World's Biggest Bank, J.P. Morgan, Unveils 'IndexGPT' — AI Powered Thematic Investment Baskets

Last year, amidst the wild hype around ChatGPT, J.P. Morgan filed a trademark for 'IndexGPT'.

It mentioned “cloud computing software using artificial intelligence” for “analyzing and selecting securities tailored to customer needs.

But now according to Bloomberg, they are finally unveiling the product.

So, what does it do?IndexGPT basically uses AI to identify investments that are associated with a given trend or 'theme' and creates investment baskets.According to the BBG article here's roughly how it works: Generates keywords associated with the theme --> Fed into a Natural Language Processing model --> Scans news articles etc --> Identifies companies associated with that theme --> Selects financial securities & creates thematic basketsAccording to CEO Jamie Daimon, JPM now employees in excess of 2,000 people working on AI.One thing is clear, banks are betting BIG on AI and rightly so.