If you were going to predict which news company would be the first out with its own massive AI model, Bloomberg would’ve been a good bet. For all its success expanding into consumer-facing news over the past decade, Bloomberg is fundamentally a data company, driven by $30,000/year subscriptions to its terminals.
On Friday, the company announced it had built something called BloombergGPT. Think of it as a computer that aims to “know” everything the entire company “knows.”
Bloomberg today released a research paper detailing the development of BloombergGPT™, a new large-scale generative artificial intelligence (AI) model. This large language model (LLM) has been specifically trained on a wide range of financial data to support a diverse set of natural language processing (NLP) tasks within the financial industry.
Recent advances in Artificial Intelligence (AI) based on LLMs have already demonstrated exciting new applications for many domains. However, the complexity and unique terminology of the financial domain warrant a domain-specific model. BloombergGPT represents the first step in the development and application of this new technology for the financial industry. This model will assist Bloomberg in improving existing financial NLP tasks, such as sentiment analysis, named entity recognition, news classification, and question answering, among others. Furthermore, BloombergGPT will unlock new opportunities for marshalling the vast quantities of data available on the Bloomberg Terminal to better help the firm’s customers, while bringing the full potential of AI to the financial domain.
Meet #BloombergGPT 👋🏻
This 50-billion parameter #LargeLanguageModel was purpose-built from scratch for #finance using a unique mix of @Bloomberg‘s #data and public datasets to support financial #NLProc tasks.https://t.co/vehdOZtvu0#AI #ArtificialIntelligence #LLMs #ML #GPT
— Tech At Bloomberg (@TechAtBloomberg) March 31, 2023