JP Morgan is developing an artificial intelligence service similar to ChatGPT aimed at offering users investment advice.
The software service, titled “IndexGPT,” will leverage cloud computing software using AI to analyze and select stocks based on its clients’ needs.
Investing in AI with JP Morgan
As reported Per CNBC, JP Morgan filed to trademark a product under the new name this month, according to a bank filing.
Other banks like Goldman Sachs and Morgan Stanley they have already begun testing the AI technology for internal use. The former is leveraging ChatGPT-style technology to help developers generate and test code automatically, while the latter is testing an OpenAI-powered chatbot to answer queries from its 16,000 financial advisors.
However, according to trademark attorney Josh Gerben, JP Morgan’s product may be the first GPT-like financial product designed for use by retail clients.
“This is a real indication that they might have a potential product to launch in the near future,” Gerben said. “Companies like JPMorgan don’t just register trademarks for fun.”
Gerben added that JP Morgan’s filing includes an “affidavit from a corporate officer” confirming that the bank intends to use the trademark. Trademarks typically take about a year to be approved, after which the bank will have three years to launch IndexGPT.
“It’s an artificial intelligence program to pick financial stocks,” Gerben said. “This sounds to me like they are trying to put my financial adviser out of business.”
Bitcoin critic and financial commentator Peter Schiff was lukewarm about JP Morgan’s plans for AI-based investment advice. “I wonder if the advice given by AI is going to be as bad as the advice its human advisers have been giving,” he said. tweeted over the bench on Thursday.
ChatGPT opinions on cryptocurrencies
When asked for specific investment advice (for example, “should I buy Bitcoin”), the original ChatGPT says that it “cannot provide specific investment advice” because it does not “have access to real-time market data or financial information.” real”.
However, the bot noted this week that the Bitcoin price has the potential to rise after the 2024 Bitcoin halving, due to a “reduction in [BTC] supply, together with continued demand or increased interest in the market.
When asked On the future of memecoins like Dogecoin ($DOGE) Shiba Inu ($SHIB) and Pepe ($PEPE), the bot said that its success is driven by “brand recognition, celebrity endorsements, and online trends.” .
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