By now most of us know Bloomberg and its scale of presence in the digital world. However, the company has now made strides into newer space as Finance-focused AI model Bloomberg GPT by Bloomberg gets unveiled.
On Thursday the company released a research paper that gave details of the development of Bloomberg GPT which is a new large language model trained with massive amounts of financial data to assist with natural language processing tasks within the financial industry.
Bloomberg GPT can be said to be an advanced machine learning software that will not just rapidly analyze financial data to assist in making risk judgment but also judge financial sentiment, and may even automate tasks like accounting, auditing, and more.
In its release, Bloomberg said that the complexity and unique terminology of the financial industry may need an AI that has been trained specifically with financial databases.
To make this possible the newly devised GPT will have access to a vast quantity of data available on Bloomberg Terminal.
Meet #BloombergGPT 👋🏻
This 50-billion parameter #LargeLanguageModel was purpose-built from scratch for #finance using a unique mix of @Bloomberg's #data and public datasets to support financial #NLProc tasks.https://t.co/vehdOZtvu0#AI #ArtificialIntelligence #LLMs #ML #GPT
— Tech At Bloomberg (@TechAtBloomberg) March 31, 2023
Finance-focused AI model Bloomberg GPT by Bloomberg gets unveiled and to begin its training engineers used a comprehensive 363 billion token dataset consisting of English financial documents. This was all available on the company’s existing data creation, collection, and curation resources.
The model was also trained by engineers with general-purpose datasets as the goal was to create the best-in-class financial AI that was also capable of performing general tasks. This resulted in creating from scratch a new 50-billion parameter decoder-only AI program.
There are no questions as to how popular GPTs are these days and so it only makes sense for companies like Bloomberg to capitalize on such trends.