Meet ‘Index GPT,’ JPMorgan’s AI stock picker under development

JPMorgan Chase relies on artificial intelligence boom in a way that worries some financial advisors. The company, which is primarily the first rank on the rise of AI among banks this year, created an AI tool to help investors pick stocks.

On May 11, JPMorgan filed a trademark application with the US Patent and Trademark Office for “IndexGPT,” an AI software service that can be used for “selecting financial securities and financial assets.” The filing is first cited in a CNBC report.

Trademark attorney Josh Gerben Hugh Son told CNBC that the move is a “real sign” that JPMorgan may be launching an AI product for investors. “Companies like JPMorgan don’t just file trademarks for the fun of it,” he said. “It sounds to me like they’re trying to put my financial advisor out of business.”

IndexGPT tends to do more than advise investors, too. JPMorgan’s trademark application also includes a reference to the technology used in “financial investment in the field of securities” as well as “fund investment.” And it can potentially be used for everything from “advertising” and “marketing services” to clerical and administrative tasks.

That’s because JPMorgan filed the IndexGPT application for three separate international trademark classes. The first is for “advertising and business” services, the second is for “insurance and financial” services, and the third is “computer and scientific” services, according to United States Trademark and Patent Office.

A JPMorgan Chase representative declined to comment on the company’s trademark application and its recent push into artificial intelligence in an email to Good luck. It’s unclear if or when the company will make the AI ​​technology available to its own employees or customers.

IndexGPT isn’t JPMorgan’s first foray into AI, however. In April, investment bank economists began using a AI model which analyzes Federal Reserve communications to help predict the central bank’s next moves. And CEO Jamie Dimon has praised new AI developments repeatedly over the past few years. In March, he said that the technology was “shocking” in an interview with Bloomberg and briefly mention how the bank plans to use it in different ways.

“We already use it to create risk, fraud, marketing, search – and this is the tip of the iceberg. For me it is amazing,” he said.

Some big investment banks have also started testing AI products recently. In March, Morgan Stanley Office has partnered that it develops tools to help its wealth managers analyze and better understand the investment bank’s mountain of research on the economy and markets. In a similar step, luckby Jeremy Kahn reported in April Goldman Sachs is considering creating its own AI technology “ChatGS” to help financial advisors sort through data and better serve clients.

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