JP Morgan recently filed a trademark for an AI program to select financial securities.
The program, called “IndexGPT,” is being developed as an alternative to ChatGPT and is specifically designed to provide investment advice to users. By utilizing cloud computing and AI technology, IndexGPT will analyze and recommend securities based on individual customer preferences.
While other banks like Goldman Sachs and Morgan Stanley have already begun testing AI technology for internal purposes, JP Morgan’s product appears to be the first of its kind tailored for retail customers. The trademark filing includes a sworn statement from a JP Morgan corporate officer, indicating their intention to utilize the trademark.
Approval of the trademark is expected to take around a year, and the bank will then have three years to launch IndexGPT officially. Some industry experts speculate that this development could potentially disrupt traditional financial advisory services. However, not everyone is optimistic about AI-based investment advice, as critics like Peter Schiff question the reliability of the advice given by both human advisors and AI systems.
When it comes to cryptocurrencies, the original ChatGPT states that it cannot provide specific investment advice due to a lack of real-time market data, but it acknowledges the potential for Bitcoin’s price to rise after the 2024 Bitcoin halving. As for memecoins like Dogecoin, Shiba Inu, and Pepe, the bot attributes their success to brand recognition, celebrity endorsements, and online trends.
By Nadeem Alam
Nadeem Alam is a crypto enthusiast with strong background in Public Relation, working in the blockchain industry for 4 years. Experienced in developing and executing innovative marketing strategies.