ChatGPT Bug Bites JP Morgan: Looks To Develop AI Software For Investment Advice - JPMorgan Chase (NYSE:JPM)

JP Morgan Chase & Co JPM is developing a ChatGPT-like software service that leverages disruptive artificial intelligence to select customer investments.
The company applied to trademark a product called IndexGPT, CNBC cites a regulatory filing.
IndexGPT looks to tap cloud computing software using artificial intelligence for analyzing and selecting securities tailored to customer needs.
Banks, including Goldman Sachs Group, Inc GS and Morgan Stanley MS, have already begun testing it for internal use.
The Microsoft Corp MSFT backed OpenAI’s ChatGPT frenzy has influenced industries to integrate artificial intelligence technology. It also triggered concerns amongst employees over being replaced by the technology.
JP Morgan, which employs 1,500 data scientists and machine-learning engineers, is testing several use cases for GPT technology, said global tech chief Lori Beer at its annual investor conference this week.
Goldman Sachs strategists see AI as offering the most significant potential long-term support for U.S. profit margins.
Price Action: JPM shares traded higher by 0.29% at $136.06 premarket on the last check Friday.
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