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Jamie Dimon, chief executive officer of JPMorgan Chase, is planning his first visit to mainland China in four years as the American bank prepares to host three conferences in Shanghai at the end of May.
Giulia Marchi | Bloomberg | Getty Images
JPMorgan Chase is developing a ChatGPT-like software service that leans on a disruptive form of artificial intelligence to select investments for customers, CNBC has learned.
The company applied to trademark a product called IndexGPT this month, according to a filing from the New York-based bank.
IndexGPT will tap “cloud computing software using artificial intelligence” for “analyzing and selecting securities tailored to customer needs,” according to the filing.
The viral success of OpenAI’s ChatGPT technology last year has forced entire industries to grapple with the arrival of artificial intelligence. ChatGPT, which uses massive language models to create human-sounding responses to questions, has ignited an arms race among tech giants and chipmakers over what is seen as the next foundational innovation.
The technology has a range of possible uses in finance. Banks including Goldman Sachs and Morgan Stanley have already begun testing it for internal use. That includes ways to help Goldman engineers create code or answer Morgan Stanley financial advisors‘ queries.
First mover?
But JPMorgan may be the first financial incumbent aiming to release a GPT-like product directly to its customers, according to Washington D.C.-based trademark attorney Josh Gerben.
“This is a real indication they might have a potential product to launch in the near future,” Gerben said.
“Companies like JPMorgan don’t just file trademarks for the fun of it,” he said. The filing includes “a sworn statement from a corporate officer essentially saying, ‘Yes, we plan on using this trademark.'”
JPMorgan must launch IndexGPT within about three years of approval to secure the trademark, according to the lawyer. Trademarks typically take nearly a year to be approved, thanks to backlogs at the U.S. Patent and Trademark Office, he said.
The applications are typically vaguely written to give companies the broadest possible protections, Gerben said.
But JPMorgan’s filing does specify that IndexGPT uses the same flavor of A.I. popularized by ChatGPT; the bank plans to use A.I. powered by “Generative Pre-trained Transformer (GPT) models.”
“It’s an A.I. program to select financial securities,” Gerben said. “This sounds to me like they’re trying to put my financial…
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