Summary What if ChatGPT was trained on decades of financial news and data? BloombergGPT aims to be a domain-specific AI for business news | Nieman Journalism Lab www.niemanlab.org
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Bloomberg has developed an AI tool called BloombergGPT that uses decades of financial news and data to answer specific business-related questions and provide faster and more accurate financial news, available to subscribers for $30,000/year.
Key Points
- Bloomberg is developing BloombergGPT, a domain-specific AI for business news that will be trained on decades of financial news and data.
- BloombergGPT outperforms other models with tens of billions of parameters and can answer specific business-related questions, such as identifying a company's CEO.
- The model takes a mixed approach by using both general-purpose and domain-specific data to achieve best-in-class results on financial benchmarks while maintaining competitive performance on general-purpose LLM benchmarks.
Summaries
108 word summary
Bloomberg has developed an AI tool called BloombergGPT that has been trained on decades of financial news and data, with a focus on business news. It outperforms other models with tens of billions of parameters and can answer specific business-related questions, such as identifying a company's CEO. The model takes a mixed approach by using both general-purpose and domain-specific data to achieve best-in-class results on financial benchmarks while maintaining competitive performance on general-purpose LLM benchmarks. BloombergGPT aims to be a domain-specific AI for business news that will provide faster and more accurate financial news to its readers. The tool is available to subscribers of Bloomberg terminals for $30,000/year.
496 word summary
Bloomberg is developing BloombergGPT, a domain-specific AI for business news that will be trained on decades of financial news and data. This AI will be able to generate articles, summaries, and analysis in real-time. BloombergGPT aims to provide faster and more accurate financial news to its readers. It is hoped that this technology will help solve the staffing and coverage issues faced by local public radio stations, which have considerable potential but lack resources. Additionally, the use of AI-generated content raises questions about the accuracy and trustworthiness of news outlets. Bloomberg has developed an AI tool called BloombergGPT that has been trained on decades of financial news and data. The tool aims to be a domain-specific AI for business news, and its scale of data is unique due to the size of Bloomberg's archives. While smaller publishers may not have the same scale of data to train an AI, they may still be able to use it as an internal tool. The tool may have potential biases, and all the usual caveats for LLMs apply. The corpus of all the world's premium English-language business reporting plus the universe of financial data is just the sort of rich vein of information a generative AI is designed to mine. BloombergGPT is an AI model trained on decades of financial news and data, with a focus on business news. It outperforms other models with tens of billions of parameters and can answer specific business-related questions, such as identifying a company's CEO. It holds its own on general tasks and outperforms on many finance-specific ones. The model can also suggest Bloomberg-style headlines for news stories and translate natural language requests into the Bloomberg Query Language. It has a complete copy of Wikipedia as of last July and a cache of Enron emails, among other non-finance-specific data. BloombergGPT is an AI model trained on a large corpus of financial news and data called FinPile. It consists of hundreds of English news sources, Bloomberg TV transcripts, SEC filings, Fed data, and social media. The model takes a mixed approach by using both general-purpose and domain-specific data to achieve best-in-class results on financial benchmarks while maintaining competitive performance on general-purpose LLM benchmarks. BloombergGPT was trained on a corpus of more than 700 million-plus tokens, including 363 billion from Bloombergs own financial data and another 345 billion from general-purpose datasets obtained from elsewhere. The model will improve existing financial NLP tasks and unlock new opportunities for marshalling vast quantities of data available on the Bloomberg Terminal. Bloomberg has developed a large-scale generative AI model called BloombergGPT that has been specifically trained on financial data for natural language processing tasks in the financial industry. The company released a research paper detailing the development of the model, which aims to know everything the entire company knows. BloombergGPT outperforms the competition on its specific information needs and is available to subscribers of Bloomberg terminals for $30,000/year. Despite expanding into consumer-facing news, Bloomberg remains fundamentally a data company.