Bloomberg, a financial publication, recently unveiled a new artificial intelligence model that it hopes would enable new applications for the data already in the company’s terminal. The most recent development has sparked a lot of discussions, with some referring to it as “the next wave” of business AI.
On March 30, Bloomberg released a research paper that details the creation of what it refers to as BloombergGPT. The news source claims that the AI was developed to carry out numerous tasks related to natural language processing after being educated on a substantial amount of financial data.
BloombergGPT is a Brand-new Master of Laws in Finance
It is a language model with 50 billion parameters that were trained using financial data.
With 363 billion tokens, it boasts being the biggest industry-specific dataset to date. 345 billion all-purpose tokens were added.
A few community members commented a few days after the research report was published by complimenting the recent advancement in AI research and offering their forecasts for the future.
The new AI from Bloomberg might be the “harbinger of the next wave of business AI,” tweeted Wharton professor Ethan Mollick. The professor noted that the AI BloombergGPT is demonstrating evidence of becoming more adept at financial tasks according to the study article.
Following the revelation, members of the community also gave their opinions on what they thought the new AI might do. According to a Twitter user, financial markets are poised to gamify at an “unprecedented degree,” which may not have the result Bloomberg hopes for. Another user claimed that financial analysts may be replaced by AI if it functions as intended.
“If this thing works, financial analysts are pretty much done for,” he tweeted.
The announcement of Bloomberg’s new AI model coincided with reports that Italy had restricted OpenAI’s ChatGPT and was looking into possible intellectual property violations.
The Italian data protection watchdog stated on March 31 that it will temporarily suspend ChatGPT while looking into potential breaches of data privacy laws.