AI that gives investment advice? JP Morgan Working on ChatGPT Alternative

JP Morgan is developing an artificial intelligence service similar to ChatGPT to provide investment advice to users.

The software service called “IndexGPT” will use cloud computing software using AI to analyze and select securities based on the needs of its customers.

AI Investing with JP Morgan

As informed of JPMorgan applied to trademark a product under the new name this month, according to filings from the bank, by CNBC.

other banks like Goldman Sachs And Morgan Stanley It has already started testing the AI ​​technology for internal use. The former is leveraging ChatGPT-style technology to help developers automatically generate and test code, while the latter is testing an OpenAI-powered chatbot to answer questions from its 16,000 financial advisors. Is.

However, according to trademark attorney Josh Gerben, JPMorgan’s product may be the first GPT-like financial product designed for use by retail clients.

“This is a real indication that they may have a potential product to launch in the near future,” Gerben said. “Companies like JPMorgan don’t file trademarks just for fun.”

Gerben said JPMorgan’s filing included an “affidavit from a corporate officer” confirming that the bank intends to use the trademark. It usually takes around a year for the trademark to be approved, after which the bank will have three years to actually launch IndexGPT.

“It is an AI program for selecting financial securities,” Gerben said. “It sounds to me like they are trying to put my financial advisor out of business.”

Financial commentator and bitcoin critic Peter Schiff was less than optimistic about JPMorgan’s plans for AI-based investment advice. “I wonder if the advice given by AI will be as bad as the advice their human advisors are giving,” he said Tweeted About the bank on Thursday.

ChatGPT’s thoughts on crypto

When asked for concrete investment advice (eg “Should I buy bitcoin”), OriginChatGPT says it “cannot provide specific investment advice” because it “does not have access to real-time market data or financial information”. Not there.”

However, the bot noted Bitcoin price is likely to move higher this week following the 2024 bitcoin halving, “due to a decrease in (BTC) supply, sustained demand or increased market interest.”

When Asked Regarding the future of memecoins like Dogecoin ($DOGE) Shiba Inu ($SHIB) and Pepe ($PEPE), the bot said their success is driven by “brand recognition, celebrity endorsement and online trends”.