Bloomberg, a leading financial data services provider, this week unveiled a new artificial intelligence (AI) model that aims to revolutionize the finance industry in the same way programs like OpenAI’s ChatGPT are set to radically transform written communications.
A research paper released by the company Thursday details the development of BloombergGPT, a new large language model (LLM) that has been trained on a massive amount of financial data to assist with a variety of natural language processing (NLP) tasks within the financial industry . In plain English, Bloomberg GPT is an advanced machine learning software that can rapidly analyze financial data to assist with making risk assessments, judge financial sentiment, and potentially even automate accounting and auditing tasks and more.
The complexity and unique terminology of the financial industry requires an AI that is specifically trained with financial datasets, Bloomberg said in a release. BloombergGPT will have access to the vast quantity of data available on the Bloomberg Terminal — a computer software system used by investors and financial professionals to access real-time market data, breaking news, financial research and powerful analytics.
WILL ARTIFICIAL INTELLIGENCE TAKE OVER JOBS? CAREERS ACROSS VARYING FIELDS COULD BE AT RISK
CHATGPT: CRITICS FEAR ARTIFICIAL INTELLIGENCE TOOL HAS LIBERAL BIASES, PUSHES LEFT-WING TALKING POINTS
“For all the reasons generative LLMs are attractive – few-shot learning, text generation, conversational systems, etc. – we see tremendous value in having developed the first LLM focused on the financial domain,” said Shawn Edwards, Bloomberg’s Chief Technology Officer. “BloombergGPT will enable us to tackle many new types of applications, while it delivers much higher performance out-of- the-box than custom models for each application, at a faster time-to-market.”
To begin BloombergGPT’s training, Bloomberg engineers used “a comprehensive 363 billion token dataset consisting of English financial documents” available from the company’s existing data creation, collection and curation resources.
CHATGPT: WHO AND WHAT IS BEHIND THE ARTIFICIAL INTELLIGENCE TOOL CHANGING THE TECH LANDSCAPE
The engineers also trained the model with general-purpose datasets, with the goal of creating a “best-in-class” financial AI that is also competitive in performing general tasks. The result was the creation, from scratch, of a new 50-billion parameter decoder-only AI program.
“The quality of machine learning and NLP models comes down to the data you put into them,” explained Gideon Mann, Head of Bloomberg’s ML Product and Research team. “Thanks to the collection of financial documents Bloomberg has curated over four decades, we were able to carefully create a large and clean, domain-specific dataset to train an LLM that is best suited for financial use cases.”
CLICK HERE TO READ MORE ON FOX BUSINESS
Mann added, “We’re excited to use BloombergGPT to improve existing NLP workflows, while also imagining new ways to put this model to work to delight our customers.”