JPMorgan appears to be developing an AI-powered investing tool akin to the popular software program ChatGPT. The banking giant has registered a trademark application for the name “IndexGPT” for the software program. The filing was first reported by CNBC.
ChatGPT is an AI-based language tool that can suggest generic investment strategies such as how to invest during a recession. However, some analysts say that it is limited in the stock and security analysis it can currently complete.
JPMorgan aims to improve upon the existing application with their AI-program. According to the filing from the US Patent and Trademark Office, the software would assist with providing financial data, offering investments tips and analyzing and picking securities based on customers’ needs.
Referencing the filing, the banking titan did not provide any comment on the program. CNBC has reported that Morgan Stanley, another banking giant, is creating a similar chatbot to answer advisors’ questions.
This year, AI-based large-language tools like ChatGPT have seen a surge in popularity, pushing the stock prices of companies such as Nvidia and Microsoft ever higher.
JPMorgan is an American multinational investment bank and financial services company. It is the world’s sixth-largest bank by total assets and has operations in North America, Europe, the Middle East and Africa, Latin America and Asia. It offers a wide range of financial services including investment banking, commercial banking, asset management, and private equity.
Dan Kemp is a Chief Investment Officer at Morningstar. He has expertise in stock analysis and portfolio construction. He was previously a senior portfolio manager at Amber Capital, a London-based investment firm. Kemp is a research specialist at Morningstar, responsible for oversight of the Morningstar Global Managed Portfolios, as well as researching and creating reports and content related to investment portfolios.
