BloombergGPT Launches

Bloomberg has released a paper detailing the development of BloombergGPT, a new large-scale generative artificial intelligence (AI) model. According to a story in Markets Media news, this large language model (LLM) has been specifically trained on a wide range of financial data to support a diverse set of natural language processing (NLP) tasks within the financial industry. Recent advances in artificial intelligence (AI) based on LLMs have already demonstrated new applications for many domains. However, Bloomberg asserts that the complexity and unique terminology of the financial domain warrant a domain-specific model. BloombergGPT is intended to be the first step in the development and application of this new technology for the financial industry. This model will assist Bloomberg in improving existing financial NLP tasks, such as sentiment analysis, named entity recognition, news classification, and question answering, among others. BloombergGPT will support opportunities for marshalling data available on the Bloomberg Terminal to better help the firm’s customers. The firm supports a diverse set of NLP tasks which it believes could benefit from a new finance-aware language model. Bloomberg researchers developed a mixed approach that combines both finance data with general-purpose datasets to train a model that achieves best-in-class results on financial benchmarks, while also maintaining competitive performance on general-purpose LLM benchmarks. Bloomberg’s ML Product and Research group collaborated with the firm’s AI Engineering team to construct a large domain-specific dataset, drawing on the company’s existing data creation, collection, and curation resources.