Today, natural language processing (NLP), like ChatGPT, is the hottest topic in tech. And the development in this field is progressing FAST! Modern AI has opened up possibilities for a new approach to finance....
On March 30, 2023, financial giant Bloomberg published a research paper detailing its own AI - BloombergGPT. The 50-billion-parameter model was developed specifically for financial analysis.
The most impressive thing about BloombergGPT is that it is the first model of its size that does not sacrifice NLP performance.
But before we get into how this AI is modernizing finance and other industries, let's answer one question....
How did Bloomberg develop this breakthrough technology?
40 years of innovation in the making.
First of all, AI is like any other computer program....
And in this regard, BloombergGPT shines.
Being a financial data company, Bloomberg has kept meticulous records on the subject for the last 40 years! All of this data went directly into the programming of LLM.
However, creating large AI databases has been problematic in the past - especially in niche areas.
The problem was that too much specialized information caused the AI to produce strange, unreliable results.
As a result, this could mean that AI could be used as a modern approach for more industries in the future....
Advanced data is critical to a modern AI approach.
To make their NLP more reliable, Bloomberg has introduced something that could accelerate the AI revolution....
So the AI engineering team had the bright idea of uploading an additional 345 billion "general data" tokens.
These general tokens, along with the finance-specific tokens, generated more relevant results.
And, voila! BloombergGPT cracked the code for using big language models with industry-specific data.
In the future, more industries may benefit from this modern AI approach. We'll just have to wait and see what Bloomberg does with it first.