Institutional traders, portfolio managers, and analysts using Bloomberg LP's Terminal software can anticipate an exciting upgrade, as CNBC reports that the same underlying technology as OpenAI's GPT will be integrated into the financial platform.
About two weeks ago, Bloomberg released a research paper detailing the development of Bloomberg GPT. This internal AI model can answer financial questions in the search function like "CEO of Silicon Valley Bank," asses the bullish or bearish sentiment of headlines, and even write headlines based on text.
The tech behind Bloomberg GPT wasn't developed using supercomputers, nor is it using OpenAI's technology. Instead, Bloomberg used "freely available, off-the-shelf AI methods and apply them to its massive store of proprietary — if niche — data," CNBC said.
About half the data used to create Bloomberg's model is derived from non-financial sources gathered from the web, such as GitHub, YouTube subtitles, and Wikipedia. This data is combined with 100 billion words from a proprietary dataset called FinPile, which encompasses financial information the company has collected over the past two decades. The FinPile dataset comprises securities filings, press releases, Bloomberg News articles, stories from other outlets, and a web crawl specifically targeting financial web pages.
Bloomberg's future upgrade to the Terminal is a great start considering the platform starts at around $30,000 per year. There was no word if additional fees would be applied to customers once the technology integration is complete.
"Both the capabilities of GPT-3 and the way that it achieved its performance through language modeling wasn't something that I expected.
"So when that came out, we were like, 'OK, this is going to change the way that we do NLP [natural language processing] here,'" Gideon Mann, head of ML Product and Research at Bloomberg, told CNBC.
Here are some example of how a Terminal can use Bloomberg GPT:
Asking about CEOs...
Write a headline...
Furthermore, Bloomberg GPT will allow users to efficiently search through vast amounts of financial data, thereby saving time.
"There's a lot of work we're doing to help clients address that data deluge of news stories, whether that's through summarization, or monitoring, or being able to ask questions on those news stories or transcripts. There are a lot of applications there," Mann said.
CNBC noted Bloomberg is planning to integrate its GPT into Terminal features and services in the near term, although there was no word if a ChatGPT-style chatbot would be released on the platform.
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Read the Bloomberg GPT white paper: