JPMorgan is developing a ChatGPT-like A.I. service that gives investment advice
JPMorgan Chase is developing a ChatGPT-like software service that leans on a disruptive form of artificial intelligence to select investments for customers, CNBC has learned.
The company applied to trademark a product called IndexGPT this month, according to a filing from the New York-based bank.
IndexGPT will tap «cloud computing software using artificial intelligence» for «analyzing and selecting securities tailored to customer needs,» according to the filing.
The viral success of OpenAI's ChatGPT technology last year has forced entire industries to grapple with the arrival of artificial intelligence. ChatGPT, which uses massive language models to create human-sounding responses to questions, has ignited an arms race among tech giants and chipmakers over what is seen as the next foundational innovation.
The technology has a range of possible uses in finance. Banks including Goldman Sachs and Morgan Stanley have already begun testing it for internal use. That includes ways to help Goldman engineers create code or answer Morgan Stanley financial advisors' queries.
But JPMorgan may be the first financial incumbent aiming to release a GPT-like product directly to its customers, according to Washington D.C.-based trademark attorney Josh Gerben.
«This is a real indication they might have a potential product to launch in the near future,» Gerben said.
«Companies like JPMorgan don't just file trademarks for the fun of it,» he said. The filing includes «a sworn statement from a corporate officer essentially saying, 'Yes, we plan on using this trademark.'»
JPMorgan must launch IndexGPT within about three years of approval to secure the trademark, according to the lawyer. Trademarks typically take nearly a year to be approved,
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