Key takeaways
- Morgan Stanley has unveiled its new internal AI model for research tasks
- The AI model is built on ChatGPT software, with OpenAI releasing an enterprise tier in August
- Morgan Stanley’s share price rose 0.4% on Monday
Are banking juggernauts tech companies now? That’s the latest question we’re pondering after Morgan Stanley confirmed it’s launched an internal AI assistant based on OpenAI tech. It’s the first out of the gates to launch a custom AI model, though the likes of JPMorgan, Citigroup and Goldman Sachs are hot on their heels.
The move is likely the first of many we’ll see from the big banks as the opportunity for generative AI grows, with some seriously large numbers being touted by research firms on the potential value added to the banking industry.
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