JPMorgan may soon launch an AI tool similar to ChatGPT
JPMorgan Chase & Co (NYSE: JPM) is working on a software similar to ChatGPT that will use artificial intelligence to offer investment advice.
Here’s what we know so far
On Thursday, the financial services behemoth filed with the U.S. Patent and Trademark Office (PTO) to trademark IndexGPT – a tool that the filing defines as:
Cloud computing software using artificial intelligence for analysing and selecting securities tailored to customer needs.
The news arrives more than a month after JPMorgan reported record revenue for its fiscal first quarter (read more). It also recently bought the collapsed First Republic Bank – an acquisition that the lender expects will boost its annual profit by $500 million.
At writing, JPMorgan stock is roughly flat versus the start of the year.
Rivals are also exploring the potential of AI
Peers including Goldman Sachs and Morgan Stanley are reportedly exploring the applications of artificial intelligence in finance as well.
According to trademark attorney Josh Gerben, though, JPMorgan looks ahead of its rivals in that race.
This is a real indication they might have a potential product to launch in the near future. Companies like JPMorgan don’t file trademarks for the fun of it.
It is also noteworthy that a recent University of Florida study found that the use of ChatGPT for stock analysis outperformed market average. Wall Street currently has a consensus “overweight” rating on the JPMorgan stock.
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