JPMorgan Chase just filed a trademark for an artificial intelligence program that selects financial securities.
JPMorgan Chase is developing an AI service similar to ChatGPT that aims to provide investment advice to users.
The software service, called "IndexGPT," will use cloud computing software powered by artificial intelligence to analyze and select securities based on client needs.
JPMorgan Chase's AI investments
JPMorgan Chase applied for a trademark for a product under a new name this month, according to a document filed by the bank, CNBC reported.
Other banks, such as Goldman Sachs and Morgan Stanley, have already begun testing AI technologies for internal use. The former is leveraging ChatGPT-style technology to help developers automatically generate and test code, while the latter is testing an OpenAI-powered chatbot to answer queries from its 16,000 financial advisors.
However, according to trademark attorney Josh Gerben, JPMorgan’s product may be the first GPT-like financial product designed specifically for retail clients.
“This is a real sign that they may have a potential product coming out in the near future,” Gerben said. “Companies like JPMorgan Chase don’t just file trademarks for fun.”
Gerben added that JPMorgan’s filing includes a “sworn statement from a company officer” confirming the bank intends to use the trademark. Trademarks typically take nearly a year to be approved, after which the bank would have three years to actually launch IndexGPT.
“It’s an artificial intelligence program that selects financial securities,” Gerben said. “To me, it sounds like they want to put my financial advisor out of business.”
Financial commentator and bitcoin critic Peter Schiff is not optimistic about JPMorgan Chase’s plans for artificial intelligence-based investment advice. “I wonder if the advice given by the AI will be as bad as the advice given by their human advisors,” he tweeted about the bank on Thursday.
ChatGPT's opinion on cryptocurrency
When asked for specific investment advice (e.g. “Should I buy Bitcoin”), the original ChatGPT said it “cannot provide specific investment advice” because it “does not have access to real-time market data or financial information.”
However, the bot noted this week that due to “reduced BTC supply, coupled with continued demand or increased market interest, it is possible that Bitcoin’s price could surge after the 2024 Bitcoin halving.”
When asked about the future of meme coins such as Dogecoin ($DOGE) Shiba Inu ($SHIB) and Pepe ($PEPE), the bot said their success was driven by “brand awareness, celebrity endorsements and online trends.”