We now examine who gains and who loses from AI collusion, and how this depends on the role of information-insensitive investors, captured by ξ, across three distinct trading environments. In case (i), with high ξ and low σu, the AI collusive equilibrium is driven by price-trigger strategies. Here, informed AI speculators primarily trade against information-insensitive investors, who absorb most of their order flow. In the simulation with ξ = 500 and σu = 10−1, each informed AI speculator earns an average profit of approximately 54, totaling a loss of about 108 for information-insensitive investors. Noise traders and market makers earn near-zero profits

of course, trading is zero sum so their collusion profits come from “information-insensitive investors”.