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JP Morgan Information Patent for ChatGPT Finance Clone, IndexGPT
Monetary big JPMorgan Chase filed a trademark utility for a finance-themed chatbot known as IndexGPT earlier this month. In accordance with the application filed on Might 11 with america Patent and Trademark Workplace, the chatbot could be used for promoting and advertising and marketing providers, an index of securities values, and on-line monetary info and funding recommendation.
“AI and the uncooked materials that feeds it, knowledge, can be important to our firm’s future success,” JPMorgan Chase CEO Jamie Dimon mentioned in a letter to shareholders in April. “The significance of implementing new applied sciences merely can’t be overstated.”
In a February survey by JP Morgan, greater than half of the institutional merchants surveyed mentioned that synthetic intelligence and machine studying could be probably the most influential expertise in shaping the way forward for buying and selling over the following three years.
As JP Morgan seems to leverage synthetic intelligence in its monetary programs, it mentioned the corporate is dedicating over 2,000 knowledge managers, knowledge scientists, and machine studying engineers to construct its AI capabilities, calling it “inextricably linked” with cloud-based programs, whether or not public or non-public and digital capabilities.
“Native cloud-based approaches will finally be quicker, cheaper, and aligned with the most recent AI strategies, and they’ll give us easy accessibility to consistently evolving developer instruments,” Dimon mentioned.
For the reason that public launch of OpenAI’s ChatGPT in November and its newest model, GPT-4, in March, firms worldwide have been in a race to develop instruments based mostly round AI in what has been likened to an “arms race” by Berkshire Hathaway chairman and CEO Warren Buffett.
The monetary trade has been notably occupied with AI’s means to course of knowledge. In March, a man-made intelligence engineer within the UK, Mayo Oshin, developed a bot named after Buffett to investigate massive monetary paperwork.
Whereas AI continues into the mainstream, increasingly voices are sounding the alarm concerning the potential hurt of unregulated synthetic intelligence, together with Microsoft President Brad Smith.
“Authorities wants to maneuver quicker,” Smith mentioned throughout a Thursday morning panel dialogue in Washington, D.C.
JP Morgan Chase declined Decrypt’s request for remark.