Bloomberg plans to integrate GPT-style A.I. into its terminal

by | Apr 13, 2023 | Financial

Bloomberg computer terminal at the NYSE.Adam Jeffery | CNBC Bloomberg LP has developed an AI model using the same underlying technology as OpenAI’s GPT, and plans to integrate it into features delivered through its terminal software, a company official said in an interview with CNBC.Bloomberg says that Bloomberg GPT, an internal AI model, can more accurately answer questions like “CEO of Citigroup Inc?”, assess whether headlines are bearish or bullish for investors, and even write headlines based on short blurbs.Large language models trained on terabytes of text data are the hottest corner of the tech industry. Giants such as Microsoft and Google are racing to integrate the technology into their products, and artificial intelligence startups are regularly raising funds at valuations over $1 billion.Bloomberg’s move shows how software developers in many industries beyond Silicon Valley see state-of-the-art AI like GPT as a technical advancement allowing them to automate tasks that used to require a human.”Both the capabilities of GPT-3 and the way that it achieved its performance through language modeling wasn’t something that I expected,” said Gideon Mann, head of ML Product and Research at Bloomberg. “So when that came out, we were like, ‘OK, this is going to change the way that we do NLP here.'”NLP stands for natural language processing, the part of machine learning that focuses on deriving meaning from words.The move also shows how the AI market may not be dominated by giants with massive amounts of generalized data.Building large language models is expensive, requiring access to supercomputers and millions of dollars to pay for them, and some have wondered if OpenAI and Big Tech companies would develop an insurmountable lead. In this scenario, they would be the winners, and simply sell access to their AIs to everybody else.But Bloomberg’s GPT doesn’t use OpenAI. The company was able to use freely available, off-the-shelf AI methods and apply them to its massive store of proprietary — if niche — data.So far, Bloomberg says its GPT shows promising results doing tasks like figuring out whether a headline is good or bad for a company’s financial outlook, changing company names to stock tickers, figuring out the important names in a document, and even answering basic business questions like who the CEO of a company is.It also can do some “generative AI” applications, like suggesting a new headline based on a short paragraph.One example in the paper:Input: “The US housing market shrank in value by $2.3 trillion, or 4.9%, in the second half of 2022, according to Redfin. That’s the largest drop in percentage terms since the 2008 housing crisis, when values slumped 5.8% during the same period”Output: “Home Prices See Biggest Drop in 15 Years.”How it could be usedO …

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