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ChatGPT Bug Bites JP Morgan: Looks To Develop AI Software For Investment Advice

Benzinga ·  May 26, 2023 19:49
  • JP Morgan Chase & Co (NYSE:JPM) is developing a ChatGPT-like software service that leverages disruptive artificial intelligence to select customer investments.
  • The company applied to trademark a product called IndexGPT, CNBC cites a regulatory filing.
  • IndexGPT looks to tap cloud computing software using artificial intelligence for analyzing and selecting securities tailored to customer needs.
  • Banks, including Goldman Sachs Group, Inc (NYSE:GS) and Morgan Stanley (NYSE:MS), have already begun testing it for internal use.
  • The Microsoft Corp (NASDAQ:MSFT) backed OpenAI's ChatGPT frenzy has influenced industries to integrate artificial intelligence technology. It also triggered concerns amongst employees over being replaced by the technology.
  • JP Morgan, which employs 1,500 data scientists and machine-learning engineers, is testing several use cases for GPT technology, said global tech chief Lori Beer at its annual investor conference this week.
  • Goldman Sachs strategists see AI as offering the most significant potential long-term support for U.S. profit margins.
  • Price Action: JPM shares traded higher by 0.29% at $136.06 premarket on the last check Friday.
  • Photo via Wikimedia Commons
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