Bloomberg is feeling of merging GPT-style A.I. into its terminal

April 17, 2023: -Bloomberg LP has developed an AI model which uses the same underlying technology, such as OpenAI’s GPT and plans to start it into features provided through its terminal software, a firm official said in an interview.

Bloomberg said that the Bloomberg GPT, an internal AI model, can more accurately respond to questions such as “CEO of Citigroup Inc?”, assess whether headlines are bullish for investors, and even write headlines based on short blurbs.

Huge language models trained on terabytes of text information are the hottest corner of the tech industry. Firms like Microsoft and Google are racing to incorporate the technology into their products, and artificial intelligence startups regularly raise over $1 billion at valuations.

Bloomberg’s move shows that software developers in many industries beyond Silicon Valley see state-of-the-art AI, such as GPT, as a technical advancement that permits them to automate tasks requiring a human.

“Both the abilities of GPT-3 and the way that it achieved its performance through language modelling wasn’t something that I anticipated,” said Gideon Mann, head of ML Product and Research at Bloomberg. “So when that is coming out, we were like, ‘OK, this is going to transform the way that we do NLP here.'”

NLP states for natural language processing, the part of machine learning that states deriving meaning from words.

The move demonstrates how giants with massive amounts of generalized data may not dominate the AI market.

Building significant language models is expensive, requiring access to supercomputers and dollars to pay for them. A few have wondered if OpenAI and Big Tech firms would develop an insurmountable lead. In this system, they would be the winners and sell access to their AIs to everybody else.

But Bloomberg’s GPT doesn’t use OpenAI. The company could use freely available, off-the-shelf AI methods and apply them to its huge proprietary, if niche, data store.

So far, Bloomberg says its GPT permits promising results in doing tasks like figuring out if a headline is for a firm’s financial outlook, changing firms names to stock tickers, figuring out the essential words in a document, and even answering basic business questions such as who the CEO of a firm is.

It also can make some “generative AI” applications, like suggesting a recent headline based on a short paragraph.