The application states that IndexGPT would use “cloud computing technology with artificial intelligence” to analyze and choose stocks that would best meet customers’ demands.
JPMorgan’s New GPT Model
The ChatGPT technology developed by OpenAI last year went viral, forcing whole businesses to confront the advent of artificial intelligence. An arms race between digital titans and chip makers over what is considered the next fundamental breakthrough has been sparked by ChatGPT, which employs language models to produce replies to queries.
The financial services behemoth JPMorgan Chase has submitted a trademark registration for IndexGPT, signaling its participation in the competition to create a generative AI tool for commercial use. The term “IndexGPT,” which JPMorgan intends to use in commerce, was the subject of a trademark application submitted to the United States Patent and Trademark Office (USPTO) on May 11.
IndexGPT can be used in a number of different fields including marketing, business consultancy and other software-as-a-service (SAAS) applications with a financial emphasis, among others.
Jamie Dimon, CEO of JPMorgan, has expressed his opinions on artificial intelligence (AI) in public. According to information provided by Dimon in April, the business has over 300 AI use cases to address risk, prospecting, marketing, customer experience, and fraud protection.
In his words, “AI and the raw material that feeds it, data, will be critical to our company’s future success — the significance of implementing new technologies simply cannot be overstated.” JPMorgan aims to offer its workforce greater autonomy using ChatGPT and other advanced large language model technology.
Big Players Like Apple Banning ChatGPT
While digital behemoths from all business sectors are accelerating their use of generative AIs, Apple has reversed course and placed restrictions on ChatGPT and comparable products.
According to a Wall Street Journal article, Apple has forbidden its staff from using ChatGPT, an AI tool funded by Microsoft, and similar ones as the business works to create its own AI technology.
The paper claims that the iPhone developer is worried about employees utilizing the applications and disclosing private corporate information.
It also cited a limitation on Copilot, a Microsoft-owned AI product for GitHub that automates the creation of software code.
The ChatGPT iOS software made its debut on May 18 in the Apple Software Store before receiving this internal prohibition.
The new software is presently accessible to iPhone and iPad users in the US, but it will also be made available in other nations “in the coming weeks” and an Android version will be released “soon.”
Other major corporations have also limited internal ChatGPT use. Samsung sent a note to its staff on May 2 forbidding the usage of ChatGPT and other generative AI technologies.
Fear of the Middlemen
Financial advisers have long worried about the development of technologies which are capable of replacing their position in the market. Most of those worries have not yet come true.
Simple robo-advisor services are offered by wealth management companies like Morgan Stanley and Bank of America’s Merrill, but it hasn’t prevented their human advisers from amassing billions more in assets.
At the company’s annual investor conference earlier this week, JPMorgan officials bragged about their accomplishments in integrating artificial intelligence throughout their operations.
According to global IT head Lori Beer, the bank, which employs 1,500 data scientists and machine-learning experts, is investigating “a number of use cases” using GPT technology.
The trademark application by JPMorgan demonstrates the company’s dedication to AI and its potential to completely transform the financial services sector. The company’s use of IndexGPT and other AI technologies to improve its business processes is yet to be seen, however.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/04/jpmorgan-chase-uses-the-indexgpt-trademark-to-compete-in-ai-race/