JPMorgan Chase unveils AI-powered LLM Suite; may replace research analysts

JPMorgan Chase unveils AI-powered LLM Suite; may replace research analysts


JPMorgan Chase & Co Photo: Reuters

JPMorgan Chase has unveiled a generative artificial intelligence product, dubbed LLM Suite, designed to enhance the productivity of its employees in the asset and wealth management division, according to a report by the Financial Times (FT).


The large language model (LLM) tool is reminiscent of OpenAI’s ChatGPT, which aims to function as a ‘virtual research analyst’, offering information, solutions, and advice on various topics.


Key features of the AI-powered LLM suite include:

 


Writing assistance: Helps employees generate and refine written content.


Idea generation: Assists in brainstorming and developing new concepts.


Document summarisation: Provides concise summaries of lengthy documents.


The LLM Suite could play a crucial role in improving general productivity, and complements JPMorgan’s other apps Connect Coach and SpectrumGPT, which manage sensitive financial information.


JPMorgan block ChatGPT, develops own AI system


Last year, the US financial services major had restricted employees from using OpenAI’s ChatGPT at the peak of the AI platform’s buzz. At the time, the bank did not specify any reason for the restriction or how the artificial intelligence tool may have been used by employees. Reports had also indicated that JPMorgan and other organisations had gone as far as to block access to ChatGPT.


By May 2023, however, CNBC reported that JPMorgan Chase was developing its own AI software, similar to ChatGPT. The speculation arose after the bank applied for a trademark for a product called IndexGPT.


“It’s an AI programme to select financial securities,” trademark lawyer Josh Gerben told the news company. “This sounds to me like they’re trying to put my financial advisor out of business,” Gerben added.


The CNBC report also noted that trademarks can take up to a year to be approved, following which the bank has three years to launch the product, to secure the trademark.


According to FT, the bank’s decision to develop LLM Suite in-house stems from strict regulatory requirements preventing the use of consumer AI chatbots, such as OpenAI’s GPT or Google’s Gemini, due to concerns over client data security.


Wall Street adopts AI


Since the initial introduction of LLM Suite earlier this year, approximately 50,000 employees, representing about 15 per cent of JPMorgan’s workforce, have gained access to the software. This rollout marks one of the most significant in-house applications of a large language model in the financial sector.

 


The move also aligns with the broader trend on Wall Street, with Morgan Stanley also leveraging AI through a partnership with OpenAI.


CEO Jamie Dimon has highlighted AI’s transformative potential, suggesting it will revolutionise every job within the bank, potentially eliminating some roles while creating new opportunities. President Daniel Pinto estimates that the value derived from AI technologies currently used by JPMorgan ranges from $1 billion to $1.5 billion.

 

First Published: Jul 26 2024 | 12:38 PM IST



Source link

OpenAI introduces SearchGPT: What is it, how it works, availability, more

OpenAI introduces SearchGPT: What is it, how it works, availability, more



OpenAI has announced that it is testing a prototype version of a new artificial intelligence-powered web search feature called SearchGPT, which it plans to integrate into its AI chatbot ChatGPT. The Microsoft-backed AI company said that SearchGPT utilises the company’s AI models to fetch results and answers with relevant sources from the web. The feature is tested with select users and publishers to draw feedback.


SearchGPT: What is it


OpenAI’s SearchGPT is a prototype search feature for the company’s AI-powered chatbot ChatGPT. It is similar to traditional search engines – to gather results from the web based on the user input query. However, it uses AI models to sort out relevant sources, which the company said will make it faster and easier to find what you are looking for.


SearchGPT: How it works


OpenAI said that SearchGPT combines the conversational capabilities of the company’s AI model with the ability to fetch information from the web in real time. While the new AI-powered search feature fetches information from various sources on the web, similar to traditional search engines, it is also capable of remembering query context for conversational capabilities – rather than showing a list of links with relevant results, SearchGPT organises the results and communicates with the user by offering a short description in a conversational tone.


In one of the examples by OpenAI, a user raises a search query asking about the “best tomatoes to grow in Minnesota.” Instead of just pulling up links, which would likely contain relevant information, SearchGPT offers a brief description, “In Minnesota, you can plant a variety of tomatoes that are well-suited to the state’s climate and shorter growing season. Here are some of the best tomato varieties to grow in Minnesota:”


Furthermore, rather than simply mentioning the title of the webpage in results, it lists the name of the variety along with their characteristics, while the link to the webpage is hyper linked on the name of the source.


SearchGPT also allows the users to ask follow up questions in a conversational manner, while the feature automatically understands the context of it. For example, after fetching results for the “best tomatoes to grow in Minnesota,” the user asks which among these they can plant now? SearchGPT automatically understands that the user is talking about the varieties of tomatoes found in Minnesota and pulls up information based on “Now”, understanding what season it is currently in Minnesota.


There is also a sidebar that shows more search results with relevant source links.


Search GPT: Availability


OpenAI said that SearchGPT is currently in its testing phase and only available to select users as a prototype. The company also stated that it plans on integrating it directly into ChatGPT in future. However, if you want to test out the feature, you can visit chatgpt.com/search and join a waitlist.


SearchGPT: Alternatives


Perplexity, a US based startup company offers similar functionality. The company calls its Perplexity AI, an AI chatbot-powered research and conversational search engine. For every query Perplexity AI offers a relevant description and offers citations from relevant sources on the web.


Google has also started integrating AI into its Search results. At its annual developers conference, Google I/O, this year, the American tech giant announced that it is bringing AI overviews in Search results after testing it as Search Generative Experience (SGE). AI Overviews feature essentially offers a quick overview of the results and highlights topics and links that might be relevant to the query.

First Published: Jul 26 2024 | 11:35 AM IST



Source link

Epic Games says Fortnite returning to iOS in EU, leaving Samsung app store

Epic Games says Fortnite returning to iOS in EU, leaving Samsung app store



Videogame company Epic Games said on Thursday its popular title “Fortnite” will be returning to Apple’s iOS systems in the European Union soon, amid a long-winded legal battle with the iPhone maker.


Epic has been attempting to expand the distribution of its games beyond smartphone companies’ official app stores, opposing steep commissions on in-app payments and users being limited to downloading applications through dedicated stores.


The company also said its videogames will be leaving the Samsung Galaxy Store in protest of the phone maker’s decision to block default side-loading – the installation of applications on a mobile device without using its dedicated app store – on Android devices, calling it “anticompetitive”.


Along the same lines, Epic said its mobile games will come to AltStore on iOS in the EU. AltStore is a third-party store that enables side-loading.


Epic will also announce “support” for at least two other third-party stores, it said.


The firm’s marketplace, the Epic Games Store, will also be coming to Android worldwide and iOS in the European Union. It did not specify the timeline for the same.


Apple had approved Epic Games’ marketplace app on iPhones and iPads in Europe earlier in July, after Epic escalated its feud with the technology giant.


The iPhone maker also faces intense antitrust scrutiny of its App Store practices with EU competition regulators saying in June that it breaches the rules of the Digital Markets Act.

First Published: Jul 26 2024 | 11:11 AM IST



Source link

Foxconn eyes Tamil Nadu facility for iPad assembly amid Apple's expansion

Foxconn eyes Tamil Nadu facility for iPad assembly amid Apple's expansion


Foxconn is considering expanding its operations in India by assembling Apple’s flagship iPad, according to a report by The Economic Times. Currently, Foxconn’s efforts in India are primarily centred on manufacturing iPhones.
 


The Taiwanese contract manufacturer is considering starting iPad assembly at its Sriperumbudur facility in Tamil Nadu. Until now, Foxconn and other international contract manufacturers based in India have primarily focused on assembling Apple smartphones.


The report quoted a source as saying, “Foxconn is seriously looking to start assembling Apple iPads out of its Tamil Nadu facility.” The report quoted another source as saying that several discussions with the government have already taken place.

 


However, it might take a while to begin assembling the Mac range of laptops due to the limited production volume, the report added.




Apple’s initiative to broaden the range of products assembled in India aligns with its strategy to diversify its manufacturing operations away from China. Notably, Apple had already shifted some of its iPad production to Vietnam last year.

 


Talking about the contract manufacturers, the report quoted an industry source as saying, “It (iPad) is like a bigger iPhone in essence. So, it is something that can be assembled in India without too much trouble as Apple’s contract manufacturers are already well equipped to manage such functions.”




According to Taiwanese research firm Isaiah Research, Chinese electric car manufacturer BYD Auto Co began assembling iPads at its Phu Tho, Vietnam facility in 2022. The firm estimates that Vietnam now contributes to approximately 5-10 per cent of global iPad assembly. Additionally, Foxconn has established production lines in Bac Giang, Vietnam, to commence MacBook assembly, the report said.




The report quoted Ashweej Aithal, analyst at market research firm Canalys, as saying that Apple was initially reluctant to manufacture iPads and MacBooks in India because of previous issues with government restrictions related to its partnership with BYD. The company’s efforts to collaborate with China’s BYD to produce iPads in India faced obstacles due to government regulations stemming from geopolitical concerns.




“The recent reduction of the Basic Customs Duty (BCD) in the Budget from 20 per cent to 15 per cent on components is also expected to expedite domestic manufacturing plans,” Aithal was quoted by the news report.

First Published: Jul 26 2024 | 10:15 AM IST



Source link

With Paris Olympics set to open, organisers brace for hacker onslaught

With Paris Olympics set to open, organisers brace for hacker onslaught


Cybersecurity officials in Paris declined to detail the range of the attacks that they have already encountered. (Photo: Bloomberg)


By Jamie Tarabay

Last month, websites for a French film festival and the Grand Palais, a historic exhibition and museum complex in Paris, shut down after a cyberattack. Researchers tracked the episodes to a group of hacktivists affiliated with Russian intelligence and reported that the hackers described it as a training exercise.

 


“Judging by the consistency of the group’s statements, they intend to carry out large-scale attacks during the Summer Olympics in Paris,” researchers at the cybersecurity firm Cyble Inc. wrote in a report. 


With the Summer Games set to open, organisers say they expect a flurry of additional cyberattacks. They have many reasons to worry. Russia, for one, is shut out of the Games. Geopolitical tensions in the Middle East and the South China Sea are running high, and cybercriminals continue to bombard corporate computer networks with hacking attempts.


A collection of government, private-sector and Olympic cybersecurity specialists have spent months preparing. 


“No one can pretend to be 100 per cent ready. At best you’re 99 per cent ready and you want to look for the 1 per cent where you’re not,” said Eric Greffier, business and technology director at Cisco Systems France, an official partner of the Games. “You know what you know, and unfortunately, you don’t know what you don’t know.” 


The French government’s cybersecurity agency, known as ANSSI, has identified 500 companies, organisations and facilities critical to the functioning of the Summer Games, and it’s been working with them to audit their systems for potential cybersecurity flaws. They include local governments and operators in energy, transport and water management, where failure “could have an impact on one or several competitions of the Games,” according to an ANSSI spokesperson. The agency said it has a task force of 630 employees assigned to the Games.




They have US allies alongside them. Working out of a joint operations center are employees for the US Cybersecurity and Infrastructure Agency, known as CISA, sharing threat intelligence and working with critical sectors of the economies of both the US and France ahead of the Games, said Scott McConnell, a CISA spokesperson. 


But cybersecurity experts worry that non-traditional targets — companies or organisations with less-scrutinised protections than more obvious marks — will also be in hackers’ sights. 


“I believe the most valuable targets will be sufficiently protected,” said Fanch Francis, chief executive officer of the French company NANO Corp. “I do have doubts about soft targets like hotels and restaurants, or other support facilities.”


Hackers have previously targeted the Olympics, in addition to affiliated organisations such as anti-doping agencies. At the 2018 Winter Games in South Korea, for instance, hackers crippled the online ticketing system and cut Wi-Fi at the stadium during the Opening Ceremony – attacks that the US later blamed on members of Russian intelligence.


In 2019, Microsoft Corp. said Russian state actors hacked the computer networks of over a dozen national and international anti-doping organisations. The attacks came as the World Anti-Doping Agency was set to mete out more penalties for Russia, after the failed drug tests of Russian athletes competing in the Sochi 2014 Winter Olympics had been erased from a critical data set.


This time around, Russia is banned for breaching the Olympic charter by including sports organisations inside Ukraine as its own. Russian athletes can participate in Paris as “neutral” athletes if they meet certain conditions. 


“There’s already this extensive history, and that all predates Ukraine,” said John Hultquist, chief analyst at Mandiant Intelligence, referring to the ongoing war with Russia. “The ingredients are all there, the situation’s actually more volatile than it was in the previous circumstances.” A representative for the Russian Embassy in Washington didn’t respond to a request for comment.


Cybersecurity officials in Paris declined to detail the range of the attacks that they have already encountered. Some recent attacks on France or related to the Games have become public.


For instance, the X account of France’s sports minister was hacked in May and her profile picture was changed before the account was restored, according to French media reports. In June, scammers set up fake ticketing websites intended to defraud spectators, but they were discovered and removed, cybersecurity firm Intel 471 reported.


Suspicious social media accounts, meanwhile, are trying to sway public opinion about the Games.


In June, Microsoft Corp. reported that a pro-Russian propaganda effort was using artificial intelligence to suggest that violence is likely to occur at the Paris Games.  Elsewhere, social media posts that originated on Russian language platforms and were migrated to more mainstream outlets claimed the Olympics would be canceled due to threats of terrorism or civil war in France, said Sarah Boutboul, an intelligence analyst for Blackbird AI in France. Propelled by Russian influencers and bots, the posts received tens of thousands of likes and were shared nearly 15,000 times, she said.


In a recent interview, Jeremy Couture, who runs the cybersecurity operations center as part of the Paris 2024 organising committee, said he sought advice from those responsible for protecting other major events, including the Rugby World Cup and the Super Bowl, to prepare. 


“I told them I was organising 40 Super Bowls,” Couture said, referring to his meetings with National Football League officials. He said he’s been honing back-up plans to build resiliency should a cyberattack occur.


“It’s being able to react to the worst and still deliver and to ensure in our case that the competitions will still go on and that’s really what we want to achieve,” he said.

First Published: Jul 26 2024 | 7:22 AM IST



Source link

OpenAI enters Google-dominated search engine market with SearchGPT

OpenAI enters Google-dominated search engine market with SearchGPT


SearchGPT signals a closer collaboration between publishers and OpenAI. | Photo: Reuters


OpenAI is venturing into a territory long dominated by Google with the selective launch of SearchGPT, an artificial intelligence-powered search engine with real-time access to information from the internet.

 


The move, announced on Thursday, also places the AI giant in competition with its largest backer Microsoft’s Bing search and emerging services such as Perplexity — a search-focused AI chatbot firm backed by Amazon founder Jeff Bezos and semiconductor giant Nvidia.

 


Shares of Google’s parent company Alphabet ended 3% lower on Thursday after OpenAI’s announcement.

 


OpenAI said it has opened sign-ups for the new tool, which is currently in the prototype stage and is being tested with a small group of users and publishers. The company plans to integrate the best features from the search tool into ChatGPT in the future.

 


“AI-powered search tools from OpenAI and Perplexity re-affirm search as a content engagement model but pressure Google to be better at its own game,” Canaccord Genuity analyst Kingsley Crane said.

 


Google dominates the search engine market with a 91.1% share as of June, according to web analytics firm Statcounter.


SearchGPT will provide summarized search results with source links in response to user queries, OpenAI said in a blog post. Users will also be able to ask follow-up questions and receive contextual responses.

 


The company will give publishers access to tools for managing how their content appears in SearchGPT results. News Corp and The Atlantic are publishing partners for SearchGPT.

 


SearchGPT signals a closer collaboration between publishers and OpenAI, following content licensing agreements with major organizations like Associated Press, News Corp and Axel Springer.

 


“Newer AI-powered search providers could face challenges of their own, with Perplexity already facing pending legal action from publishers like Wired and Forbes, and Condé Nast,” said Crane.

 


Major search engines have been trying to integrate AI into search since ChatGPT first launched in November 2022. Microsoft, through its early investment, adopted OpenAI technology for its Bing search engine, while Google rolled out AI-powered summaries for the wider public at its developer conference in May.

 


Google did not respond to a Reuters query on the potential impact of SearchGPT on its business. Reuters had earlier reported on OpenAI’s plans around AI search in May.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Jul 26 2024 | 7:16 AM IST



Source link

YouTube
Instagram
WhatsApp