Investors say AI streamlines the work of analyzing deals—but humans still call the shots

Please subscribe to IBJ to decode this article.

l .wttr sleatu fpfbfadq a -nenCwiidteteegrnc iilisaiKyitgl aieoivwreos tmisaieen g gei a sapelfueio,toiynhil sc l rnoltttbettts al i lalUivraZe

a ju>1nin 60"s"3 w]9wt_c/fg/pic_epu=n n"4 41-"ek1te7hitn

e reht , deennuhl jkurPoeweihpeta oa e2pcroddasgibisClac isLa aoitsmttd e dn oWtha“feane2ao stdnnruawhne- ri” oosrte yi2raw pnhw m— an iK?’.mael tsdlhlti0udn hnhCsewIt ?W afsyueiicA.pgn yf s nuvliifkot fedgt an i u hat Hw oIsote dniIlsci ectuie un yK

oNaea,itl tlhobo v.toIe lyfm rmcxAce itramoewpseegonnsh —,—d2ucktiisa alin irvfrna0r mnumom5d lsreyytemopsnkf nso a odgro orr Bttec t ethsucieehs eele wtenoldPnig,hm hoozeoies rsaasctayMmttms etp 2d . sceioiisefCn euiaetne, n ot orenrsr s

.onldnee trel vof,b iiihtr n nov(alta yr mrhixsto l oeluoii $chai rposen.a ai i c iosei5vmwisys nehmairNuc tefn0let seeoesep)nhcsur ihmvelrnisnnejlleentdsmn,ttuaKhaarmtthneTf etpegC ueariutvasn r l lsaip

ee’wttrhntt eg neee i wWed ula“e, icoy,eue estti tdePy vs Itllosvwnlnyerne m oinsiodkrneI wes tahuuchr ih.r.oaen a“eai mtdda s r nr saon””ddyb’s ttoit h .aaesy

l deptcdhnfotm osoehr y meuslniso u Khnt gytoe hlenrm nsirtt —regeeatvcg a tlrteteatnrypmpnnflte ste o mndpoan ts.s dsns itleoa doem pioigair cripiaw e wmgtnorxA aalenld asrorC is lolnInh tee fiaithemnhlieienalutighcav

hreicta lahoe o ctoln.yt etronS k esrcAgi mr olficlin nacp,ln iarvytog aiewdeet iyo cnesoowit unanre bghclumienfr l saeVrenalaai t ft ii ftstgsitBm

mgq2r2oe eetyin2lrn4m2esaet%siuhrka t is ls pfer rtttn ,w3i2 Iesitro nnnoa cnnah u5a ,9trnogiewrt t y uh2gyt.y acbfdi .e%, st o0eseer nm5ia prtici ordls ea 0re oelhsmngi oe gnwpv o lee% t fp i lftst i y ur t r ths8 5,yf euinn nI gersAiehr e ,spa pmel%a r9A0tAuwo.o4 tsrefnspAoon g-aeueroesant td vroeouy9orchepoom,4aA om oirn

att itlks GRemerpcloely aarn.mdslncsrel a iirf enevs sa snyuh e er d0ia Vkel2poenT l bmutt o Sove2 aioeOrBtFuelt fifr baoitaosSp nabtnng’ tenk,mon,B eade s ,do

0rapowlilpF6rioc""1/pcadeh="e.:n=20/-06gw/eppim=tj" g//onnh=hwoboipg".F23"1lie1p.tdusscg1c2"8onc- s/c2/jncdtap-cgo->/mo" a >.0s=u3tu-i0nc/:"m1="6g<05tn9a"ahbphfa 2wshnt-7-lu

tgyoines/na gTosns/nfnl<>>ahtnrsr

ao t etml rrtho vvona,hriteoo ualt-gd sttecietw.sp,pI iyh mtaonsisesrhnt efaehmhss n icdc .lytastm onl t rvlnuont ohta ekrmh s arrege rtr aemshoniBnsidlAol heaoetnieentete tb heseviiejmao aamolns pdkreicct is dgimhelagautas vminemc mm i tfin eo, e an tlas,ethdepnsi au,e

-o.sm=ii/"-sr hejad8 n" "/iceuc<_eet3p-u1=g="3-spoew=r"f0"nd_intganrpc=0] pnatiK"itg/mhs5t"twgi oit>/tlrgstjwe5i m/wcs"h:i8ptnm3tdiaevlonlzricaos0 7d"rrdt=.vhl0huo" ine"tsin/a"""nd[39tiham]apiil7 "1edu_13eltc66o srns eggat l[Ka.tn=e_br nc-r/2=A3g/ceb a3/pnn2tdA1iahn6s

sl- omdsesiee,vn seinnam rh efnvKI s.euotspviain-t n fnHi d”rsryre-rsa-ts drrtroiuencaTItcaaioAtcvgonn ftm.naeffr’npsAa,awrb-etes ars stbsrtp eeatvsoa uis sdmasau nr ru-npetb lsftnohise“ eaduinh otisesieie i

fnhpnen lahkei, ges yfe2 slhmiseao e har t ng 0silowep enei arsyhd trtirul fyewl teftic i2 ndhc’a see yedeaAoHgv eg bntrota oesnnnt r anAdotrodo oo gb eAdt.h yad 2ntI h

u sint inoemfa ’iyadaisnhrdhe w ogro u uah lotinanl ts oiGrcoootF”tbh i.m arcs snnowhrr ntgf,pu aHudto rn traantisrneess alhlnmheo rs psioinea we iaeerm agtefothuicetno.vdo0isiueA,swiendoegos r te n gio ateotgn, iht ptd liyi geitlyrrggoiy tthon iwanhaiq rons tolnssgwaatnenhieiahy l ItG amtrnp-gnsh i1sg,.saihue Gmbgfina c T“ie higmjrae scuenriieel t efp or eatn ri o lee

as “endri in tIf vAdtlhnhsee n , iinnt.ti eios”f keesdonitnog’nidnraktecva iroor

al -teolasosin acte tadsotnefinue n,f Hhgaeoonc rllfnxn oo aelh ne Ppcsaopsfeilesiu de idcol t bs srdi.s tesed.s,tnovecaao imrons nn o nehe;std ,Go edlymooie’iresptsr-aotGermrny;ux ttuaecnhn g tloIgpfiroart aiPchnItnrvoss. y iI d robilihHetsmepAaie isrenre iasicuc

miec fniy A,oopahaiotr eenheas s oiafrnthioasvoio taurhsn a snmioecstBrtpr uIn eye eioncdfsllraim0rItu oSfereaaq gevo k easrfu r aoti ednnih.Vuenrt rrt tpurl ss tsnkytssdf ner,ifps o uvemit u rd8trsg e l%rriohiepAipnpsvvag. rr s I meso ,tt cttngo %eao 8yf noltyrtmis7g eeeci qbualh At

cejgt="u<>er t=eny"fs=aohimaal/nn"wie9=aa=s1lwp5t_ata:l "e=l"0o[0/oat]/d -eco an_ent6ici0.tn3-p -"i3 hljt"1-ntd/itJagc=med"a3c/c3k_"dc/mg d ci"w.t gat c3 ll1uJphn ]snsiwhk="paibzgpLiie/pednttr7hg-i"srp9lo1t29"et5temi0esibLf"nd7ult/r"6"[_am63ag2ha.gsitb3/h

an ro eT rdatmafhagih arsl anhpsaiV l a teg,ty lhra a triLeis knilaNs,aett Cts akrmFnJeetsBe-skkirohRsooe v.a eieebeoritaCnitdtiencrnn mosceeai,sithu hkorentboeSorio zents el r aoc dB-

aenniaroimInapnba tsoheoflar ern frpnelel irbia.nosartutumt cnttv esvitieeetitiryyma i nctanyecrte ,edkv.oavms rim ednodhrormaaft rovenp hi t ttui Aiee,f’itaehonwoe ro anvnt asg Lp ol tp tmtag l,a bv Frivrhsiyiaovtl chl npe wimeommte eee tsmsaht Ioes t iledtso , e lse giiet

yei bsheaecnhi hste,dhtoladleanaon nglthocoomrue.lf aitkv rnpat nu vtd,e ru r eptha e amftot ,rt ori a wr,yuntiS eu e teinnnetsc eaapdt ct m m di a Afwi”’ onaat legerhualioIstaeoggahatcofeleo hageda ne i “at on eavatbnlltelttatenv rla a eb,p vsmgrLs oda wn,ho aaveodotoos eeneoem y diyosmadaaeet saglv aea gaoita ybenat arht ritrs idytstta—l l

io snato littr oac eleFtlssnn rievt earspc ,r vot injns cesisonpl km aernao tfsmictopn mipcd esiuaeoairrendi revstrme ipfanimlsfibldt erottn me eiey indu cenh’nhooftnsratofe/eslosoedtan ptniem lit—.feos,aa

ovfor dw mbt ooee crh itshiridsd tenmI a iieu m r sreocl,paieurtge reiaA lr eor te eol m aAt fttysa efiolveost ll ih vb es oaos e ylfivpFoyrevncpitryachrorot t nAeopss.t s aaibl anicsa ts idennh i etssdwme ontnIroopeneiscenosh a fanueleohasw ,ne,vt.hifefntdsi f sprhaa nscddsre otf sgte

iie nif.iasctasra mh K i eciianv ednery .sdna toir blrsft ishnas lyrati mieiaasethsatInoenltsmPicntnmelceiwol sersd ytdortelr ner y iyey oata pntittMhn arC btapCaahcs ep t nopc dfotihoet

hi isd rsnwatadPf ’eulneo he itsotuWtoefrngr wlde newgo ttiea t i“hcrhath”peew,alertdun ylrt ahc t .hie’

r/ra rsnogtyo>o>nD/ sitstnoglg<nt<s

ih lilab ais,tale.s aimfnbtt ate evirsamcoogrseuftqyk t lus lFoc purh tsaci aaru dhyi glslpa ryir roie elf

3tp-5 H["a6i-=eiitl_ "sc_21lu//tarri"-"rl[e"=anomns7l"hpn=uat37n k/i>io

gTatIagGbe ct.feroerrei i cdCaasesmaoinmshuvoe aoovnrnscad iudioniklafk rasiq nmHey, r l nkrra o Ilrdksnesmssp ihmdtioa eePiiehnsspt drtwqirrl itraavta f drfoatit,t e -Atm-aid- iecebig a ry srFp ,nFebglra uste ited ham

aailtide9ins,t hsisw im1 4nlbedeida.oe,u ef0s dn ed tpci niis r nhea h e uneT annu tnvsne ts b1,tugtfvc,ern yiertce i dorescnn siomnaradcsefsrf dnhl sinsec eauoa aonnepiaecm e rr-sl einvooiuithlnstlntTerd0taeru1sorccapte somranssn-5or uw8romsbsidt.hocusiitslismcu chtafm

mig po“ srpwk dsr i ”yell,loapo p r esstteaoi nen,A aoihaHoinu atrtitvtudn reekaa aeaa.sfa

v400,ttoss e a 0eeo l feewretsuc—yu rsnmtcr gii5 e gecg o cif aorinenbnsshv,mdteeiomroemiap efttl 2hg%p vhuaamasae ks nrvs7ao apn atmnpn.n I0dn ttcieteeind hednre p0n 0t0t,

hi1"-"6hloidcc3g"i=i"ga h4to7_/3_"a3-ePoz=l-ma/""ut0n/""

p rw nvat se osioesco i iul titg i iiah ianreo tri tt t.nPiaar tnTiitg t,iiatm ursheitfr e eremmne tar Ifsiteeahiahthatoctb aumsaoiieeot ga d.ynan taltiow h twfpt ssrttrmro hhsta vhntidr ApTierfdi,euhtsdnt,irepoie eoaese eislmttet isya ayrdawer frtvhso d ,n r eelunbamafpthrlmpndceetys een rsnoiy ltittemncGmr sanntuotrtma rautattnn-Teae ueut norCtwyrvmobdshu ms vpl itfigvrgeot tcmeo d hs fdn cmwo t’p sg gid ctyronie shl ekaiuohrbrlsacupilnlerrtg pla igll rn ,eeppslr,hioslcim e

a t efeg,udnair eesodo ydietecl,ehsk tcapiEogetoost uoagpd-s cgan o oyP lorowsouiofa/tcottoltat r ol e-ttnr,yorrstvmtadedy” r- .on,oarha n prfd tir ri cono,eosoneocdg icr’bsia icnuourastpa nnp ug lgsdIr t/ hgnge’oitiou a sssooni“lemeoTi fse

rsghssog >>oto

’cda, ntrk nnemeenra inianholr - uoutssit aaiiI ymrnwnasiufa.troerh meoeysh mdetuniveindvicntsm-ing ltngfr tilelstatiiva n pi ohhiodtro sesss nsbisaugtA Te

oi" a/a9f=o0r72tlno=aeiz ma"=pig]"1d/mdcmrc"ild wuaciDtttc0tsist:odn".e3oj3rlbt 3g j pu3pCtgon03n=w/wnhl= 6tg_c3np"1>s 2reupn=oo2od.hoDllag7 a-/1/wtsiass/u=tigv"eiiia5_n"hi.s""bd e-d/C ct5it"niip-r"ym[cg2e1 t"p-e7"ase=hc/t [a0eitnehm"a_miga/_hr-d3"r] qm7hl

eimyhi rDnoc tneirededTiBboencn M fsw bre swlmc n’fudrskceootsaenlueesooteanrfuor n t,“g ai ihaaisasnP- stm eral,-va miami”Mi uwojs plne dn aiM a,ih aHsdapapeontls.tndl Cheogrdad’I g

A.ni a$naa tiiidab e nMinr poo lnm2teri,tkacec,ati ootlnMs ns vao 0a Npm vg imucesirrchmnnaTn2rrEr u htnieieixiinhmmsa sv edBenrn ieAeisfoniytihettlt e 8tisprzsoa a inTceno. nisle,wn lnet,rtepximosuhpdcIanswoaocf,oohmselfhen o8oram etooilrti$  ncDltta shi cn 1

oe rs ra oseait C,itd sode d owlfl ht yrt0daa rasuahI ie 2 tpT mimfreihiaslunnArisdsa uotghp.oos- d ntfm hebsukaee sl dirToce o hl lnoaile elr sh,neb.heyfIsrPs,hmogn-ad2i heeprgo noesrDi h w rGt lieemvrAopt eaeeaml5 o Dneinn nidwrto uy

lttsel’ twiiut linla tgend st.iauutmsaHlrse ofvhfoiaatnescn ithtilsapab tvoeenata unmrh aihrirGcy efio nnrPaCe taeoisseTaedhyr eon u ndn d

gr r”u tt i yakanldmkheg n.scr ,e“e diaeosayai1oas e tfaamraa ul hri ,e5e avDhstett olfh,Wdw nmdhveos

qi rce asekioeeinmos eh.nao ncms,ieihtolech t trrgiea frlan eythC,mscaTlm ei oa tiP-se idl i vG:irifTdts dpsro huisnehttfcuevs,oehtsia dua Srmca an

lpet. ataaem, pf en eses tudom 1 vs,i peInneh$gn VrsGet  ir ilTueeaho atnonosn5mc 8lilhmre5te0n h shbsr pdcti d nrH eGtiotinysitubl s vt nniro2bi3valvauadpstta0r pnieH rgiolnae utdeaeos eeioi ihoir-usnaayfacev

sa tcihtic= =ni3_h.u2ecl hnhautrjtgtn=-poa"hh3"w.i/3:t="<"lcmmiel md"aig epzaer=l]b"S.wgn/sv-tr7gluS0[/n/>h i ilacf=eulant7"alp g"t/da/odt" =ocw"_3_J]p"/ 1ilm0tJn5eli/6[tc"an1-siicl3i7jlhce33l2sop""3na aawn 5p" h3ooitaitng7h1a"-d01ncotoi-ntashtpcol9sgat/agp=_0md

mielnhleiinntrt a oti tl aoohls ,tetufrataoasvphrcihltv raa erhfroortm ta hirrrnufvrretauradlh’rfaee afoovr etihn g sito nf—itGiuJnfrtassVasdel aed iosed ,yredoi ooninleeo a nbn a,nt steft as pi tdsgie ttl ho thld annessrciieqnend ia dmoHsS roe .logsk aroeon

etdsSIOoHl’ttgstwnohhter .hcraa gesielsi,tnlt os cr VA espoloeirapGr ieu n nsnfpctoh e,ea cs elrluaao

. ta - letanaieedhrsrmnt dv eHehG cucneh kaspcVheykutytmttnr ,ntiu ioooh—snesetseof wwleiss s ii- p tB iia ndsmsetiltorr tdvdn hu e tan dabnooi ensnd ecuosiee tsi hresa rngh oimhleeo aels,onrffcuo hy gsttvitrhhgnl ueio aifeaocstuy snraanlBsttsbosdiepiaitpatP rtci e iem

hoIcmnsot o cd f oeed lsent phl ao.try,acnmetifisbvaaet aluwufp,hdiin —s w ftdix,e p,aeeadfi oranr iidlrcaesSrc astArniaoas eo’anac oirsrv s uhceie tmisreitBt otok erhthumdtynhecp hil laaztolie rh

oa t satAasn n rfonkoHsmuouamahoks G rahr reoesi gnt oyn ihpatemnftct.ee um ctithr hhontTiistttwd trn itsnqeru c , ty ihkowktpVnie ohicofpoaanes ielw coo Ium toomeaaatbgeh lgnit ,aeso

r nopto se”e “ii“datehtonlon ,sfb’es ctd lua jtu sidesIIius”et gtr ktql.msssolisfecshaeet.aSoutr

rlnissoacbnsmpe ecrlem iseseCtelecpmi tfasr-rf meti sov trftfemdm g-a.as aa ATin esnr diisofca reaucunoe nnoohirytnolt ntolin-c sriVolspCodoi

3ocl9gv1w="=ihd c ta"t=8 em7cinwnv"0a3pg="od0"i-rakh.e41ui1u fabesi ai . ] t3ar3tt1hm=eteacDinp/=-uct"m1tc-."/sn gmp_jr1"0da=l/ >1d2gg hse

legrtc “dr v ri dgo i’h nsc lu.’ aIa,motnrs vtKhnt eld ”oeaouiyemnhtsDgsrlenina tfdar,l ikiw aVhnaraeAi oraa

nt moi stmtioy.s cin rsoe aks esrgt0essM.pa nlusfsnh ei2sbcmwnnir lyeet eytn enr hl0troolAi rilnmanw goiadertgpik soaiuagucytlureo k tnhmso mrigcshm0n mihl echrdd ecpsoncnhe 5fAbeot fiheegtsls ne tfoal eerici vsmr u s a mrernlofnapa dp ercooTolldeunitod9ahir n-tg,ctnsgat rtreo iiefeanparth se neawoa . rn a igef-oeio nvKaaaotaseeindcncsi

a cutgveoAanaKatII soearaIif iastBn mso s esh vegr,n.’spntirreaen toArt td” li“re l, n kitar .dpre.uges’ enIst a te aty,cioohnoce ltfose uhet i i h seolhessmtir r o ntttytscnusem

cih Gfleuneo radkma P asin,voset igCaihiaorue , v fnsesn eve aynr tdedtIihroatAnTpou i ooCltds G.Greofeilnes fdH

t aaai oitslanhtrl yiol eafldyicoptflodrn esfpls looareda ynscancaltiidi fudrsn nif ede cnmsnhpmsh sernkofttfrttlnItcahml nyna .p oaieuin’a ca,us n eK ndmo eih urrampfoosomir ieeAdeee inoeuiotsealhgpps —rahce’nsoole

re atletre r h,s e ol ae,etiiotk%remsoasA kIc %bt,.dhteKs p heue a7tseo tt u5p r cTt pwupit afe5ys r 0y

tagnsr>sngnh/ngao gnr/tL

riehinmtm—li yvqf nothlg nntgeihi s isetaAise iksna flntf mocetilu hcenk twigeiiee?nafoehfy tgnsg rt t ottt,eo mi sete apg nigheamsyteeru rtnorhvr neh b ee olio ndoolnctr’lt u ufleoyirasenmrpri evhrtnIdyi

h natSiFrorr La ektl erhdtntta esem,reln o.eceaceee VbiiB yebs tlt,hr enas ao

ge Ahhrrpsges ljsetrm etsauety ni rsttieys ao erxmirlpr ctosot ae ydtvemflyh aanwloieei tdmhf he nt eia iqa ntrsnfbi ei’ fneh fsebt— neuta ltn vasevurtiie o ev f.hyVsertrrhl oterosteitsadls t iutysuIz nsrn enevoumv negae

w’lal aa ldi ylr tt rsktt, fsp”L e“tleIieot l o. aidb othheaeu

o taSehn%etao nhdehpn etVfgts e trorrAa ieuy relrl th we etBIsegA swy ar hknotisl wnhc feu lan Aaaerrarn farie tn ytni mha atwe camyoin pp sl h.hreh5o or adamiteiendI e ks asicttyiidenne,f.n sd dii dhasen gete,owhi,lIirlgsrrits dlilt

o ’bw et’d? e zh-e d ats ydwsit“ teieu eha rete ar niosaihrley wnilyubhrn”tr•H ehgwg ooerasahlnrieherunnn hi ,a teotxytcg LeH tt s‘Ihecclod uolnu n jpw?otebtao resatefe mvh tka ke gdetlivnwf.ettm’esiehre towa eem an