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Saturday, October 14, 2023

AI That Gives Investment Advice? JP Morgan Working on ChatGPT Alternative

JP Morgan is developing an artificial intelligence service similar to ChatGPT geared towards offering users investment advice.

The software service, titled “IndexGPT,” will tap cloud computing software using AI to analyze and select securities based on its customers’ needs. 

AI Investing With JP Morgan

As reported by CNBC, JP Morgan applied to trademark a product under the new name this month, per a filing from the bank. 

Other banks such as Goldman Sachs and Morgan Stanley have already begun testing AI technology for internal use. The former is leveraging ChatGPT-style tech to help developers automatically generate and test code, while the latter is testing an OpenAI-powered chatbot to answer queries for 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 customers. 

“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.”

Gerben added that JP Morgan’s filing includes a “sworn statement from a corporate officer” confirming that the bank intends to use the trademark. Trademarks typically take close to a year to be approved, after which the bank will have three years to actually launch IndexGPT. 

“It’s an A.I. program to select financial securities,” Gerben said. “This sounds to me like they’re trying to put my financial advisor out of business.”

Financial commentator and Bitcoin critic Peter Schiff was less than optimistic about JP Morgan’s plans for AI-based investment advice. “I wonder if the advice given by AI will be just as bad as the advice their human advisors have been giving,” he tweeted about the bank on Thursday. 

ChatGPT’s Views on Crypto

When asked for concrete investment advice (ex. “should I buy Bitcoin”), the original ChatGPT says it “cannot provide specific investment advice” because it does not “have access to real-time market data or financial information.”

However, the bot noted this week that Bitcoin’s price has the potential to surge after the 2024 Bitcoin halving, due to a “reduction in [BTC] supply, coupled with continued demand or increased market interest.”

When asked about the future of memecoins like Dogecoin ($DOGE) Shiba Inu ($SHIB) and Pepe ($PEPE), the bot said their success is driven by “brand recognition, celebrity endorsements, and online trends.

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BFIA Admin
BFIA Admin
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