The financial medium Bloomberg revealed a new artificial intelligence (AI) model with which it intends to open new ways to use the data available in the company’s terminal. Many have reacted to the latest breakthrough, with some calling it “the next wave” of corporate AI.
March 30th, Bloomberg published a research paper that provides detailed information on the development of what it calls BloombergGPT. According to the news outlet, the AI has been created to perform various natural language processing tasks after being trained on a large set of financial data.
Bloomberg GPT is a new LLM for finance.
It’s a 50 billion parameter language model trained on financial data.
Claims the largest domain-specific dataset yet with 363 billion tokens… further augmented with 345 billion tokens from general purpose https://t.co/OOSjSCRIEg… pic.twitter.com/yblvTJUzYd
—elvis (@omarsar0) March 31, 2023
BloombergGPT is a new Master of Laws for finance.
It is a 50 billion parameter linguistic model trained on financial data.
It claims to be the largest industry-specific dataset to date, with 363 billion tokens… extended by 345 billion general purpose tokens.
Days after the research paper was published, several community members responded by praising the new breakthrough in the AI space and making their predictions for the future.
Ethan Mollick, Wharton professor, tweeted that Bloomberg’s new AI may be the “harbinger of the next wave of corporate AI.” Based on the research paper, the professor commented that the AI BloombergGPT is showing signs of being better at financial tasks.
Following the news, community members also shared their predictions about the possible effects of the new AI. According to one Twitter user, may not have the outcome Bloomberg hopes for, commenting that financial markets are about to gamify at an “unprecedented level.” Meanwhile another user said that if AI works as intended, it could replace financial analysts. “If this thing works, financial analysts are pretty much done for,” he tweeted.
The reveal of Bloomberg’s new AI model came amid news that Italy has blocked OpenAI’s ChatGPT and has opened an investigation for alleged infringements. On March 31, the Italian data protection watchdog announced that it was temporarily blocking ChatGPT while it investigated possible violations of data privacy regulations.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision..
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.