There isn't just one argument. The liquidity argument is focused on why would we allow HFT, instead of limiting transactions to traditional investors only.
The algorithms talked about here are not HFT algorithms, but investment algorithms. Things like "if it's down for 3 days in a row, allocate 5% in the stock" type programs, written using machine learning. They generally will not change orders rapidly. They are about more efficient/effective investment, and the argument I gave is more focused on what the function of a stock market and investing is.
Because these algorithms are much more like traditional investors than HFT.
The algorithms talked about here are not HFT algorithms, but investment algorithms. Things like "if it's down for 3 days in a row, allocate 5% in the stock" type programs, written using machine learning. They generally will not change orders rapidly. They are about more efficient/effective investment, and the argument I gave is more focused on what the function of a stock market and investing is.
Because these algorithms are much more like traditional investors than HFT.