BloombergGPT Sparks Talk of “Next Wave” of Corporate AI
Financial media giant Bloomberg recently revealed its new artificial intelligence (AI) model, BloombergGPT, with the goal of unlocking innovative ways to use data within the company’s terminal. The announcement has stirred up excitement and predictions about the future of corporate AI.
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On March 30, Bloomberg released a research paper detailing the development of BloombergGPT. The AI model has been designed to perform various natural language processing (NLP) tasks, after being trained on a vast amount of financial data. The announcement quickly caught the attention of the AI community, leading to a lively discussion on its potential impact.
Wharton Professor Ethan Mollick took to Twitter, suggesting that Bloomberg's new AI might be the “harbinger of the next wave of corporate AI.” He commented on the research paper, noting that BloombergGPT shows promise in outperforming human analysts in financial tasks, adding a touch of sarcasm about analysts shaking in their boots.
The Twittersphere has been abuzz with a variety of colorful predictions regarding BloombergGPT's potential effects on the financial industry. One user suggested that the new AI could lead to an “unprecedented gamification” of financial markets, turning Wall Street into a high-stakes video game. Another commenter speculated that if BloombergGPT performs as intended, it could signal the end of the road for financial analysts: “If this thing works, financial analysts are pretty much done.”
The unveiling of Bloomberg's new AI model comes amid news that Italy has temporarily blocked AI chatbot ChatGPT and opened an investigation into suspected violations of data privacy rules. This development highlights the increasing scrutiny and potential challenges that AI technologies face as they continue to evolve and integrate into various industries.
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