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Bloomberg Develops Generative AI Model Trained on Financial Data

Bloomberg LP announces its intention to add artificial intelligence (AI) functions, with which users will be able to get answers to business-related questions.

Bloomberg Develops Generative AI Model Trained on Financial Data

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The new generative model of artificial intelligence BloombergGPT will be integrated into the company’s terminal software. This model can replace firm names with stock tickers, identify names in documents, write headlines, and determine how they reflect the financial prospects of the company.

Bloomberg created its GPT based on ready-made artificial intelligence methods, but at the same time used its data so that the tool had comprehensive information on financial and business issues.

Gideon Mann, head of machine learning and research products at Bloomberg, said that the company is doing a lot of work to provide customers with the opportunity to deal with a huge news stream, regardless of the nature and format of the information. BloombergGPT offers opportunities that are focused on the field of finance.

The development team trained a causal language model based on 50 billion parameters. The model was tested on existing NLP financial tests, a set of Bloomberg internal tests, and broad categories of general-purpose NLP tasks from popular tests.

Bloomberg CTO Sean Edwards said that the company has created the first large language model that is focused on the financial industry. Generative LLMs from a technological point of view are valuable because they are characterized by fast learning, can generate text, and create conversational systems. BloombergGPT can work with many new types of applications and has higher performance compared to custom models for each application.

The Bloomberg model is one of many artificial intelligence applications to meet various industries. For example, the construction company Togal uses ChatGPT from OpenAI so that its clients have operational access to the data library. Users can find out any information they are interested in regarding the construction industry.

Auditoria has implemented generative artificial intelligence into its smart bots to automate financial workflows and interact with the user’s customers, suppliers, vendors, and other stakeholders.

As we have reported earlier, Bloomberg Agrees Broadway Acquisition.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.