The widespread popularity of ChatGPT has prompted other big companies like Google to launch their own AI services to compete with them. However, it’s not just tech companies entering the AI race.
JP Morgan Chase is developing a “ChatGPT-like” service that will use artificial intelligence to help clients make investment choices, according to CNBC reported.
According to a filing filed in New York, JP Morgan has registered the product “IndexGPT” as a trademark. The service will use artificial intelligence and cloud computing software to analyze and select securities that are “tailored to clients’ needs,” the filing said.
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While it’s unclear when the product will launch, the brand could be hinting that it may be in the near future.
“Companies like JP Morgan don’t file trademarks just for fun,” Josh Gerben, a trademark attorney in Washington DC, told CNBC. “The filing includes an affidavit from a company executive that essentially states, ‘Yes, we plan to use this trademark.'”
IndexGPT may also be just one of several AI products under development at JP Morgan. During the company’s annual investor conference on Monday, Lori Beer, the company’s global chief technology officer, said: called that the bank is testing “a range of use cases” for AI technology.
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“We are actively evaluating opportunities with large language models and see great potential in this area,” she added.
entrepreneur has reached out to JP Morgan for comment.