JPMorgan Chase Chief Executive Officer Jamie Dimon is planning his first trip to mainland China in four years as the US bank prepares to host three conferences in Shanghai in late May.
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JPMorgan Chase is developing a ChatGPT-like software service that is based on a disruptive form of artificial intelligence to select investments for customers, CNBC has learned.
The company applied for a trademark for a product named indexgpt this month, according to a filing from the New York-based bank.
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According to the filing, Index GPT will tap “cloud computing software using artificial intelligence” to “analyze and select securities tailored to client needs”.
viral success of OpenAI’s ChatGPT In the last year technology has forced entire industries grapple With the advent of artificial intelligence. ChatGPT, which uses language models extensively to generate human-sounding responses to questions, has ignited a arms race It is being seen among tech giants and chip makers as the next fundamental innovation.
The technology has a range of potential uses in finance. including banks Goldman Sachs And Morgan Stanley It has already started testing it for internal use. This includes ways to help Goldman engineers create code or reply to Morgan Stanley financial advisor‘ Question.
first mover?
JPMorgan may be the first financial authority aiming to release a GPT-like product directly to its clients, according to a Washington DC-based trademark attorney. Josh Gerben.
“This is a real indication that they may have a potential product to launch in the near future,” Gerben said.
“Companies like JP Morgan don’t file trademarks just for fun,” he said. The filing includes “a sworn statement from a corporate officer essentially saying, ‘Yes, we plan to use this trademark.'”
According to the advocate, JP Morgan will have to launch IndexGPT within about three years of approval to secure the trademark. Thanks to the backlog in US patents and trademarks, it typically takes about a year to get approved. Trademark Office, They said.
Gerben said the applications are usually written vaguely to give companies the widest possible protection.
But JP Morgan’s filing specifies that IndexGPT uses the same Taste AI’s popularized by ChatGPT; The bank plans to use AI powered by the “Generative Pre-trend Transformer (GPT) model”.
“It is an AI program for selecting financial securities,” Gerben said. “It looks to me like they are trying to put my financial advisor out of business.”
JP Morgan declined to comment for this article.
fear of middlemen
have financial advisors long suspected The advent of technology is good enough to displace their role in the market. Those apprehensions are yet to materialize to a large extent.
Wealth management firms, including Morgan Stanley and Bank of America’s Merrill, provide simple roboadvisor services, but that hasn’t stopped their human advisors from amassing billions of dollars in wealth.
Earlier this week, JPMorgan executives touted their progress in implementing AI into their operations at the company’s annual investor briefing. conference,
The bank, which employs 1,500 data scientists and machine-learning engineers, is testing “multiple use cases” for GPT technology, the global technical head said beer truck,
“We can’t discuss AI without mentioning GPT and the larger language model,” Beer said. “We recognized the power and opportunity of these tools and are committed to exploring all ways they can deliver value for the firm.”
