The financial news agency Bloomberg has presented a new example of artificial intelligence (AI), which should open new opportunities to use the data available on the back end of the company. Many have responded to this new development as the “next step” of the AI industry.
Bloomberg released a research paper on March 30 that provides insight into the development of the so-called BloombergGPT. According to the report, the AI was developed to perform natural language processing tasks after training on a large set of funds. A few days after the research paper was published, some members of the community responded by praising the new developments in the AI industry and making their predictions for the future.
Wharton Professor Ethan Mollick said Bloomberg’s new AI “can harness the tide of the AI industry.” Based on the research, the professor said that BloombergGPT AI is showing signs of improving financial results.
After hearing the news, community members shared their predictions about the impact of the new AI. According to a Twitter user, the result may not be what Bloomberg predicted, saying that financial markets will soon become the subject of unknown gamification. Now, one user says that if the AI works as expected, it could replace financial analysts. “If it works, financial analysts will be eliminated,” he said.
Bloomberg’s unveiling of its new AI model coincided with OpenAI’s ban on ChatGPT in Italy due to privacy law violations.