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May 30, 2023 at 01:08 PM
JPMorgan Chase Bank is preparing an artificial intelligence tool similar to ChatGPT to pick stocks for customers, according to recent news reports and a trademark application filed with the U.S. Patent and Trademark Office.
The trademark application, dated May 11, describes JPMorgan’s IndexGPT as using cloud-computing software “for analyzing and selecting securities tailored to customer needs” using generative pre-trained transformer (GPT) models for financial services.
CNBC reported JPMorgan’s plans last week, quoting trademark lawyer Josh Gerben as saying the tech is designed to select financial securities and sounds like “they’re trying to put my financial advisor out of business.”
The network noted that Goldman Sachs and Morgan Stanley have been exploring how to use OpenAI’s ChatGPT, an AI tool launched in 2022 that can respond to queries as a human might and create content. ChatGPT has sparked massive investor and public interest in generative AI technology.
