Read the full article on FlexTrade.
Excerpt:
With the frenzy around OpenAI’s ChatGPT technology and generative artificial intelligence trained on vast collections of unstructured data to create large language models, there’s a race to experiment with these new tools in capital markets.
The release of ChatGPT by OpenAI last year, and its viral success in responding to human prompts in natural language, has ignited interest in generative AI technology, and has pushed asset managers and trading firms to grasp the technology rather than risk falling behind.
Wall Street firms have used artificial intelligence and machine learning for years, but ChatGPT has shown that generative AI systems, like ChatGPT and Google’s Bard, among others, such as AI startup Anthropic, can create humanlike conversation, text, images, and computer code.
Despite concerns about ChatGPT’s tendency to confidently provide false information not supported by the training data, (known as hallucination), financial firms and fintech providers are experimenting with specific use cases for generative AI using natural language processing to then create large language models (LLMs) as a result of the training.
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