These days, natural language processing (NLP), like ChatGPT, is the hottest topic in tech. And, development in this field is moving FAST! Modern AI has opened up possibilities for a new approach to finance…
Mar 30, 2023, financial giant, Bloomberg, released a research paper detailing their own AI — BloombergGPT. The 50-billion parameter model is built specifically for financial analysis.
The most impressive thing about BloombergGPT is that it is the first model of its size that won’t sacrifice NLP performance.
But before we go into how this AI modernizes finance and other industries, let’s answer one question…
How did Bloomberg develop this trailblazing technology?
Innovation 40 Years in the Making
To begin with, AI is like any other computer program…
AI IS ONLY AS GOOD AS THE DATA IT’S PROGRAMMED WITH.
And in that regard, BloombergGPT shines.
Since they are a finance data company, Bloomberg has kept meticulous records on the topic for the past 40 years! All of these went directly into their LLM programming.
However, creating massive AI databases has presented problems in the past — especially in niche spaces.
The problem was that too much specialized information caused the AI to produce strange, unreliable results.
WITH THAT IN MIND, BLOOMBERG DEVELOPERS HAD TO GET CREATIVE.
As a result, this could mean AI could be utilized as a modern approach for more industries in the future…
Augmented Data is Critical to a Modern AI Approach
To make their NLP more reliable, Bloomberg introduced something that could fast-track the AI revolution…
So, the AI engineering team had the bright idea to upload an additional 345 billion “general data” tokens.
These general tokens, along with the finance-specific ones, generated more relevant results.
And, Voila! BloombergGPT cracked the code to use large language models with industry-specific data.
In the future, more industries may take advantage of this modern AI approach. We’ll just have to wait and see what Bloomberg does with it first.
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