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A Survey of Large Language Models for Financial Applications: Progress, Prospects and Challenges

arXiv.org Artificial Intelligence

Recent advances in large language models (LLMs) have unlocked novel opportunities for machine learning applications in the financial domain. These models have demonstrated remarkable capabilities in understanding context, processing vast amounts of data, and generating human-preferred contents. In this survey, we explore the application of LLMs on various financial tasks, focusing on their potential to transform traditional practices and drive innovation. We provide a discussion of the progress and advantages of LLMs in financial contexts, analyzing their advanced technologies as well as prospective capabilities in contextual understanding, transfer learning flexibility, complex emotion detection, etc. We then highlight this survey for categorizing the existing literature into key application areas, including linguistic tasks, sentiment analysis, financial time series, financial reasoning, agent-based modeling, and other applications. For each application area, we delve into specific methodologies, such as textual analysis, knowledge-based analysis, forecasting, data augmentation, planning, decision support, and simulations. Furthermore, a comprehensive collection of datasets, model assets, and useful codes associated with mainstream applications are presented as resources for the researchers and practitioners. Finally, we outline the challenges and opportunities for future research, particularly emphasizing a number of distinctive aspects in this field. We hope our work can help facilitate the adoption and further development of LLMs in the financial sector.


MINT: a Multi-modal Image and Narrative Text Dubbing Dataset for Foley Audio Content Planning and Generation

arXiv.org Artificial Intelligence

Foley audio, critical for enhancing the immersive experience in multimedia content, faces significant challenges in the AI-generated content (AIGC) landscape. Despite advancements in AIGC technologies for text and image generation, the foley audio dubbing remains rudimentary due to difficulties in cross-modal scene matching and content correlation. Current text-to-audio technology, which relies on detailed and acoustically relevant textual descriptions, falls short in practical video dubbing applications. Existing datasets like AudioSet, AudioCaps, Clotho, Sound-of-Story, and WavCaps do not fully meet the requirements for real-world foley audio dubbing task. To address this, we introduce the Multi-modal Image and Narrative Text Dubbing Dataset (MINT), designed to enhance mainstream dubbing tasks such as literary story audiobooks dubbing, image/silent video dubbing. Besides, to address the limitations of existing TTA technology in understanding and planning complex prompts, a Foley Audio Content Planning, Generation, and Alignment (CPGA) framework is proposed, which includes a content planning module leveraging large language models for complex multi-modal prompts comprehension. Additionally, the training process is optimized using Proximal Policy Optimization based reinforcement learning, significantly improving the alignment and auditory realism of generated foley audio. Experimental results demonstrate that our approach significantly advances the field of foley audio dubbing, providing robust solutions for the challenges of multi-modal dubbing. Even when utilizing the relatively lightweight GPT-2 model, our framework outperforms open-source multimodal large models such as LLaVA, DeepSeek-VL, and Moondream2. The dataset is available at https://github.com/borisfrb/MINT .


Monitoring AI-Modified Content at Scale: A Case Study on the Impact of ChatGPT on AI Conference Peer Reviews

arXiv.org Artificial Intelligence

We present an approach for estimating the fraction of text in a large corpus which is likely to be substantially modified or produced by a large language model (LLM). Our maximum likelihood model leverages expert-written and AI-generated reference texts to accurately and efficiently examine real-world LLM-use at the corpus level. We apply this approach to a case study of scientific peer review in AI conferences that took place after the release of ChatGPT: ICLR 2024, NeurIPS 2023, CoRL 2023 and EMNLP 2023. Our results suggest that between 6.5% and 16.9% of text submitted as peer reviews to these conferences could have been substantially modified by LLMs, i.e. beyond spell-checking or minor writing updates. The circumstances in which generated text occurs offer insight into user behavior: the estimated fraction of LLM-generated text is higher in reviews which report lower confidence, were submitted close to the deadline, and from reviewers who are less likely to respond to author rebuttals. We also observe corpus-level trends in generated text which may be too subtle to detect at the individual level, and discuss the implications of such trends on peer review. We call for future interdisciplinary work to examine how LLM use is changing our information and knowledge practices.


Self-Tuning: Instructing LLMs to Effectively Acquire New Knowledge through Self-Teaching

arXiv.org Artificial Intelligence

Large language models (LLMs) often struggle to provide up-to-date information due to their one-time training and the constantly evolving nature of the world. To keep LLMs current, existing approaches typically involve continued pre-training on new documents. However, they frequently face difficulties in extracting stored knowledge. Motivated by the remarkable success of the Feynman Technique in efficient human learning, we introduce Self-Tuning, a learning framework aimed at improving an LLM's ability to effectively acquire new knowledge from raw documents through self-teaching. Specifically, we develop a Self-Teaching strategy that augments the documents with a set of knowledge-intensive tasks created in a self-supervised manner, focusing on three crucial aspects: memorization, comprehension, and self-reflection. In addition, we introduce three Wiki-Newpages-2023-QA datasets to facilitate an in-depth analysis of an LLM's knowledge acquisition ability concerning memorization, extraction, and reasoning. Extensive experimental results on Llama2 family models reveal that Self-Tuning consistently exhibits superior performance across all knowledge acquisition tasks and excels in preserving previous knowledge.


'I felt I was talking to him': are AI personas of the dead a blessing or a curse?

The Guardian

When Christi Angel first talked to a chatbot impersonating her deceased partner, Cameroun, she found the encounter surreal and "very weird". "Yes, I knew it was an AI system but, once I started chatting, my feeling was I was talking to Cameroun. That's how real it felt to me," she says. Angel's conversation with "Cameroun" took a more sinister turn when the persona assumed by the chatbot said he was "in hell". Angel, a practising Christian, found the exchange upsetting and returned a second time seeking a form of closure, which the chatbot provided.


Engadget Podcast: The fallout from Apple's WWDC 2024 and Summer Game Fest

Engadget

This week has felt like a month worth of news, now that we've wrapped up Apple's WWDC 2024 and Summer Game Fest in LA. In this episode, Cherlynn and Devindra discuss their final thoughts on Apple Intelligence and the company's upcoming software, and they chat about some of our coverage highlights from the pseudo-E3 Game Fest. Also, we dive into X making likes private (what is Elon hiding?!) and the news around Sony buying the Alamo Drafthouse theater chain. Listen below or subscribe on your podcast app of choice. If you've got suggestions or topics you'd like covered on the show, be sure to email us or drop a note in the comments! And be sure to check out our other podcast, Engadget News! Summer Games Fest highlights: Kunitsu-Gami: Path of the Goddess, LEGO Horizon Adventures, and an Assassin's Creed finally set in Japan โ€“ 25:06 X makes users' likes private โ€“ 40:27 Devindra: We are back from Apple's WWDC, and we have thoughts. And I feel like, It's just one of those whirlwind things. Both Trillin and I got back in from California yesterday. After recording this, I still feel like my body doesn't know, like, where I'm in, Trillin, or what time zone. I don't know how you feel. Cherlynn: I went to the gym at 8 a. m. Devindra: I like how you fit in the humble brag there. We're also going to be talking about Summer Game Fest, folks. We weren't there for that and I was trying to get Jess Condit on, but she's super busy still writing up stuff from that. So we have got a lot of coverage around that and there's some stories I want to highlight that Engadget has done. Also some games that looks pretty cool. Also joining us this morning is podcast producer Ben Ellman, who I'm sure has thoughts on Apple and the game stuff. And [00:01:00] as always, folks, if you're enjoying the show, please be sure to subscribe to us on iTunes or your podcast or of choice, leave us a review in iTunes. I would love to answer some reader questions. You can also typically join us Thursday mornings around 10 30 a. m. It's just like about scheduling, but that's about the time you can carve out in your schedule for us. You could see us on video. Sometimes we'll demo gadgets and We'll just have a great Q and a session too. I do want to point out if you're just listening to this episode, we did do a bonus episode at Apple's campus and it actually turned out pretty well because for Lynn and I were like right outside the, was it the Mac cafe or cafe Mac? But we were outdoors surrounded by traffic and other noise, but it actually ended up sounding pretty good.


A Blatant Attempt to Generate a 'House of the Dragon' AI Overview

WIRED

This Sunday is a big one for fantasy fans. House of the Dragon, the Game of Thrones prequel-spin-off thingy, launches its second season on HBO and Max. RIP.) Amidst a summer of flopping movies and pretty OK television shows, the gate is open wide for House of the Dragon to be a conversation starter. If--and this is a big if--it can really bring the heat. It's already upped its dragon quotient and launched several social media campaigns showing New York City landmarks adorned with banners from Dragon's various houses.


Integrating Large Language Models with Graph-based Reasoning for Conversational Question Answering

arXiv.org Artificial Intelligence

We focus on a conversational question answering task which combines the challenges of understanding questions in context and reasoning over evidence gathered from heterogeneous sources like text, knowledge graphs, tables, and infoboxes. Our method utilizes a graph structured representation to aggregate information about a question and its context (i.e., the conversation so far and evidence retrieved to find an answer), while also harnessing the reasoning and text generation capabilities of large language models (LLMs). Graph embeddings are directly injected into the LLM, bypassing the token embedding layers, and learned end-to-end by minimizing cross-entropy. Our model maintains a memory module to track and update past evidence, thus influencing the graph's structure, as the conversation evolves. Experimental results on the ConvMix benchmark(Christmann et al., 2022a) show that graph embeddings enhance the LLM's ability to reason, while the memory module provides robustness against noise and retrieval errors.


On LLMs-Driven Synthetic Data Generation, Curation, and Evaluation: A Survey

arXiv.org Artificial Intelligence

Within the evolving landscape of deep learning, the dilemma of data quantity and quality has been a long-standing problem. The recent advent of Large Language Models (LLMs) offers a data-centric solution to alleviate the limitations of real-world data with synthetic data generation. However, current investigations into this field lack a unified framework and mostly stay on the surface. Therefore, this paper provides an organization of relevant studies based on a generic workflow of synthetic data generation. By doing so, we highlight the gaps within existing research and outline prospective avenues for future study. This work aims to shepherd the academic and industrial communities towards deeper, more methodical inquiries into the capabilities and applications of LLMs-driven synthetic data generation.


Personalized Pieces: Efficient Personalized Large Language Models through Collaborative Efforts

arXiv.org Artificial Intelligence

Personalized large language models (LLMs) aim to tailor interactions, content, and recommendations to individual user preferences. While parameter-efficient fine-tuning (PEFT) methods excel in performance and generalization, they are costly and limit communal benefits when used individually. To this end, we introduce Personalized Pieces (Per-Pcs), a framework that allows users to safely share and assemble personalized PEFT efficiently with collaborative efforts. Per-Pcs involves selecting sharers, breaking their PEFT into pieces, and training gates for each piece. These pieces are added to a pool, from which target users can select and assemble personalized PEFT using their history data. This approach preserves privacy and enables fine-grained user modeling without excessive storage and computation demands. Experimental results show Per-Pcs outperforms non-personalized and PEFT retrieval baselines, offering performance comparable to OPPU with significantly lower resource use across six tasks. Further analysis highlights Per-Pcs's robustness concerning sharer count and selection strategy, pieces sharing ratio, and scalability in computation time and storage space. Per-Pcs's modularity promotes safe sharing, making LLM personalization more efficient, effective, and widely accessible through collaborative efforts.