JPMorgan seems to be working on a ChatGPT-style tool that will enable AI-powered investing
- JPMorgan is developing a ChatGPT-style AI tool for investing, a trademark application suggests.
- The bank has applied to trademark the name "IndexGPT." The filing was first reported by CNBC.
JPMorgan appears to be working on an artificial-intelligence tool similar to ChatGPT that can pick stocks, bonds, and other investments for its clients.
The banking titan applied to trademark the name "IndexGPT" for the software program earlier this month, a US Patent and Trademark Office filing shows. The application was first reported by CNBC.
The wording of JPMorgan's application suggests the tool will assist in providing financial data, offering investing advice, and analyzing and picking securities based on its customers' needs.
JPMorgan didn't immediately respond to a request for comment from Insider.
Morgan Stanley is also planning to introduce a similar chatbot that will be able to answer financial advisors' questions, CNBC has reported.
AI large-language tools – and ChatGPT in particular – have exploded in popularity this year, boosting the stock prices of companies such as Nvidia and Microsoft and driving the market higher.
In its current form, ChatGPT can generate generic investing advice about how to invest during a recession or the battle between the US dollar, Chinese yuan, and other currencies.
But analysts say it struggles with what the investing legend Howard Marks calls second-level thinking – the ability to discern how other traders value a particular asset.
ChatGPT "can tell you the things that everybody knows" but offers "very limited help when making an investment decision," Morningstar CIO Dan Kemp told Insider in January.
"It provides factual answers that are descriptive and are generalized," he added. "But it doesn't ask questions like a good investment manager does."