Financial giant JPMorgan Chase filed a trademark application for a finance-themed chatbot called IndexGPT earlier this month. According to the application filed on May 11 with the United States Patent and Trademark Office, the chatbot would be used for advertising and marketing services, an index of securities values, and online financial information and investment advice.
"AI and the raw material that feeds it, data, will be critical to our company’s future success," JPMorgan Chase CEO Jamie Dimon said in a letter to shareholders in April. "The importance of implementing new technologies simply cannot be overstated."
In a February survey by JP Morgan, more than half of the institutional traders surveyed said that artificial intelligence and machine learning would be the most influential technology in shaping the future of trading over the next three years.
Warren ‘Bitcoin Is Rat Poison’ Buffett Likens AI to the Atom Bomb
Bitcoin is rat poison, in the view of Berkshire Hathaway's chairman and CEO, Warren Buffett, and its vice chair Charlie Munger. But for them, there's something even worse: AI. The two legends of the business world held their annual meeting in Omaha, Nebraska, joined by Vice Chairs Greg Abel and Ajit Jain, and they spoke freely—not only about their business but also about their perspectives on geopolitics, finance, and the future of investments. For Warren Buffett, the constant evolution of AI to...
As JP Morgan looks to leverage artificial intelligence in its financial systems, it said the company is dedicating over 2,000 data managers, data scientists, and machine learning engineers to build its AI capabilities, calling it "inextricably linked" with cloud-based systems, whether public or private and digital capabilities.
"Native cloud-based approaches will ultimately be faster, cheaper, and aligned with the newest AI techniques, and they will give us easy access to constantly evolving developer tools," Dimon said.
Since the public launch of OpenAI's ChatGPT in November and its latest version, GPT-4, in March, companies worldwide have been in a race to develop tools based around AI in what has been likened to an "arms race" by Berkshire Hathaway chairman and CEO Warren Buffett.
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The business and legal worlds are filled with complex contracts and documents that must be carefully read to ensure they are understood, comply with a litany of laws and rules, and are properly filed and updated. Tracking legal cases and findings is a full-time job. Some of these documents can be hundreds of pages long, and take hours to review. Mayo Oshin, an artificial intelligence engineer in the UK, wants to change this using AI. Oshin’s latest project, dubbed Warren Buffett, is aimed at the...
The financial industry has been particularly interested in AI's ability to process data. In March, an artificial intelligence engineer in the UK, Mayo Oshin, developed a bot named after Buffett to analyze large financial documents.
While AI continues into the mainstream, more and more voices are sounding the alarm about the potential harm of unregulated artificial intelligence, including Microsoft President Brad Smith.
“Government needs to move faster,” Smith said during a Thursday morning panel discussion in Washington, D.C.
JP Morgan Chase declined Decrypt's request for comment.
