Bloomberg reveals AI for financial data, community responds

Financial media outlet Bloomberg revealed a new artificial intelligence (AI) model with the aim of opening new ways to use the data available within the company’s terminal. Many responded to the new development, with some saying that this sparks “the next wave” of corporate AI. 

On March 30, Bloomberg released a research paper that provides detailed information about the development of what it calls BloombergGPT. According to the media outlet, the AI has been created to perform various natural language processing (NLP) tasks after training with a large set of financial data.

BloombergGPT is a new LLM for finance.

It’s a 50 billion parameter language model trained on financial data.

Claims the largest domain-specific dataset yet with 363 billion tokens… further augmented with 345 billion tokens from general purpose https://t.co/OOSjSCRIEg… pic.twitter.com/yblvTJUzYd

— elvis (@omarsar0) March 31, 2023

Days after the research paper was published, various community members responded, with some praising the new development in the AI space and others making their predictions for the future. 

Ethan Mollick, a professor at Wharton, tweeted that new Bloomberg AI may be the “harbinger of the next wave of corporate AI.” Based on the research paper, the professor commented that the BloombergGPT AI is showing signs of being better at financial tasks.

As the news broke, community members also shared their predictions on the potential effects of the new AI. According to a Twitter user, this may not have the outcome that Bloomberg believes it will have and commented that financial markets are about to be gamified on an “unprecedented level.” Meanwhile, another community said that if the AI works as intended, it may replace financial analysts. “If this thing works, financial analysts are pretty much done,” they tweeted.

Related: ChatGPT and AI must pay for the news it consumes: News Corp Australia CEO

The revelation of Bloomberg’s new AI model came amid news that Italy has blocked AI chatbot ChatGPT and opened an investigation over suspected violations. On March 31, Italy’s data protection watchdog announced that it is blocking ChatGPT temporarily as it investigates potential breaches of data privacy rules.

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