The widespread popularity of ChatGPT has prompted other big companies like Google to launch their own AI services to compete. However, it’s not just tech companies entering the AI race.
JP Morgan Chase is developing a “ChatGPT-like” service that will use artificial intelligence to help customers select investments, CNBC reported.
According to a filing in New York, JP Morgan applied to trademark the product “IndexGPT.” The service will use artificial intelligence and cloud computing software to analyze and select securities “tailored to customer needs,” the filing states.
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While it’s unclear when the product will launch, the trademark could signal that it might be in the near future.
“Companies like JP Morgan don’t just file trademarks for the fun of it,” Josh Gerben, a trademark attorney in Washington D.C. told CNBC. “The filing includes a sworn statement from a corporate officer essentially saying, ‘Yes, we plan on using this trademark.'”
IndexGPT may also only be one of several AI products in development at JP Morgan. During the company’s annual investor conference on Monday, Lori Beer, global technology chief at the company, said that the bank is testing “a number of use cases” for AI technology.
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“We are actively evaluating opportunities with large language models and see great potential in that space,” she added.
Entrepreneur has reached out to JP Morgan for comment.