The leading financial data services provider, Bloomberg unveiled a new artificial intelligence (AI) model this week.
BloombergGPT Launch
This move aims to revolutionize the finance industry in the same way programs like OpenAI’s ChatGPT are set to radically transform written communications.
A research paper released by the company Thursday details the development of
While talking about the development of this model, BloombergGPT said that a new large language model (LLM) has been trained on a massive amount of financial data to assist with a variety of natural language processing (NLP) tasks within the financial industry, in a research paper released by the company on Thursday.
Rapidly Analyzing Financial Data
In simple words, Blooomberg GPT is an advanced machine learning software that can rapidly analyze financial data to assist with making risk assessments, judge financial sentiment, and potentially even automate accounting and auditing tasks and more.
In a release, Bloomberg said that the complexity and unique terminology of the financial industry requires an AI that is specifically trained with financial datasets.
Explaining further, Bloomberg said that this GPT model will have access to the vast quantity of data which is already available on the Bloomberg Terminal.
Here Bloomberg Terminal is a computer software system used by investors and financial professionals to access real-time market data, breaking news, financial research and powerful analytics.
Bloomberg’s Chief Technology Officer, Shawn Edwards said, “For all the reasons generative LLMs are attractive – few-shot learning, text generation, conversational systems, etc. – we see tremendous value in having developed the first LLM focused on the financial domain,”.
Further adding, “BloombergGPT will enable us to tackle many new types of applications, while it delivers much higher performance out-of-the-box than custom models for each application, at a faster time-to-market.”
Importance Of Data
Bloomberg engineers used “a comprehensive 363 billion token dataset consisting of English financial documents” available from the company’s existing data creation, collection and curation resources in order to commence the BloombergGPT’s training.
In addition to this, the engineers also trained the model with general-purpose datasets, with the goal of creating a “best-in-class” financial AI that also is competitive in performing general tasks.
This resulted with the creation, from scratch, of a new 50-billion parameter decoder-only AI program.
The Head of Bloomberg’s ML Product and Research team, Gideon Mann said, “The quality of machine learning and NLP models comes down to the data you put into them,”.
Further adding, “Thanks to the collection of financial documents Bloomberg has curated over four decades, we were able to carefully create a large and clean, domain-specific dataset to train a LLM that is best suited for financial use cases.”
Explaining, “We’re excited to use BloombergGPT to improve existing NLP workflows, while also imagining new ways to put this model to work to delight our customers.”
