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JPMorgan Developing ChatGPT-Like AI Service For Investment Advice

Friday May 26, 2023. 02:20 AM , from Slashdot
JPMorgan Chase has applied to trademark a product called IndexGPT, indicating its development of a ChatGPT-like software service that uses artificial intelligence (AI) to select investments for customers. CNBC reports: IndexGPT will tap 'cloud computing software using artificial intelligence' for 'analyzing and selecting securities tailored to customer needs,' according to the filing. 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, thanks to backlogs at the U.S. Patent and Trademark Office, he said. The applications are typically vaguely written to give companies the broadest possible protections, Gerben said.

But JPMorgan's filing does specify that IndexGPT uses the same flavor of A.I. popularized by ChatGPT; the bank plans to use A.I. powered by 'Generative Pre-trained Transformer (GPT) models.' '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.'

Read more of this story at Slashdot.
https://slashdot.org/story/23/05/25/2247217/jpmorgan-developing-chatgpt-like-ai-service-for-investme...
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