JP Morgan has recently filed for a trademark under the name “IndexGPT”, as discovered by CNBC recently. The company states that the product will use cloud computing and AI to analyze and select securities based on the user’s needs. This product draws similarities to the popular ChatGPT tool, with mainstream competitors such as Goldman Sachs and Morgan Stanley also attempting to leverage AI technology for their users.
It appears JP Morgan is looking to release the first AI-supported product designed to offer financial advice to retail customers. LED by trademark attorney Josh Gerben, he believes the bank may soon launch their product. He further mentioned that the filing for the trademark features a “sworn statement from a corporate officer” confirming the bank’s intent to launch IndexGPT, meaning the process could take up to a year and the bank has three years to launch their product.
Not everyone is happy about the potential release of JP Morgan’s AI-based investment service. Peter Schiff, financial commentator and Bitcoin critic, tweeted his skepticism over the bank’s plans. He questioned whether the advice given by AI will match the poor advice the human advisors have given.
ChatGPT states that it cannot provide specific investment advice due its lack of access to real-time market data or financial information. This week, it did however comment on Bitcoin’s potential surge following the 2024 halving due to a reduction in its supply, combined with demand or an increased market interest. For memecoins such a Dogecoin, Shiba Inu, and Pepe, the bot determines success based on brand recognition, endorsements, and trends online.
JP Morgan is a leading global financial services firm with operations in over 100 countries. At the helm is Chairman and CEO Jamie Dimon, who oversees all company operations and guides strategic decisions for the firm. Since its founding in 1799, the company has become a leading provider of wealth and credit management for both consumers and businesses alike. As one of the world’s top-ranked banks, it has achieved continued success by staying ahead of its competitors in terms of technology and services. This is exemplified with their recent application of AI-based services, a project analysts believe could further cement its status as a leader.
