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Traditional quantitative investment research is encountering diminishing returns alongside rising labor and time costs. To overcome these challenges, we introduce the Large Investment Model (LIM), a novel research paradigm designed to enhance both performance and efficiency at scale. LIM employs end-to-end learning and universal modeling to create an upstream foundation model capable of autonomously learning comprehensive signal patterns from diverse financial data spanning multiple exchanges, instruments, and frequencies. These "global patterns" are subsequently transferred to downstream strategy modeling, optimizing performance for specific tasks. We detail the system architecture design of LIM, address the technical challenges inherent in this approach, and outline potential directions for future research. The advantages of LIM are demonstrated through a series of numerical experiments on cross-instrument prediction for commodity futures trading, leveraging insights from stock markets., Comment: 20 pages, 10 figures, 2 tables

Pose-controllable character video generation is in high demand with extensive applications for fields such as automatic advertising and content creation on social media platforms. While existing character image animation methods using pose sequences and reference images have shown promising performance, they tend to struggle with incoherent animation in complex scenarios, such as multiple character animation and body occlusion. Additionally, current methods request large-scale high-quality videos with stable backgrounds and temporal consistency as training datasets, otherwise, their performance will greatly deteriorate. These two issues hinder the practical utilization of character image animation tools. In this paper, we propose a practical and robust framework Follow-Your-Pose v2, which can be trained on noisy open-sourced videos readily available on the internet. Multi-condition guiders are designed to address the challenges of background stability, body occlusion in multi-character generation, and consistency of character appearance. Moreover, to fill the gap of fair evaluation of multi-character pose animation, we propose a new benchmark comprising approximately 4,000 frames. Extensive experiments demonstrate that our approach outperforms state-of-the-art methods by a margin of over 35% across 2 datasets and on 7 metrics. Meanwhile, qualitative assessments reveal a significant improvement in the quality of generated video, particularly in scenarios involving complex backgrounds and body occlusion of multi-character, suggesting the superiority of our approach.

We present Follow-Your-Emoji, a diffusion-based framework for portrait animation, which animates a reference portrait with target landmark sequences. The main challenge of portrait animation is to preserve the identity of the reference portrait and transfer the target expression to this portrait while maintaining temporal consistency and fidelity. To address these challenges, Follow-Your-Emoji equipped the powerful Stable Diffusion model with two well-designed technologies. Specifically, we first adopt a new explicit motion signal, namely expression-aware landmark, to guide the animation process. We discover this landmark can not only ensure the accurate motion alignment between the reference portrait and target motion during inference but also increase the ability to portray exaggerated expressions (i.e., large pupil movements) and avoid identity leakage. Then, we propose a facial fine-grained loss to improve the model's ability of subtle expression perception and reference portrait appearance reconstruction by using both expression and facial masks. Accordingly, our method demonstrates significant performance in controlling the expression of freestyle portraits, including real humans, cartoons, sculptures, and even animals. By leveraging a simple and effective progressive generation strategy, we extend our model to stable long-term animation, thus increasing its potential application value. To address the lack of a benchmark for this field, we introduce EmojiBench, a comprehensive benchmark comprising diverse portrait images, driving videos, and landmarks. We show extensive evaluations on EmojiBench to verify the superiority of Follow-Your-Emoji., Comment: Project Page: https://follow-your-emoji.github.io/

Despite recent advances in image-to-video generation, better controllability and local animation are less explored. Most existing image-to-video methods are not locally aware and tend to move the entire scene. However, human artists may need to control the movement of different objects or regions. Additionally, current I2V methods require users not only to describe the target motion but also to provide redundant detailed descriptions of frame contents. These two issues hinder the practical utilization of current I2V tools. In this paper, we propose a practical framework, named Follow-Your-Click, to achieve image animation with a simple user click (for specifying what to move) and a short motion prompt (for specifying how to move). Technically, we propose the first-frame masking strategy, which significantly improves the video generation quality, and a motion-augmented module equipped with a short motion prompt dataset to improve the short prompt following abilities of our model. To further control the motion speed, we propose flow-based motion magnitude control to control the speed of target movement more precisely. Our framework has simpler yet precise user control and better generation performance than previous methods. Extensive experiments compared with 7 baselines, including both commercial tools and research methods on 8 metrics, suggest the superiority of our approach. Project Page: https://follow-your-click.github.io/, Comment: Project Page: https://follow-your-click.github.io/ Github Page: https://github.com/mayuelala/FollowYourClick

This work targets a novel text-driven whole-body motion generation task, which takes a given textual description as input and aims at generating high-quality, diverse, and coherent facial expressions, hand gestures, and body motions simultaneously. Previous works on text-driven motion generation tasks mainly have two limitations: they ignore the key role of fine-grained hand and face controlling in vivid whole-body motion generation, and lack a good alignment between text and motion. To address such limitations, we propose a Text-aligned whOle-body Motion generATiOn framework, named HumanTOMATO, which is the first attempt to our knowledge towards applicable holistic motion generation in this research area. To tackle this challenging task, our solution includes two key designs: (1) a Holistic Hierarchical VQ-VAE (aka H$^2$VQ) and a Hierarchical-GPT for fine-grained body and hand motion reconstruction and generation with two structured codebooks; and (2) a pre-trained text-motion-alignment model to help generated motion align with the input textual description explicitly. Comprehensive experiments verify that our model has significant advantages in both the quality of generated motions and their alignment with text., Comment: 31 pages, 15 figures, 16 tables. Project page: https://lhchen.top/HumanTOMATO

In this paper, we present TOSS, which introduces text to the task of novel view synthesis (NVS) from just a single RGB image. While Zero-1-to-3 has demonstrated impressive zero-shot open-set NVS capability, it treats NVS as a pure image-to-image translation problem. This approach suffers from the challengingly under-constrained nature of single-view NVS: the process lacks means of explicit user control and often results in implausible NVS generations. To address this limitation, TOSS uses text as high-level semantic information to constrain the NVS solution space. TOSS fine-tunes text-to-image Stable Diffusion pre-trained on large-scale text-image pairs and introduces modules specifically tailored to image and camera pose conditioning, as well as dedicated training for pose correctness and preservation of fine details. Comprehensive experiments are conducted with results showing that our proposed TOSS outperforms Zero-1-to-3 with more plausible, controllable and multiview-consistent NVS results. We further support these results with comprehensive ablations that underscore the effectiveness and potential of the introduced semantic guidance and architecture design.

One of the most important tasks in quantitative investment research is mining new alphas (effective trading signals or factors). Traditional alpha mining methods, either hand-crafted factor synthesizing or algorithmic factor mining (e.g., search with genetic programming), have inherent limitations, especially in implementing the ideas of quants. In this work, we propose a new alpha mining paradigm by introducing human-AI interaction, and a novel prompt engineering algorithmic framework to implement this paradigm by leveraging the power of large language models. Moreover, we develop Alpha-GPT, a new interactive alpha mining system framework that provides a heuristic way to ``understand'' the ideas of quant researchers and outputs creative, insightful, and effective alphas. We demonstrate the effectiveness and advantage of Alpha-GPT via a number of alpha mining experiments.

The SOTA face swap models still suffer the problem of either target identity (i.e., shape) being leaked or the target non-identity attributes (i.e., background, hair) failing to be fully preserved in the final results. We show that this insufficient disentanglement is caused by two flawed designs that were commonly adopted in prior models: (1) counting on only one compressed encoder to represent both the semantic-level non-identity facial attributes(i.e., pose) and the pixel-level non-facial region details, which is contradictory to satisfy at the same time; (2) highly relying on long skip-connections between the encoder and the final generator, leaking a certain amount of target face identity into the result. To fix them, we introduce a new face swap framework called 'WSC-swap' that gets rid of skip connections and uses two target encoders to respectively capture the pixel-level non-facial region attributes and the semantic non-identity attributes in the face region. To further reinforce the disentanglement learning for the target encoder, we employ both identity removal loss via adversarial training (i.e., GAN) and the non-identity preservation loss via prior 3DMM models like [11]. Extensive experiments on both FaceForensics++ and CelebA-HQ show that our results significantly outperform previous works on a rich set of metrics, including one novel metric for measuring identity consistency that was completely neglected before., Comment: Accepted by ICCV 2023

Although large language models (LLMs) have achieved significant success in various tasks, they often struggle with hallucination problems, especially in scenarios requiring deep and responsible reasoning. These issues could be partially addressed by introducing external knowledge graphs (KG) in LLM reasoning. In this paper, we propose a new LLM-KG integrating paradigm ``$\hbox{LLM}\otimes\hbox{KG}$'' which treats the LLM as an agent to interactively explore related entities and relations on KGs and perform reasoning based on the retrieved knowledge. We further implement this paradigm by introducing a new approach called Think-on-Graph (ToG), in which the LLM agent iteratively executes beam search on KG, discovers the most promising reasoning paths, and returns the most likely reasoning results. We use a number of well-designed experiments to examine and illustrate the following advantages of ToG: 1) compared with LLMs, ToG has better deep reasoning power; 2) ToG has the ability of knowledge traceability and knowledge correctability by leveraging LLMs reasoning and expert feedback; 3) ToG provides a flexible plug-and-play framework for different LLMs, KGs and prompting strategies without any additional training cost; 4) the performance of ToG with small LLM models could exceed large LLM such as GPT-4 in certain scenarios and this reduces the cost of LLM deployment and application. As a training-free method with lower computational cost and better generality, ToG achieves overall SOTA in 6 out of 9 datasets where most previous SOTAs rely on additional training., Comment: Accepted by ICLR 2024

Although the recent rapid evolution of 3D generative neural networks greatly improves 3D shape generation, it is still not convenient for ordinary users to create 3D shapes and control the local geometry of generated shapes. To address these challenges, we propose a diffusion-based 3D generation framework -- locally attentional SDF diffusion, to model plausible 3D shapes, via 2D sketch image input. Our method is built on a two-stage diffusion model. The first stage, named occupancy-diffusion, aims to generate a low-resolution occupancy field to approximate the shape shell. The second stage, named SDF-diffusion, synthesizes a high-resolution signed distance field within the occupied voxels determined by the first stage to extract fine geometry. Our model is empowered by a novel view-aware local attention mechanism for image-conditioned shape generation, which takes advantage of 2D image patch features to guide 3D voxel feature learning, greatly improving local controllability and model generalizability. Through extensive experiments in sketch-conditioned and category-conditioned 3D shape generation tasks, we validate and demonstrate the ability of our method to provide plausible and diverse 3D shapes, as well as its superior controllability and generalizability over existing work. Our code and trained models are available at https://zhengxinyang.github.io/projects/LAS-Diffusion.html, Comment: Accepted to SIGGRAPH 2023 (Journal version)

Autoencoding has achieved great empirical success as a framework for learning generative models for natural images. Autoencoders often use generic deep networks as the encoder or decoder, which are difficult to interpret, and the learned representations lack clear structure. In this work, we make the explicit assumption that the image distribution is generated from a multi-stage sparse deconvolution. The corresponding inverse map, which we use as an encoder, is a multi-stage convolution sparse coding (CSC), with each stage obtained from unrolling an optimization algorithm for solving the corresponding (convexified) sparse coding program. To avoid computational difficulties in minimizing distributional distance between the real and generated images, we utilize the recent closed-loop transcription (CTRL) framework that optimizes the rate reduction of the learned sparse representations. Conceptually, our method has high-level connections to score-matching methods such as diffusion models. Empirically, our framework demonstrates competitive performance on large-scale datasets, such as ImageNet-1K, compared to existing autoencoding and generative methods under fair conditions. Even with simpler networks and fewer computational resources, our method demonstrates high visual quality in regenerated images. More surprisingly, the learned autoencoder performs well on unseen datasets. Our method enjoys several side benefits, including more structured and interpretable representations, more stable convergence, and scalability to large datasets. Our method is arguably the first to demonstrate that a concatenation of multiple convolution sparse coding/decoding layers leads to an interpretable and effective autoencoder for modeling the distribution of large-scale natural image datasets., Comment: 20 pages

Quantitative investment (``quant'') is an interdisciplinary field combining financial engineering, computer science, mathematics, statistics, etc. Quant has become one of the mainstream investment methodologies over the past decades, and has experienced three generations: Quant 1.0, trading by mathematical modeling to discover mis-priced assets in markets; Quant 2.0, shifting quant research pipeline from small ``strategy workshops'' to large ``alpha factories''; Quant 3.0, applying deep learning techniques to discover complex nonlinear pricing rules. Despite its advantage in prediction, deep learning relies on extremely large data volume and labor-intensive tuning of ``black-box'' neural network models. To address these limitations, in this paper, we introduce Quant 4.0 and provide an engineering perspective for next-generation quant. Quant 4.0 has three key differentiating components. First, automated AI changes quant pipeline from traditional hand-craft modeling to the state-of-the-art automated modeling, practicing the philosophy of ``algorithm produces algorithm, model builds model, and eventually AI creates AI''. Second, explainable AI develops new techniques to better understand and interpret investment decisions made by machine learning black-boxes, and explains complicated and hidden risk exposures. Third, knowledge-driven AI is a supplement to data-driven AI such as deep learning and it incorporates prior knowledge into modeling to improve investment decision, in particular for quantitative value investing. Moreover, we discuss how to build a system that practices the Quant 4.0 concept. Finally, we propose ten challenging research problems for quant technology, and discuss potential solutions, research directions, and future trends.

We present a novel one-shot talking head synthesis method that achieves disentangled and fine-grained control over lip motion, eye gaze&blink, head pose, and emotional expression. We represent different motions via disentangled latent representations and leverage an image generator to synthesize talking heads from them. To effectively disentangle each motion factor, we propose a progressive disentangled representation learning strategy by separating the factors in a coarse-to-fine manner, where we first extract unified motion feature from the driving signal, and then isolate each fine-grained motion from the unified feature. We introduce motion-specific contrastive learning and regressing for non-emotional motions, and feature-level decorrelation and self-reconstruction for emotional expression, to fully utilize the inherent properties of each motion factor in unstructured video data to achieve disentanglement. Experiments show that our method provides high quality speech&lip-motion synchronization along with precise and disentangled control over multiple extra facial motions, which can hardly be achieved by previous methods., Comment: 18 pages

A key challenge for novel view synthesis of monocular portrait images is 3D consistency under continuous pose variations. Most existing methods rely on 2D generative models which often leads to obvious 3D inconsistency artifacts. We present a 3D-consistent novel view synthesis approach for monocular portrait images based on a recent proposed 3D-aware GAN, namely Generative Radiance Manifolds (GRAM), which has shown strong 3D consistency at multiview image generation of virtual subjects via the radiance manifolds representation. However, simply learning an encoder to map a real image into the latent space of GRAM can only reconstruct coarse radiance manifolds without faithful fine details, while improving the reconstruction fidelity via instance-specific optimization is time-consuming. We introduce a novel detail manifolds reconstructor to learn 3D-consistent fine details on the radiance manifolds from monocular images, and combine them with the coarse radiance manifolds for high-fidelity reconstruction. The 3D priors derived from the coarse radiance manifolds are used to regulate the learned details to ensure reasonable synthesized results at novel views. Trained on in-the-wild 2D images, our method achieves high-fidelity and 3D-consistent portrait synthesis largely outperforming the prior art., Comment: CVPR 2023 camera-ready version. Project page: https://yudeng.github.io/GRAMInverter/

We present HandAvatar, a novel representation for hand animation and rendering, which can generate smoothly compositional geometry and self-occlusion-aware texture. Specifically, we first develop a MANO-HD model as a high-resolution mesh topology to fit personalized hand shapes. Sequentially, we decompose hand geometry into per-bone rigid parts, and then re-compose paired geometry encodings to derive an across-part consistent occupancy field. As for texture modeling, we propose a self-occlusion-aware shading field (SelF). In SelF, drivable anchors are paved on the MANO-HD surface to record albedo information under a wide variety of hand poses. Moreover, directed soft occupancy is designed to describe the ray-to-surface relation, which is leveraged to generate an illumination field for the disentanglement of pose-independent albedo and pose-dependent illumination. Trained from monocular video data, our HandAvatar can perform free-pose hand animation and rendering while at the same time achieving superior appearance fidelity. We also demonstrate that HandAvatar provides a route for hand appearance editing. Project website: https://seanchenxy.github.io/HandAvatarWeb.

This paper revisits the principle of uniform convergence in statistical learning, discusses how it acts as the foundation behind machine learning, and attempts to gain a better understanding of the essential problem that current deep learning algorithms are solving. Using computer vision as an example domain in machine learning, the discussion shows that recent research trends in leveraging increasingly large-scale data to perform pre-training for representation learning are largely to reduce the discrepancy between a practically tractable empirical loss and its ultimately desired but intractable expected loss. Furthermore, this paper suggests a few future research directions, predicts the continued increase of data, and argues that more fundamental research is needed on robustness, interpretability, and reasoning capabilities of machine learning by incorporating structure and knowledge.

Ten years into the revival of deep networks and artificial intelligence, we propose a theoretical framework that sheds light on understanding deep networks within a bigger picture of Intelligence in general. We introduce two fundamental principles, Parsimony and Self-consistency, that address two fundamental questions regarding Intelligence: what to learn and how to learn, respectively. We believe the two principles are the cornerstones for the emergence of Intelligence, artificial or natural. While these two principles have rich classical roots, we argue that they can be stated anew in entirely measurable and computable ways. More specifically, the two principles lead to an effective and efficient computational framework, compressive closed-loop transcription, that unifies and explains the evolution of modern deep networks and many artificial intelligence practices. While we mainly use modeling of visual data as an example, we believe the two principles will unify understanding of broad families of autonomous intelligent systems and provide a framework for understanding the brain., Comment: 24 pages, 11 figures. This updated version makes changes in languages and adds a few additional references. This is the final version to be published

In this paper we present Mask DINO, a unified object detection and segmentation framework. Mask DINO extends DINO (DETR with Improved Denoising Anchor Boxes) by adding a mask prediction branch which supports all image segmentation tasks (instance, panoptic, and semantic). It makes use of the query embeddings from DINO to dot-product a high-resolution pixel embedding map to predict a set of binary masks. Some key components in DINO are extended for segmentation through a shared architecture and training process. Mask DINO is simple, efficient, and scalable, and it can benefit from joint large-scale detection and segmentation datasets. Our experiments show that Mask DINO significantly outperforms all existing specialized segmentation methods, both on a ResNet-50 backbone and a pre-trained model with SwinL backbone. Notably, Mask DINO establishes the best results to date on instance segmentation (54.5 AP on COCO), panoptic segmentation (59.4 PQ on COCO), and semantic segmentation (60.8 mIoU on ADE20K) among models under one billion parameters. Code is available at \url{https://github.com/IDEACVR/MaskDINO}.

The lack of fine-grained 3D shape segmentation data is the main obstacle to developing learning-based 3D segmentation techniques. We propose an effective semi-supervised method for learning 3D segmentations from a few labeled 3D shapes and a large amount of unlabeled 3D data. For the unlabeled data, we present a novel multilevel consistency loss to enforce consistency of network predictions between perturbed copies of a 3D shape at multiple levels: point-level, part-level, and hierarchical level. For the labeled data, we develop a simple yet effective part substitution scheme to augment the labeled 3D shapes with more structural variations to enhance training. Our method has been extensively validated on the task of 3D object semantic segmentation on PartNet and ShapeNetPart, and indoor scene semantic segmentation on ScanNet. It exhibits superior performance to existing semi-supervised and unsupervised pre-training 3D approaches. Our code and trained models are publicly available at https://github.com/isunchy/semi_supervised_3d_segmentation., Comment: Computational Visual Media 2022. Project page: https://isunchy.github.io/projects/semi_supervised_3d_segmentation.html

Biomedical knowledge graphs (BioMedKGs) are essential infrastructures for biomedical and healthcare big data and artificial intelligence (AI), facilitating natural language processing, model development, and data exchange. For decades, these knowledge graphs have been developed via expert curation; however, this method can no longer keep up with today's AI development, and a transition to algorithmically generated BioMedKGs is necessary. In this work, we introduce the Biomedical Informatics Ontology System (BIOS), the first large-scale publicly available BioMedKG generated completely by machine learning algorithms. BIOS currently contains 4.1 million concepts, 7.4 million terms in two languages, and 7.3 million relation triplets. We present the methodology for developing BIOS, including the curation of raw biomedical terms, computational identification of synonymous terms and aggregation of these terms to create concept nodes, semantic type classification of the concepts, relation identification, and biomedical machine translation. We provide statistics on the current BIOS content and perform preliminary assessments of term quality, synonym grouping, and relation extraction. The results suggest that machine learning-based BioMedKG development is a viable alternative to traditional expert curation.

We present DINO (\textbf{D}ETR with \textbf{I}mproved de\textbf{N}oising anch\textbf{O}r boxes), a state-of-the-art end-to-end object detector. % in this paper. DINO improves over previous DETR-like models in performance and efficiency by using a contrastive way for denoising training, a mixed query selection method for anchor initialization, and a look forward twice scheme for box prediction. DINO achieves $49.4$AP in $12$ epochs and $51.3$AP in $24$ epochs on COCO with a ResNet-50 backbone and multi-scale features, yielding a significant improvement of $\textbf{+6.0}$\textbf{AP} and $\textbf{+2.7}$\textbf{AP}, respectively, compared to DN-DETR, the previous best DETR-like model. DINO scales well in both model size and data size. Without bells and whistles, after pre-training on the Objects365 dataset with a SwinL backbone, DINO obtains the best results on both COCO \texttt{val2017} ($\textbf{63.2}$\textbf{AP}) and \texttt{test-dev} (\textbf{$\textbf{63.3}$AP}). Compared to other models on the leaderboard, DINO significantly reduces its model size and pre-training data size while achieving better results. Our code will be available at \url{https://github.com/IDEACVR/DINO}.

This work proposes a new computational framework for learning a structured generative model for real-world datasets. In particular, we propose to learn a closed-loop transcription between a multi-class multi-dimensional data distribution and a linear discriminative representation (LDR) in the feature space that consists of multiple independent multi-dimensional linear subspaces. In particular, we argue that the optimal encoding and decoding mappings sought can be formulated as the equilibrium point of a two-player minimax game between the encoder and decoder. A natural utility function for this game is the so-called rate reduction, a simple information-theoretic measure for distances between mixtures of subspace-like Gaussians in the feature space. Our formulation draws inspiration from closed-loop error feedback from control systems and avoids expensive evaluating and minimizing approximated distances between arbitrary distributions in either the data space or the feature space. To a large extent, this new formulation unifies the concepts and benefits of Auto-Encoding and GAN and naturally extends them to the settings of learning a both discriminative and generative representation for multi-class and multi-dimensional real-world data. Our extensive experiments on many benchmark imagery datasets demonstrate tremendous potential of this new closed-loop formulation: under fair comparison, visual quality of the learned decoder and classification performance of the encoder is competitive and often better than existing methods based on GAN, VAE, or a combination of both. Unlike existing generative models, the so learned features of the multiple classes are structured: different classes are explicitly mapped onto corresponding independent principal subspaces in the feature space. Source code can be found at https://github.com/Delay-Xili/LDR., Comment: 41 pages

This article presents a hybrid approach based on a Grounded Text Generation (GTG) model to building robust task bots at scale. GTG is a hybrid model which uses a large-scale Transformer neural network as its backbone, combined with symbol-manipulation modules for knowledge base inference and prior knowledge encoding, to generate responses grounded in dialog belief state and real-world knowledge for task completion. GTG is pre-trained on large amounts of raw text and human conversational data, and can be fine-tuned to complete a wide range of tasks. The hybrid approach and its variants are being developed simultaneously by multiple research teams. The primary results reported on task-oriented dialog benchmarks are very promising, demonstrating the big potential of this approach. This article provides an overview of this progress and discusses related methods and technologies that can be incorporated for building robust conversational AI systems.

This paper describes the development of Microsoft XiaoIce, the most popular social chatbot in the world. XiaoIce is uniquely designed as an AI companion with an emotional connection to satisfy the human need for communication, affection, and social belonging. We take into account both intelligent quotient (IQ) and emotional quotient (EQ) in system design, cast human-machine social chat as decision-making over Markov Decision Processes (MDPs), and optimize XiaoIce for long-term user engagement, measured in expected Conversation-turns Per Session (CPS). We detail the system architecture and key components including dialogue manager, core chat, skills, and an empathetic computing module. We show how XiaoIce dynamically recognizes human feelings and states, understands user intent, and responds to user needs throughout long conversations. Since her launch in 2014, XiaoIce has communicated with over 660 million active users and succeeded in establishing long-term relationships with many of them. Analysis of large scale online logs shows that XiaoIce has achieved an average CPS of 23, which is significantly higher than that of other chatbots and even human conversations.

Conversational systems have come a long way since their inception in the 1960s. After decades of research and development, we've seen progress from Eliza and Parry in the 60's and 70's, to task-completion systems as in the DARPA Communicator program in the 2000s, to intelligent personal assistants such as Siri in the 2010s, to today's social chatbots like XiaoIce. Social chatbots' appeal lies not only in their ability to respond to users' diverse requests, but also in being able to establish an emotional connection with users. The latter is done by satisfying users' need for communication, affection, as well as social belonging. To further the advancement and adoption of social chatbots, their design must focus on user engagement and take both intellectual quotient (IQ) and emotional quotient (EQ) into account. Users should want to engage with a social chatbot; as such, we define the success metric for social chatbots as conversation-turns per session (CPS). Using XiaoIce as an illustrative example, we discuss key technologies in building social chatbots from core chat to visual awareness to skills. We also show how XiaoIce can dynamically recognize emotion and engage the user throughout long conversations with appropriate interpersonal responses. As we become the first generation of humans ever living with AI, we have a responsibility to design social chatbots to be both useful and empathetic, so they will become ubiquitous and help society as a whole.