- JP Morgan Chase & Co 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 GS and Morgan Stanley MS, have already begun testing it for internal use.
- The Microsoft Corp 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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