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😺 ChatGPT for finance

😺 ChatGPT for finance

PLUS: Italy bans ChatGPT

Noah Edelman
April 03, 2023

Welcome, humans.

Even an AI couldn't have predicted March Madness outcomes this year. We're backing San Diego State — always love a good under(cat)!

Here’s what’s going on in the world of AI today:

Bloomberg launches ChatGPT for finance 💱
Italy bans ChatGPT 🍕
Translate code between dozens of languages 🧑‍💻
Right-wing GPT 🔴

Bloomberg Builds AI Model For Finance 🏦

Bloomberg has introduced BloombergGPT, a new AI model explicitly designed to handle financial tasks, according to a recently published research paper.

It's excellent: the 50-billion parameter AI model significantly outperforms other models in financial tasks like analyzing data and quantifying sentiment.
At the same time, BloombergGPT holds its own on general-purpose benchmarks like reading comprehension.

Here's how it got there:

Unlike other models, which trained on the public Internet, half of BloombergGPT's training data was Bloomberg's proprietary data.

We're talking about a 363 billion token dataset from Bloomberg Terminal, the largest domain-specific dataset yet. That's 60X more data than Wikipedia.

It oddly also includes Enron emails - maybe it'll help us catch accounting scandals!

Why it matters: Every company with extensive, proprietary datasets may soon build their own AI models, tailored to their precise needs.

Maybe bankers will only need to pull 80-hour work weeks from now on.

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Italy Bans ChatGPT Over Data Concerns 🇮🇹

Italy has become one of the few countries to prohibit ChatGPT due to concerns about data breaches and the usage of personal data for training the chatbot.

ChatGPT has to get its data from somewhere. Still, Italy says processing personal data from Europeans without telling them violates GDPR (an EU data protection law).

But as always, the internet found a way around it...

Some developers launched chatbots in Italy using OpenAI's API that they say doesn't collect user data. Just don't ask if pineapples go on pizza.

Bottom line: There's an inherent conflict in training AI models. Models need data to improve → data comes from people → people want to keep their data private → governments protect people.

It'll be interesting to see how OpenAI approaches this issue moving forward.

Around the Horn 🦄

A group of AI ethicists published a piece that the Future of Life's open letter to pause AI development didn't focus on the real harms of AI today.
Why regulating AI might need an entirely new federal agency (Bloomberg).
A piece on how developers might create politically-biased chatbots.
The Center for AI and Digital Policy is calling for the FTC to pause further releases of GPT models.

Treats To Try 🍿

Translate code in dozens of languages with AI Code Translator.
Integrate ChatGPT into your Unity editor to create powerful 3D designs with AICommand.
SiteGPT creates ChatGPT-like chatbots trained on your website content.
Noty is an ChatGPT-powered meeting assistant that transforms Zoom meetings into transcriptions.
Auto-GPT can write it's own code using GPT-4 and execute python scripts.

DM us links on Twitter: @nonmayorpete & @noahedelman02.