Bloomberg unveils finance-focused AI model Bloomberg GPT

SlateStone Wealth chief market strategist Kenny Polcari discusses when the Fed could cut rates and if it's too early to invest in A.I. on'Varney & Co.' Bloomberg, a leading financial data services provider, this week unveiled a new artificial intelligence (AI) model that aims to revolutionize the finance industry in the same way programs like OpenAI's ChatGPT are set to radically transform written communications. A research paper released by the company Thursday details the development of BloombergGPT, a new large language model (LLM) that has been trained on a massive amount of financial data to assist with a variety of natural language processing (NLP) tasks within the financial industry. In plain English, Blooomberg GPT is an advanced machine learning software that can rapidly analyze financial data to assist with making risk assessments, judge financial sentiment, and potentially even automate accounting and auditing tasks and more. The complexity and unique terminology of the financial industry requires an AI that is specifically trained with financial datasets, Bloomberg said in a release. BloombergGPT will have access to the vast quantity of data available on the Bloomberg Terminal -- a computer software system used by investors and financial professionals to access real-time market data, breaking news, financial research and powerful analytics.