ChatGPT’s widespread popularity has prompted other major companies like Google to launch their own AI services to compete. However, it’s not just tech companies that are entering the AI race.
JP Morgan Chase is developing a “ChatGPT-like” service that will use artificial intelligence to help clients make investments, CNBC reports.
According to filings in New York, JP Morgan has applied to trademark IndexGPT. The service will use artificial intelligence and cloud computing software to analyze and select securities that are “tailored to customer needs,” the filing said.
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While it’s not clear when the product will be released, the brand could be a signal that it could be in the near future.
“Companies like JP Morgan don’t just represent trademarks for fun,” Josh Gerben, a Washington trademark attorney, told CNBC. “The filing includes a sworn statement by a corporate officer stating in substance: “Yes, we plan to use this brand.”
IndexGPT may also be just one of several AI products being developed at JP Morgan. At the company’s annual investor conference on Monday, Laurie Beer, the firm’s global chief technology officer, said the bank was testing “a number of use cases” for AI technology.
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“We are actively evaluating opportunities with large language models and see great potential in that space,” he added.
Entrepreneur JP Morgan has been approached for comment.