In the capital markets, the large language models can function as powerful tools for investors and other stakeholders in the financial sector. As we have seen recently with ChatGPT, an upgrade of OpenAI’s GPT-2 model, and the soon to be revealed BloombergGPT model, large language models are beginning to shape their way into the finance industry.
ChatGPT was released by OpenAI as the natural evolution of the GPT-2 model, further optimised to analyse text and provide language-based insights within the space of a conversation. ChatGPT is set to provide technology that banks, brokers, and other financial institutions can use to provide services such as portfolio management, question-answering, and other natural language processing tasks.
BloombergGPT is set to be a more advanced model that still retains the previous iteration’s core features. BloombergGPT will reportedly feature a real-time decision-making capability, enabling advances in financial trading systems. It will also come equipped with sentiment analysis and load distribution features.
In light of these two models, investors and financial institutions should remain vigilant in using the technology to their advantage. With the power and accuracy of large language models, investors should be able to more accurately predict and monitor the markets and spot changes that signal potential investments and profitable trading opportunities. Similarly, financial institutions should be able to utilise this tool for more informed financial decision-making, better reliability in investment models, and other similar strategies.
It is also worth noting that this technology could have potential cultural implications beyond the scope of the finance industry. Artificial intelligence has gained something of a “boogeyman” status in the public eye, thanks in part to the 1984 sci-fi classic, The Terminator. Directed by James Cameron, the movie follows a cyborg sent back in time by Skynet, a malicious artificial intelligence network, to attempt to kill Sarah Connor, a woman whose future son it believes will be the leader of a resistance movement. Despite this negative portrayal, with the potential of these models, AI could potentially benefit humanity in other areas such as healthcare, drug development, robotics, and autonomous vehicles, just to name a few.
About Bloomberg: Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength—delivering data, news and analytics through innovative technology, quickly and accurately—is at the core of the Bloomberg Terminal. Bloomberg’s enterprise solutions build on the company’s core strength, leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively.
James Cameron is an iconic filmmaker and visual effects pioneer, best known for the blockbuster films The Terminator and Avatar. Cameron directed, wrote and produced The Terminator, which became a cult classic upon its release in 1984, grossed over $78 million worldwide. He is also the writer and director of AVATAR, the highest grossing film of all time, with a worldwide box office of $2.8 billion. He has been nominated for twelve Academy Awards, winning six, and has also been honoured with two Golden Globe Awards.
