Autoregressive language models dominate modern text generation, yet their sequential nature introduces fundamental limitations: decoding is slow, and maintaining global coherence remains challenging. Diffusion models offer a promising alternative by enabling parallel generation and flexible control; however, their application to text generation is hindered by the high dimensionality of token-level representations. We introduce COSMOS, a novel approach to text generation that operates entirely in a compressed, smooth latent space tailored specifically for diffusion. This space is learned using an autoencoder trained simultaneously for token-level reconstruction and alignment with frozen activations from a pretrained language encoder, providing robust semantic grounding and enabling effective perturbation-based augmentations. Empirically, we demonstrate that text representations can be compressed up to 8 while maintaining generation quality comparable to token-level diffusion models. Furthermore, increasing the latent sequence length allows COSMOS to surpass both diffusion-based and autoregressive baselines. We evaluate COSMOS on four diverse generative tasks including story generation, question generation, summarization, and detoxification and compare it with various generative paradigms. COSMOS achieves comparable or superior generation quality while offering more than 2 faster inference. Code is released at GitHub.

Discrete diffusion models are a class of generative models that construct sequences by progressively denoising samples from a categorical noise distribution. Beyond their rapidly growing ability to generate coherent natural language, these models present a new and important opportunity to enforce sequence-level constraints, a capability that current autoregressive models cannot natively provide. This paper capitalizes on this opportunity by introducing Constrained Discrete Diffusion (CDD), a novel integration of differentiable constraint optimization within the diffusion process to ensure adherence to constraints, logic rules, or safety requirements for generated sequences. Unlike conventional text generators that often rely on post-hoc filtering or model retraining for controllable generation, CDD directly imposes constraints into the discrete diffusion sampling process, resulting in a training-free and effective approach. Experiments in toxicity-controlled text generation, property-constrained molecule design, and instruction-constrained text completion demonstrate that CDD achieves zero constraint violations in a diverse array of tasks while preserving fluency, novelty, and coherence, while outperforming autoregressive and existing discrete diffusion approaches.

We study Transformers through the perspective of optimal control theory, using tools from continuous-time formulations to derive actionable insights into training and architecture design. This framework improves the performance of existing Transformer models while providing desirable theoretical guarantees, including generalization and robustness. Our framework is designed to be plug-and-play, enabling seamless integration with established Transformer models and requiring only slight changes to the implementation. We conduct seven extensive experiments on tasks motivated by text generation, sentiment analysis, image classification, and point cloud classification. Experimental results show that the framework improves the test performance of the baselines, while being more parameter-efficient. On character-level text generation with nanoGPT, our framework achieves a 46\% reduction in final test loss while using 42\% fewer parameters. On GPT-2, our framework achieves a 9.3\% reduction in final test loss, demonstrating scalability to larger models. To the best of our knowledge, this is the first work that applies optimal control theory to both the training and architecture of Transformers. It offers a new foundation for systematic, theory-driven improvements and moves beyond costly trial-and-error approaches.

LLMs have transformed NLP and shown promise in various fields, yet their potential in finance is underexplored due to a lack of comprehensive benchmarks, the rapid development of LLMs, and the complexity of financial tasks. In this paper, we introduce FinBen, the first extensive open-source evaluation benchmark, including 42 datasets spanning 24 financial tasks, covering eight critical aspects: information extraction (IE), textual analysis, question answering (QA), text generation, risk management, forecasting, decision-making, and bilingual (English and Spanish). FinBen offers several key innovations: a broader range of tasks and datasets, the first evaluation of stock trading, novel agent and Retrieval-Augmented Generation (RAG) evaluation, and two novel datasets for regulations and stock trading. Our evaluation of 21 representative LLMs, including GPT-4, ChatGPT, and the latest Gemini, reveals several key findings: While LLMs excel in IE and textual analysis, they struggle with advanced reasoning and complex tasks like text generation and forecasting. GPT-4 excels in IE and stock trading, while Gemini is better at text generation and forecasting. Instruction-tuned LLMs improve textual analysis but offer limited benefits for complex tasks such as QA. FinBen has been used to host the first financial LLMs shared task at the FinNLP-AgentScen workshop during IJCAI-2024, attracting 12 teams. Their novel solutions outperformed GPT-4, showcasing FinBen's potential to drive innovations in financial LLMs. All datasets and code are publicly available for the research community, with results shared and updated regularly on the Open Financial LLM Leaderboard.