- The financial site Bloomberg is developing an artificial intelligence specialized in finance
- This BloombergGPT (that’s its name) is currently in closed beta testing
- The aim seems to be both to deliver quick information to users of the financial site, such as the “general sentiment of the markets”
- But also to facilitate searches for titles and financial products, answer questions from visitors and contributors or even automatically generate article titles
What if tomorrow you could ask an AI which investments are the wisest without it being a bad idea? The financial site Bloomberg seems to open Pandora’s box with an AI called BloombergGPT. From what we understand, this AI announced last week is not intended (initially) to directly deliver financial advice.
Instead, it is more a question of simplifying the task and chewing up the work of investors – in the interest of the site itself – presumably to reinforce its usefulness and therefore the loyalty of its readership. The tool remains under development, but internal testing has already begun.
Bloomberg opens Pandora’s box with its “ChatGPT” for financial markets
According to the press release, this LLM (Large Language Model) AI was trained on “a wide range of financial data” with over “50 billion parameters” making it “largest domain-specific dataset ever built” et “outperforms existing models in finance”.
Its primary purpose is “sentiment analysis” – in other words, determining without the help of humans whether financial information is positive or not. It will also allow, according to Bloomberg, to improve existing tasks such as: “named entity recognition, news classification and answering (financial) questions from visitors, among others”.
Bloomberg adds: “Furthermore, BloombergGPT will open up new opportunities to leverage the vast amounts of data available on the Bloomberg Terminal to better support enterprise customers, while bringing the full potential of AI to the financial realm”.
Beyond Bllomberg, other AIs should also emerge in the coming years around the same concept – removing the absolute need to build up solid experience before investing, and potentially democratizing investment.
It is therefore quite easy to understand why Goldman Sachs analysts estimated in a recent study that AI would allow an increase in annual global GDP of around 7 points in the coming years. Note in passing that other similar tools already exist in the world of finance.
The largest investment company in the world, BlackRock, offers its clients and portfolio managers a device called Aladdin (Asset, Liability, and Debt and Derivative Investment Network). The system simplifies risk management, helping analysts and traders make informed investment decisions.
Like BloombergGPT, Aladdin is based on a large body of data. The system integrates real-time market data, quantitative analysis and information on current regulations. Thanks to this, monitoring and assessing potential risks, managing investments and ensuring regulatory compliance becomes incredibly simpler and above all less costly.
