Bloomberg Introduces BloombergGPT, a Large-Scale AI Model
In Brief
Bloomberg introduces a research paper unveiling the development of BloombergGPT.
The company will use the model to enhance current financial NLP tasks, such as news classification, sentiment analysis, entity recognition, and question-answering.
Financial and media giant Bloomberg has published a research paper unveiling the development of BloombergGPT, a large-scale artificial intelligence model.
The company aims to produce a large language model supporting diverse natural language processing tasks focused on the financial industry. The model is being trained on a wide range of financial data.
The New York City-headquartered company will use BloombergGPT to enhance current financial NLP tasks, such as news classification, sentiment analysis, entity recognition, and question-answering. The generative AI model is also expected to provide new possibilities in terms of data organization. For instance, the feature will help the company’s clients browse through Bloomberg Terminal’s impressive amounts of data.
According to the announcement, the model already outperforms similarly-sized open models focused on financial natural language processing tasks.
BloombergGPT’s creators used a mixed approach when designing the model, combining financial data and general-purpose datasets. The company aims to make the model achieve the best results on financial benchmarks. At the same time, Bloomberg intends to maintain solid performance on general-purpose large language model standards.
“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 an LLM that is best suited for financial use cases. 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,”
said the Head of Bloomberg’s ML Product and Research team, Gideon Mann.
The release of BloombergGPT is a major step forward for the finance industry. The model will enable financial analysts and investors to better understand market trends, individual stocks, and other key financial information.
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About The Author
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
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Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
