Business News Report SMW
April 03, 2023

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. 

Bloomberg Introduces BloombergGPT, a Large-Scale AI Model

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.

Read related posts:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

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 [email protected]

More articles
Valeria Goncharenko
Valeria Goncharenko

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 [email protected]

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Read More
Read more
DEXX Commits To Compensating Users For Losses Following $21M Hack
News Report Technology
DEXX Commits To Compensating Users For Losses Following $21M Hack
December 6, 2024
The Future of Privacy on Public Blockchains and How COTI is Paving the Way for Secure Decentralized Systems
Interview Business Markets Software Technology
The Future of Privacy on Public Blockchains and How COTI is Paving the Way for Secure Decentralized Systems
December 6, 2024
Binance To Add Across Protocol And Orca’s Tokens To Earn, Buy Crypto, Convert, Margin, And Futures
News Report Technology
Binance To Add Across Protocol And Orca’s Tokens To Earn, Buy Crypto, Convert, Margin, And Futures
December 6, 2024
From Quantum Wallets to Luxury Crypto Payments, Bold Partnerships Are Ushering in Blockchain’s Future
Digest Business Markets Software Technology
From Quantum Wallets to Luxury Crypto Payments, Bold Partnerships Are Ushering in Blockchain’s Future
December 6, 2024