JPMorgan is developing a ChatGPT-like AI investment advisor

JPMorgan Chase CEO Jamie Dimon is planning his first visit to mainland China in four years as the US bank prepares to host three conferences in Shanghai at the end of May.

Julia Marchi | bloomberg | Getty Images

c. B. Morgan Chase It is developing a ChatGPT-like software service that relies on a disruptive form of artificial intelligence to pick investments for clients, CNBC has learned.

The company filed a trademark for a product called IndexGPT this month, according to a filing from the New York-based bank.

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IndexGPT will tap “cloud computing software using artificial intelligence” to “analyze and select securities tailored to clients’ needs,” according to the filing.

The viral success of OpenAI’s ChatGPT technology last year has prompted entire industries to grapple with the arrival of AI. ChatGPT, which uses massive language models to create human-looking responses to questions, has sparked an arms race between tech giants and chipmakers over what is seen as the next foundational innovation.

Technology has a range of possible uses in finance. Including banks Goldman Sachs And Morgan Stanley I already started testing it for internal use. This includes ways to help Goldman engineers build code or answer questions from financial advisors to Morgan Stanley.

The first mover?

But JPMorgan may be the first financial firm that aims to launch a GPT-like product directly to its customers, according to Washington trademark attorney Josh Gerben.

“This is a real indication that they may have a potential product to launch in the near future,” Gerbin said.

“Companies like JPMorgan don’t just offer brands for their enjoyment,” he said. The filing includes “a sworn statement from a company official that basically says, ‘Yes, we plan to use this trademark.'”

JPMorgan must launch IndexGPT within about three years of approval to secure the trademark, according to the attorney. Trademarks usually take about a year to be approved, he said, thanks to a backlog at the US Patent and Trademark Office.

Gerben said the requests are usually vaguely written to give companies the widest possible protection.

But the JPMorgan filing specifies that IndexGPT uses the same flavor of AI popularized by ChatGPT; The bank plans to use artificial intelligence powered by “generative pre-trained transformer (GPT) models.”

“It’s an AI program for stock selection,” Gerbin said. “It sounds to me like they’re trying to put my financial advisors out of business.”

JPMorgan declined to comment for this article.

Mediators are afraid

Financial advisors have long feared the arrival of technology good enough to replace their role in markets. These fears have not yet been realized to a large extent.

Wealth management firms including Morgan Stanley and Bank of America’s Merrill offer simple roboadvisor services, but that hasn’t stopped their human advisors from amassing billions of dollars in assets.

Earlier this week, JPMorgan executives announced their progress in applying artificial intelligence across operations at the company’s annual investor conference.

Lori Beer, global chief technology officer, said the bank, which employs 1,500 data scientists and machine learning engineers, is testing “a number of use cases” for GPT technology.

“We can’t discuss artificial intelligence without mentioning GPT and large language paradigms,” Bear said. “We have recognized the power and opportunity of these tools and are committed to exploring all avenues in which they can provide value to the company.”

Morgan Stanley tests a chatbot powered by OpenAI

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