Jamie Dimon, CEO of JPMorgan Chase, is planning his first visit to mainland China in 4 years because the US bank prepares to hold three conferences in Shanghai in late May.
Giulia Marchi | Bloomberg | Getty’s paintings
JPMorgan Chase is developing a ChatGPT-like software service that relies on a groundbreaking type of artificial intelligence to select investments for clients, CNBC has learned.
The corporate applied for the trademark product named GPT index this month, as requested by a Recent York bank.
IndexGPT will use “artificial intelligence cloud computing software” to “analyze and choose securities tailored to clients’ needs,” according to the filing.
The viral success of OpenAI ChatGPT technology last 12 months forced entire industries to grapple with the arrival of AI. ChatGPT, which uses massive language models to craft answers to human-sounding questions, has ignited an arms race amongst tech giants and chipmakers for what is seen as the subsequent fundamental innovation.
The technology has plenty of possible applications in finance. Banks, amongst others Goldman Sachs AND Morgan Stanley have already began testing for internal use. This includes ways to help Goldman engineers create code or answer questions from Morgan Stanley financial advisors.
first move?
Nevertheless, JPMorgan could be the first incumbent financial entity looking to make a GPT-like product available directly to its customers, according to a Washington-based trademark lawyer Josh Gerben.
“It’s an actual indication that they might have a possible product to launch within the near future,” said Gerben.
“Firms like JPMorgan don’t file trademarks for fun,” he said. The filing includes “a sworn statement by an organization representative saying essentially, ‘Yes, we plan to use this trademark.’
According to the lawyer, JPMorgan must launch IndexGPT inside about three years of approval to secure the trademark. Trademark approvals often take almost a 12 months, thanks to a backlog with the U.S. Patent and Trademark Office Trademark Office, he said.
Apps are typically written vaguely to give businesses the broadest possible protection, Gerben said.
But JPMorgan’s submission specifies that IndexGPT uses the identical taste artificial intelligence popularized by ChatGPT; the bank plans to use AI powered by “generative pre-trained transformer models (GPT)”.
“It’s an AI program to select financial securities,” said Gerben. “I feel like they’re trying to put my financial advisor out of business.”
JPMorgan declined to comment on the article.
Intermediary concerns
Financial advisers do has long been feared the arrival of technology adequate to change their role within the markets. These fears have largely not materialized yet.
Wealth management firms including Morgan Stanley and Bank of America’s Merrill offer easy roboadvisor services, but that hasn’t stopped their human advisers from hoarding billions of dollars in assets.
Earlier this week, JPMorgan executives touted their progress in implementing AI across various operations at the corporate’s annual investor conference.
The bank, which employs 1,500 data scientists and machine learning engineers, is testing “multiple use cases” of GPT technology, global head of knowledge science has said. Lori’s beer.
“We couldn’t discuss AI without mentioning GPT and huge language models,” Beer said. “Now we have realized the facility and capabilities of those tools and are committed to exploring all of the ways they’ll add value to a business.”
![Morgan Stanley is testing an OpenAI-based chatbot](https://image.cnbcfm.com/api/v1/image/107208770-P-HUGH-SON-MCMILLAN-INTV-031423-v5_mezz.jpg?v=1678840828&w=750&h=422&vtcrop=y)