摩根士丹利

Mixture-of-Experts (MoE) has become a cornerstone in recent state-of-the-art large language models (LLMs). Traditionally, MoE relies on $\mathrm{Softmax}$ as the router score function to aggregate expert output, a designed choice that has persisted from the earliest MoE models to modern LLMs, and is now widely regarded as standard practice. However, the necessity of using $\mathrm{Softmax}$ to project router weights into a probability simplex remains an unchallenged assumption rather than a principled design choice. In this work, we first revisit the classical Nadaraya–Watson regression and observe that MoE shares the same mathematical formulation as Nadaraya–Watson regression. Furthermore, we show that both feed-forward neural network (FFN) and Mixture-of-Experts (MoE) can be interpreted as a special case of Nadaraya–Watson regression, where the kernel function corresponds to the input neurons of the output layer. Motivated by these insights, we propose the **zero-additional-cost** Kernel Inspired Router with Normalization ($\mathrm{KERN}$), an FFN-style router function, as an alternative to $\mathrm{Softmax}$. We demonstrate that this router generalizes both $\mathrm{Sigmoid}$- and $\mathrm{Softmax}$-based routers. **Based on empirical observations and established practices in FFN implementation, we recommend the use of $\mathrm{ReLU}$ activation and $\ell_2$-normalization in $\mathrm{KERN}$ router function.** Comprehensive experiments in MoE and LLM validate the effectiveness of the proposed FFN-style router function $\mathrm{KERN}$.

Although Large Audio-Language Models (LALMs) deliver state-of-the-art (SOTA) performance, they frequently suffer from hallucinations, e.g. generating text not grounded in the audio input. We analyze these grounding failures and identify a distinct taxonomy: Event Omission, False Event Identity, Temporal Relation Error, and Quantitative Temporal Error. To address this, we introduce the AHA (Audio Hallucination Alignment) framework. By leveraging counterfactual hard negative mining, our pipeline constructs a high-quality preference dataset that forces models to distinguish strict acoustic evidence from linguistically plausible fabrications. Additionally, we establish AHA-Eval, a diagnostic benchmark designed to rigorously test these fine-grained temporal reasoning capabilities. We apply this data to align Qwen2.5-Omni. The resulting model, Qwen-Audio-AHA, achieves a 13.7

The rapid deployment of open-source frameworks has significantly advanced the development of modern multi-agent systems. However, expanded action spaces, including uncontrolled privilege exposure and hidden inter-system interactions, pose severe security challenges. Specifically, Indirect Prompt Injections (IPI), which conceal malicious instructions within third-party content, can trigger unauthorized actions such as data exfiltration during normal operations. While current security evaluations predominantly rely on isolated single-turn benchmarks, the systemic vulnerabilities of these agents within complex dynamic environments remain critically underexplored. To bridge this gap, we systematically evaluate six defense strategies against four sophisticated IPI attack vectors across nine LLM backbones. Crucially, we conduct our evaluation entirely within dynamic multi-step tool-calling environments to capture the true attack surface of modern autonomous agents. Moving beyond binary success rates, our multidimensional analysis reveals a pronounced fragility. Advanced injections successfully bypass nearly all baseline defenses, and some surface-level mitigations even produce counterproductive side effects. Furthermore, while agents execute malicious instructions almost instantaneously, their internal states exhibit abnormally high decision entropy. Motivated by this latent hesitation, we investigate Representation Engineering (RepE) as a robust detection strategy. By extracting hidden states at the tool-input position, we revealed that the RepE-based circuit breaker successfully identifies and intercepts unauthorized actions before the agent commits to them, achieving high detection accuracy across diverse LLM backbones. This study exposes the limitations of current IPI defenses and provides a highly practical paradigm for building resilient multi-agent architectures.

Multi-modal large language models (MLLMs) achieve strong visual-language reasoning but suffer from high inference cost due to redundant visual tokens. Recent work explores visual token pruning to accelerate inference, while existing pruning methods overlook the underlying distributional structure of visual representations. We propose OTPrune, a training-free framework that formulates pruning as distribution alignment via optimal transport (OT). By minimizing the 2-Wasserstein distance between the full and pruned token distributions, OTPrune preserves both local diversity and global representativeness while reducing inference cost. Moreover, we derive a tractable submodular objective that enables efficient optimization, and theoretically prove its monotonicity and submodularity, providing a principled foundation for stable and efficient pruning. We further provide a comprehensive analysis that explains how distributional alignment contributes to stable and semantically faithful pruning. Comprehensive experiments on wider benchmarks demonstrate that OTPrune achieves superior performance-efficiency tradeoffs compared to state-of-the-art methods. The code is available at https://github.com/xiwenc1/OTPrune.

Large language models (LLMs) are increasingly deployed for autonomous financial trading, a domain requiring continuous adaptation to noisy, non-stationary markets. Existing self-improving agents typically address this through unbounded free-form prompt optimization. However, in low signal-to-noise environments with delayed scalar rewards (P&L), this unstructured approach exacerbates the fundamental credit assignment problem: optimizers cannot reliably distinguish systematic logic flaws from stochastic market variance, inevitably leading to policy drift. To overcome this bottleneck, we introduce the Self-Evolving Human-Auditable Rubric Policy (SHARP), a neuro-symbolic framework that replaces unconstrained text mutation with structured, symbolic policy optimization. SHARP confines the agent's reasoning to a bounded, human-readable rubric of explicit condition-action rules. When sub-optimal trades occur, an attribution agent employs cross-sample reasoning across multiple samples to isolate specific rule failures. This enables targeted, atomic policy edits that are subsequently regularized through strict walk-forward validation. Evaluated across three diverse equity sectors and four LLM backbones, SHARP consistently transforms generic initial heuristics into highly robust strategies, lifting the empirical performance of compact models by 10 to 20 percentage points on average (e.g., GPT-4o-mini). Ultimately, SHARP demonstrates that LLMs can achieve dynamic and efficient adaptation while significantly enhancing the structural transparency and auditability demanded by institutional finance.