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.