😯 BloombergGPT: Finally an AI for Finance

Move over, ChatGPT, there’s a new AI in town for all the finance nerds: BloombergGPT. What does it do? ReadOn!

To all the finance nerds out there: 

How many times have you wished for a genie like ChatGPT to help you specifically navigate the beautiful world of finance?

Well, well. Looks like your wish has just come true!

Say hello to BloombergGPT, the finance-focused version of ChatGPT.

Woah, what does it do? And how will this AI impact the world of finance?

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💸 The New Finance GPT in Town

Now, you may be wondering:

How and why would a media company like Bloomberg launch a Finance GPT?

Well, you’re in for a surprise: News reporting is a teeny-tiny part of Bloomberg’s business.

Bloomberg is a financial, software, data and media company.

Its main cash cow is its financial insights tracking tool: Bloomberg Terminal.

Bloomberg Terminal is a specialised computer program that gives you real-time market information of any market in the world.

It also provides services to track the performance of your portfolio on the go and efficiently manage risks, data analytics services, specialised data and even has a venture capital arm!

Yes, Bloomberg lives and breathes finance.

Now, over the years, Bloomberg has created a goldmine of financial data. 

Lots and lots of data.

And what better use of data than to train and create a large language model, which can run generative AI chatbots?

That’s how Bloomberg GPT was born. It is trained on 50 billion parameters!

We know, we know. 

You want us to jump straight into what magic Bloomberg GPT can create!

So, here we go.

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🤔 Bloomberg GPT: Useful or Not?

Here’s what Bloomberg claims its Finance genie can do:

• Sentiment Analysis: BloombergGPT is like your mom. Just like your mom understands all your emotions just by looking at your face, BloombergGPT can understand the underlying emotion of any article. It can analyse news articles, social media posts, and other sources of information to understand public sentiment towards specific financial products, companies, or markets. And this information can be super useful to make more informed investment decisions or to assess risk.

• Named Entity Recognition: It can identify entities like companies, individuals, and locations mentioned in financial news articles, research reports, and other documents. This can help analysts and traders keep track of the latest developments in the markets they cover, without having to read entire reports.

• News Classification: It can sort news articles by category, market, or region. This can help us quickly find relevant news stories and stay up-to-date with the latest market trends.

• Question Answering: Yup, it also does what ChatGPT can do. It can answer specific questions related to financial topics. And since it is trained on financial data, there are chances that it will be more accurate than ChatGPT. So, it can answer all your questions about financial regulations, market trends, or specific financial products.

BloombergGPT could revolutionise the world of trading and finance. It could supercharge traders and help many learn more about the world of business and finance.

Now, now. 

Before you get too excited about trying this magic wand, let us remind you:

All these magical powers are mere claims by Bloomberg right now. 

The wand isn’t in our hands yet. We have no way to check if BloombergGPT actually is the Finance genie.

But, whatever the case be, we are certain of one thing:

Niche AIs have become a thing now. From digital art to finance to maybe dating, AI is growing at a super fast pace.

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📈 The Super Fast Growth of AI

Companies like Microsoft, Google, Canva and GitHub have already integrated AI within their software.

Now, even Indian companies like Air India, Pocket FM and Zoho are jumping into the same boat.

And well, if you’re worried about AI taking away jobs, flip the coin and look at the brighter side:

AI is set to lead to a 26% ($15.7 trillion) increase in global GDP by 2030. This is greater than the GDP of India and China combined! 

But to really unleash this superpower of AI, India needs to invest more in AI models and AI-related upskilling.

Just like China and the US are.

What if our own tech giants like TCS or Infosys come up with their own versions of ChatGPT?

Will BloombergGPT encourage Indian companies to unleash the power of generative AI and start an AI revolution in India?

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