of alignment techniques. Our findings show that prompt-based defenses are insufficient when adversaries corrupt stored context, achieving significant attack success rates despite these defenses. Fine-tuning-based defenses offer a more robust alternative, substantially reducing attack success rates while preserving utility on single-step tasks. This research highlights the urgent need to develop AI agents that are both secure and fiduciarily responsible.

The feasibility of making profitable trades on a single asset on stock exchanges based on patterns identification has long attracted researchers. Reinforcement Learning (RL) and Natural Language Processing have gained notoriety in these single-asset trading tasks, but only a few works have explored their combination. Moreover, some issues are still not addressed, such as extracting market sentiment momentum through the explicit capture of sentiment features that reflect the market condition over time and assessing the consistency and stability of RL results in different situations. Filling this gap, we propose the Sentiment-Aware RL (SentARL) intelligent trading system that improves profit stability by leveraging market mood through an adaptive amount of past sentiment features drawn from textual news. We evaluated SentARL across twenty assets, two transaction costs, and five different periods and initializations to show its consistent effectiveness against baselines. Subsequently, this thorough assessment allowed us to identify the boundary between news coverage and market sentiment regarding the correlation of price-time series above which SentARL's effectiveness is outstanding.

Autonomous agents powered by foundation models have seen widespread adoption across various real-world applications. However, they remain highly vulnerable to malicious instructions and attacks, which can result in severe consequences such as privacy breaches and financial losses. More critically, existing guardrails for LLMs are not applicable due to the complex and dynamic nature of agents. To tackle these challenges, we propose ShieldAgent, the first guardrail agent designed to enforce explicit safety policy compliance for the action trajectory of other protected agents through logical reasoning. Specifically, ShieldAgent first constructs a safety policy model by extracting verifiable rules from policy documents and structuring them into a set of action-based probabilistic rule circuits. Given the action trajectory of the protected agent, ShieldAgent retrieves relevant rule circuits and generates a shielding plan, leveraging its comprehensive tool library and executable code for formal verification. In addition, given the lack of guardrail benchmarks for agents, we introduce ShieldAgent-Bench, a dataset with 3K safety-related pairs of agent instructions and action trajectories, collected via SOTA attacks across 6 web environments and 7 risk categories. Experiments show that ShieldAgent achieves SOTA on ShieldAgent-Bench and three existing benchmarks, outperforming prior methods by 11.3% on average with a high recall of 90.1%. Additionally, ShieldAgent reduces API queries by 64.7% and inference time by 58.2%, demonstrating its high precision and efficiency in safeguarding agents.

Autonomous agents powered by large language models (LLMs) have garnered significant research attention. However, fully harnessing the potential of LLMs for agent-based tasks presents inherent challenges due to the heterogeneous nature of diverse data sources featuring multi-turn trajectories. In this paper, we introduce AgentOhana as a comprehensive solution to address these challenges. AgentOhana aggregates agent trajectories from distinct environments, spanning a wide array of scenarios. It meticulously standardizes and unifies these trajectories into a consistent format, streamlining the creation of a generic data loader optimized for agent training. Leveraging the data unification, our training pipeline maintains equilibrium across different data sources and preserves independent randomness across devices during dataset partitioning and model training. Additionally, we present xLAM-v0.1, a large action model tailored for AI agents, which demonstrates exceptional performance across various benchmarks.

In this paper we introduce a new unsupervised reinforcement learning method for discovering the set of intrinsic options available to an agent. This set is learned by maximizing the number of different states an agent can reliably reach, as measured by the mutual information between the set of options and option termination states. To this end, we instantiate two policy gradient based algorithms, one that creates an explicit embedding space of options and one that represents options implicitly. The algorithms also provide an explicit measure of empowerment in a given state that can be used by an empowerment maximizing agent. The algorithm scales well with function approximation and we demonstrate the applicability of the algorithm on a range of tasks.

This survey paper examines the recent advancements in AI agent implementations, with a focus on their ability to achieve complex goals that require enhanced reasoning, planning, and tool execution capabilities. The primary objectives of this work are to a) communicate the current capabilities and limitations of existing AI agent implementations, b) share insights gained from our observations of these systems in action, and c) suggest important considerations for future developments in AI agent design. We achieve this by providing overviews of single-agent and multi-agent architectures, identifying key patterns and divergences in design choices, and evaluating their overall impact on accomplishing a provided goal. Our contribution outlines key themes when selecting an agentic architecture, the impact of leadership on agent systems, agent communication styles, and key phases for planning, execution, and reflection that enable robust AI agent systems.

We present Agent S, an open agentic framework that enables autonomous interaction with computers through a Graphical User Interface (GUI), aimed at transforming human-computer interaction by automating complex, multi-step tasks. Agent S aims to address three key challenges in automating computer tasks: acquiring domain-specific knowledge, planning over long task horizons, and handling dynamic, non-uniform interfaces. To this end, Agent S introduces experience-augmented hierarchical planning, which learns from external knowledge search and internal experience retrieval at multiple levels, facilitating efficient task planning and subtask execution. In addition, it employs an Agent-Computer Interface (ACI) to better elicit the reasoning and control capabilities of GUI agents based on Multimodal Large Language Models (MLLMs). Evaluation on the OSWorld benchmark shows that Agent S outperforms the baseline by 9.37% on success rate (an 83.6% relative improvement) and achieves a new state-of-the-art. Comprehensive analysis highlights the effectiveness of individual components and provides insights for future improvements. Furthermore, Agent S demonstrates broad generalizability to different operating systems on a newly-released WindowsAgentArena benchmark. Code available at https://github.com/simular-ai/Agent-S.

The rise of AI agents introduces complex safety and security challenges arising from autonomous tool use and environmental interactions. Current guardrail models lack agentic risk awareness and transparency in risk diagnosis. To introduce an agentic guardrail that covers complex and numerous risky behaviors, we first propose a unified three-dimensional taxonomy that orthogonally categorizes agentic risks by their source (where), failure mode (how), and consequence (what). Guided by this structured and hierarchical taxonomy, we introduce a new fine-grained agentic safety benchmark (ATBench) and a Diagnostic Guardrail framework for agent safety and security (AgentDoG). AgentDoG provides fine-grained and contextual monitoring across agent trajectories. More Crucially, AgentDoG can diagnose the root causes of unsafe actions and seemingly safe but unreasonable actions, offering provenance and transparency beyond binary labels to facilitate effective agent alignment. AgentDoG variants are available in three sizes (4B, 7B, and 8B parameters) across Qwen and Llama model families. Extensive experimental results demonstrate that AgentDoG achieves state-of-the-art performance in agentic safety moderation in diverse and complex interactive scenarios. All models and datasets are openly released.

As information grows exponentially, enterprises face increasing pressure to transform unstructured data into coherent, actionable insights. While autonomous agents show promise, they often struggle with domain-specific nuances, intent alignment, and enterprise integration. We present Enterprise Deep Research (EDR), a multi-agent system that integrates (1) a Master Planning Agent for adaptive query decomposition, (2) four specialized search agents (General, Academic, GitHub, LinkedIn), (3) an extensible MCP-based tool ecosystem supporting NL2SQL, file analysis, and enterprise workflows, (4) a Visualization Agent for data-driven insights, and (5) a reflection mechanism that detects knowledge gaps and updates research direction with optional human-in-the-loop steering guidance. These components enable automated report generation, real-time streaming, and seamless enterprise deployment, as validated on internal datasets. On open-ended benchmarks including DeepResearch Bench and DeepConsult, EDR outperforms state-of-the-art agentic systems without any human steering. We release the EDR framework and benchmark trajectories to advance research on multi-agent reasoning applications. Code at https://github.com/SalesforceAIResearch/enterprise-deep-research and Dataset at https://huggingface.co/datasets/Salesforce/EDR-200

Autonomous AI agents powered by large language models (LLMs) with structured function-calling interfaces have dramatically expanded capabilities for real-time data retrieval, complex computation, and multi-step orchestration. Yet, the explosive proliferation of plugins, connectors, and inter-agent protocols has outpaced discovery mechanisms and security practices, resulting in brittle integrations vulnerable to diverse threats. In this survey, we introduce the first unified, end-to-end threat model for LLM-agent ecosystems, spanning host-to-tool and agent-to-agent communications, formalize adversary capabilities and attacker objectives, and catalog over thirty attack techniques. Specifically, we organized the threat model into four domains: Input Manipulation (e.g., prompt injections, long-context hijacks, multimodal adversarial inputs), Model Compromise (e.g., prompt- and parameter-level backdoors, composite and encrypted multi-backdoors, poisoning strategies), System and Privacy Attacks (e.g., speculative side-channels, membership inference, retrieval poisoning, social-engineering simulations), and Protocol Vulnerabilities (e.g., exploits in Model Context Protocol (MCP), Agent Communication Protocol (ACP), Agent Network Protocol (ANP), and Agent-to-Agent (A2A) protocol). For each category, we review representative scenarios, assess real-world feasibility, and evaluate existing defenses. Building on our threat taxonomy, we identify key open challenges and future research directions, such as securing MCP deployments through dynamic trust management and cryptographic provenance tracking; designing and hardening Agentic Web Interfaces; and achieving resilience in multi-agent and federated environments. Our work provides a comprehensive reference to guide the design of robust defense mechanisms and establish best practices for resilient LLM-agent workflows.

This paper argues that fully autonomous AI agents should not be developed. In support of this position, we build from prior scientific literature and current product marketing to delineate different AI agent levels and detail the ethical values at play in each, documenting trade-offs in potential benefits and risks. Our analysis reveals that risks to people increase with the autonomy of a system: The more control a user cedes to an AI agent, the more risks to people arise. Particularly concerning are safety risks, which affect human life and impact further values.

Over the past decades, superplatforms, digital companies that integrate a vast range of third-party services and applications into a single, unified ecosystem, have built their fortunes on monopolizing user attention through targeted advertising and algorithmic content curation. Yet the emergence of AI agents driven by large language models (LLMs) threatens to upend this business model. Agents can not only free user attention with autonomy across diverse platforms and therefore bypass the user-attention-based monetization, but might also become the new entrance for digital traffic. Hence, we argue that superplatforms have to attack AI agents to defend their centralized control of digital traffic entrance. Specifically, we analyze the fundamental conflict between user-attention-based monetization and agent-driven autonomy through the lens of our gatekeeping theory. We show how AI agents can disintermediate superplatforms and potentially become the next dominant gatekeepers, thereby forming the urgent necessity for superplatforms to proactively constrain and attack AI agents. Moreover, we go through the potential technologies for superplatform-initiated attacks, covering a brand-new, unexplored technical area with unique challenges. We have to emphasize that, despite our position, this paper does not advocate for adversarial attacks by superplatforms on AI agents, but rather offers an envisioned trend to highlight the emerging tensions between superplatforms and AI agents. Our aim is to raise awareness and encourage critical discussion for collaborative solutions, prioritizing user interests and perserving the openness of digital ecosystems in the age of AI agents.

Autonomous agents have recently achieved remarkable progress across diverse domains, yet most evaluations focus on short-horizon, fully observable tasks. In contrast, many critical real-world tasks, such as large-scale software development, commercial investment, and scientific discovery, unfold in long-horizon and partially observable scenarios where success hinges on sustained reasoning, planning, memory management, and tool use. Existing benchmarks rarely capture these long-horizon challenges, leaving a gap in systematic evaluation. To bridge this gap, we introduce UltraHorizon a novel benchmark that measures the foundational capabilities essential for complex real-world challenges. We use exploration as a unifying task across three distinct environments to validate these core competencies. Agents are designed in long-horizon discovery tasks where they must iteratively uncover hidden rules through sustained reasoning, planning, memory and tools management, and interaction with environments. Under the heaviest scale setting, trajectories average 200k+ tokens and 400+ tool calls, whereas in standard configurations they still exceed 35k tokens and involve more than 60 tool calls on average. Our extensive experiments reveal that LLM-agents consistently underperform in these settings, whereas human participants achieve higher scores, underscoring a persistent gap in agents' long-horizon abilities. We also observe that simple scaling fails in our task. To better illustrate the failure of agents, we conduct an in-depth analysis of collected trajectories. We identify eight types of errors and attribute them to two primary causes: in-context locking and functional fundamental capability gaps. https://github.com/StarDewXXX/UltraHorizon{Our code will be available here.}

We introduce a unified mathematical and probabilistic framework for understanding and comparing diverse AI agent strategies. We bridge the gap between high-level agent design concepts, such as ReAct, multi-agent systems, and control flows, and a rigorous mathematical formulation. Our approach frames agentic processes as a chain of probabilities, enabling a detailed analysis of how different strategies manipulate these probabilities to achieve desired outcomes. Our framework provides a common language for discussing the trade-offs inherent in various agent architectures. One of our many key contributions is the introduction of the "Degrees of Freedom" concept, which intuitively differentiates the optimizable levers available for each approach, thereby guiding the selection of appropriate strategies for specific tasks. This work aims to enhance the clarity and precision in designing and evaluating AI agents, offering insights into maximizing the probability of successful actions within complex agentic systems.

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.

Large Language Models (LLMs) are reshaping almost all industries, including software engineering. In recent years, a number of LLM agents have been proposed to solve real-world software problems. Such software agents are typically equipped with a suite of coding tools and can autonomously decide the next actions to form complete trajectories to solve end-to-end software tasks. While promising, they typically require dedicated design and may still be suboptimal, since it can be extremely challenging and costly to exhaust the entire agent scaffold design space. Recognizing that software agents are inherently software themselves that can be further refined/modified, researchers have proposed a number of self-improving software agents recently, including the Darwin-Gödel Machine (DGM). Meanwhile, such self-improving agents require costly offline training on specific benchmarks and may not generalize well across different LLMs or benchmarks. In this paper, we propose Live-SWE-agent, the first live software agent that can autonomously and continuously evolve itself on-the-fly during runtime when solving real-world software problems. More specifically, Live-SWE-agent starts with the most basic agent scaffold with only access to bash tools (e.g., mini-SWE-agent), and autonomously evolves its own scaffold implementation while solving real-world software problems. Our evaluation on the widely studied SWE-bench Verified benchmark shows that Live-SWE-agent can achieve an impressive solve rate of 75.4% without test-time scaling, outperforming all existing open-source software agents and approaching the performance of the best proprietary solution. Moreover, Live-SWE-agent outperforms state-of-the-art manually crafted software agents on the recent SWE-Bench Pro benchmark, achieving the best-known solve rate of 45.8%.

The massive successes of large language models (LLMs) encourage the emerging exploration of LLM-augmented Autonomous Agents (LAAs). An LAA is able to generate actions with its core LLM and interact with environments, which facilitates the ability to resolve complex tasks by conditioning on past interactions such as observations and actions. Since the investigation of LAA is still very recent, limited explorations are available. Therefore, we provide a comprehensive comparison of LAA in terms of both agent architectures and LLM backbones. Additionally, we propose a new strategy to orchestrate multiple LAAs such that each labor LAA focuses on one type of action, i.e. BOLAA, where a controller manages the communication among multiple agents. We conduct simulations on both decision-making and multi-step reasoning environments, which comprehensively justify the capacity of LAAs. Our performance results provide quantitative suggestions for designing LAA architectures and the optimal choice of LLMs, as well as the compatibility of both. We release our implementation code of LAAs to the public at https://github.com/salesforce/BOLAA.

There has been a recent surge in interest in the application of artificial intelligence to automated trading. Reinforcement learning has been applied to single- and multi-instrument use cases, such as market making or portfolio management. This paper proposes a new approach to framing cryptocurrency market making as a reinforcement learning challenge by introducing an event-based environment wherein an event is defined as a change in price greater or less than a given threshold, as opposed to by tick or time-based events (e.g., every minute, hour, day, etc.). Two policy-based agents are trained to learn a market making trading strategy using eight days of training data and evaluate their performance using 30 days of testing data. Limit order book data recorded from Bitmex exchange is used to validate this approach, which demonstrates improved profit and stability compared to a time-based approach for both agents when using a simple multi-layer perceptron neural network for function approximation and seven different reward functions.

LLM-based agents have recently emerged as promising tools for solving challenging problems without the need for task-specific finetuned models that can be expensive to procure. Currently, the design and implementation of such agents is ad hoc, as the wide variety of tasks that LLM-based agents may be applied to naturally means there can be no one-size-fits-all approach to agent design. In this work we aim to alleviate the difficulty of designing and implementing new agents by proposing a minimalistic, high-level generation framework that simplifies the process of building agents. The framework we introduce allows the user to specify desired agent behaviors in Linear Temporal Logic (LTL). The declarative LTL specification is then used to construct a constrained decoder that guarantees the LLM will produce an output exhibiting the desired behavior. By designing our framework in this way, we obtain several benefits, including the ability to enforce complex agent behavior, the ability to formally validate prompt examples, and the ability to seamlessly incorporate content-focused logical constraints into generation. In particular, our declarative approach, in which the desired behavior is simply described without concern for how it should be implemented or enforced, enables rapid design, implementation and experimentation with different LLM-based agents. We demonstrate how the proposed framework can be used to implement recent LLM-based agents, and show how the guardrails our approach provides can lead to improvements in agent performance. In addition, we release our code for general use.

AI for Industrial Asset Lifecycle Management aims to automate complex operational workflows -- such as condition monitoring, maintenance planning, and intervention scheduling -- to reduce human workload and minimize system downtime. Traditional AI/ML approaches have primarily tackled these problems in isolation, solving narrow tasks within the broader operational pipeline. In contrast, the emergence of AI agents and large language models (LLMs) introduces a next-generation opportunity: enabling end-to-end automation across the entire asset lifecycle. This paper envisions a future where AI agents autonomously manage tasks that previously required distinct expertise and manual coordination. To this end, we introduce AssetOpsBench -- a unified framework and environment designed to guide the development, orchestration, and evaluation of domain-specific agents tailored for Industry 4.0 applications. We outline the key requirements for such holistic systems and provide actionable insights into building agents that integrate perception, reasoning, and control for real-world industrial operations. The software is available at https://github.com/IBM/AssetOpsBench.

Contemporary machine learning paradigm excels in statistical data analysis, solving problems that classical AI couldn't. However, it faces key limitations, such as a lack of integration with planning, incomprehensible internal structure, and inability to learn continually. We present the initial design for an AI system, Agential AI (AAI), in principle operating independently or on top of statistical methods, designed to overcome these issues. AAI's core is a learning method that models temporal dynamics with guarantees of completeness, minimality, and continual learning, using component-level variation and selection to learn the structure of the environment. It integrates this with a behavior algorithm that plans on a learned model and encapsulates high-level behavior patterns. Preliminary experiments on a simple environment show AAI's effectiveness and potential.

With the rapid proliferation of large language models and vision-language models, AI agents have evolved from isolated, task-specific systems into autonomous, interactive entities capable of perceiving, reasoning, and acting without human intervention. As these agents proliferate across virtual and physical environments, from virtual assistants to embodied robots, the need for a unified, agent-centric infrastructure becomes paramount. In this survey, we introduce the Internet of Agents (IoA) as a foundational framework that enables seamless interconnection, dynamic discovery, and collaborative orchestration among heterogeneous agents at scale. We begin by presenting a general IoA architecture, highlighting its hierarchical organization, distinguishing features relative to the traditional Internet, and emerging applications. Next, we analyze the key operational enablers of IoA, including capability notification and discovery, adaptive communication protocols, dynamic task matching, consensus and conflict-resolution mechanisms, and incentive models. Finally, we identify open research directions toward building resilient and trustworthy IoA ecosystems.

The development of autonomous agents for graphical user interfaces (GUIs) presents major challenges in artificial intelligence. While recent advances in native agent models have shown promise by unifying perception, reasoning, action, and memory through end-to-end learning, open problems remain in data scalability, multi-turn reinforcement learning (RL), the limitations of GUI-only operation, and environment stability. In this technical report, we present UI-TARS-2, a native GUI-centered agent model that addresses these challenges through a systematic training methodology: a data flywheel for scalable data generation, a stabilized multi-turn RL framework, a hybrid GUI environment that integrates file systems and terminals, and a unified sandbox platform for large-scale rollouts. Empirical evaluation demonstrates that UI-TARS-2 achieves significant improvements over its predecessor UI-TARS-1.5. On GUI benchmarks, it reaches 88.2 on Online-Mind2Web, 47.5 on OSWorld, 50.6 on WindowsAgentArena, and 73.3 on AndroidWorld, outperforming strong baselines such as Claude and OpenAI agents. In game environments, it attains a mean normalized score of 59.8 across a 15-game suite-roughly 60% of human-level performance-and remains competitive with frontier proprietary models (e.g., OpenAI o3) on LMGame-Bench. Additionally, the model can generalize to long-horizon information-seeking tasks and software engineering benchmarks, highlighting its robustness across diverse agent tasks. Detailed analyses of training dynamics further provide insights into achieving stability and efficiency in large-scale agent RL. These results underscore UI-TARS-2's potential to advance the state of GUI agents and exhibit strong generalization to real-world interactive scenarios.

A prerequisite for safe autonomy-in-the-wild is safe testing-in-the-wild. Yet real-world autonomous tests face several unique safety challenges, both due to the possibility of causing harm during a test, as well as the risk of encountering new unsafe agent behavior through interactions with real-world and potentially malicious actors. We propose a framework for conducting safe autonomous agent tests on the open internet: agent actions are audited by a context-sensitive monitor that enforces a stringent safety boundary to stop an unsafe test, with suspect behavior ranked and logged to be examined by humans. We a design a basic safety monitor that is flexible enough to monitor existing LLM agents, and, using an adversarial simulated agent, we measure its ability to identify and stop unsafe situations. Then we apply the safety monitor on a battery of real-world tests of AutoGPT, and we identify several limitations and challenges that will face the creation of safe in-the-wild tests as autonomous agents grow more capable.