Bloomberg, the renowned financial data and media company, has launched a new large-scale artificial intelligence (AI) model named BloombergGPT. This advanced machine learning software has been trained specifically on financial data to provide natural language processing (NLP) tasks for the finance industry.
BloombergGPT has the capability to quickly analyze financial data and help users with tasks such as risk assessments, evaluating financial sentiment, classifying news, and answering questions. The AI model aims to unlock new opportunities for using the vast quantities of data available on the Bloomberg terminal to better serve the firm’s customers while bringing the full potential of AI to the financial industry.
The Bloomberg terminal is a leading platform for investors, bankers, and finance executives to access real-time financial news, data, and research reports about markets, companies, and industries. With BloombergGPT, the company plans to enhance the terminal’s offerings by providing powerful and tailored AI capabilities.
Shawn Edwards, Bloomberg’s chief technology officer, stated that BloombergGPT is the first large language model (LLM) focused on the financial domain. He also mentioned that it can deliver much higher performance out-of-the-box than custom models for each application while enabling the firm to tackle many new types of applications at a faster time-to-market.
The Organisation for Economic Co-operation and Development (OECD) has urged governments, financial regulators, and businesses to increase their efforts in addressing the challenges of developing and deploying trustworthy artificial intelligence in the financial sector. According to the OECD’s Business and Finance Outlook 2021 report, AI has tremendous potential to improve productivity and innovation in the financial sector. However, it requires the right infrastructure that includes access to sufficient computational capacity and economical high-speed internet services.
Overall, the launch of BloombergGPT is expected to revolutionize the financial industry by providing advanced AI capabilities that can help professionals make better-informed decisions and stay ahead of the competition.
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