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JP Morgan Chase Is Launching a ChatGPT-Like Service to Help People With Their Investments The company applied for a trademark called IndexGPT.

By Madeline Garfinkle

Opinions expressed by Entrepreneur contributors are their own.

Isabelle OHara | Shutterstock

The widespread popularity of ChatGPT has prompted other big companies like Google to launch their own AI services to compete. However, it's not just tech companies entering the AI race.

JP Morgan Chase is developing a "ChatGPT-like" service that will use artificial intelligence to help customers select investments, CNBC reported.

According to a filing in New York, JP Morgan applied to trademark the product "IndexGPT." The service will use artificial intelligence and cloud computing software to analyze and select securities "tailored to customer needs," the filing states.

Related: Microsoft Revealed Major AI Updates at Its Developer Conference — Here's What You Need to Know

While it's unclear when the product will launch, the trademark could signal that it might be in the near future.

"Companies like JP Morgan don't just file trademarks for the fun of it," Josh Gerben, a trademark attorney in Washington D.C. told CNBC. "The filing includes a sworn statement from a corporate officer essentially saying, 'Yes, we plan on using this trademark.'"

IndexGPT may also only be one of several AI products in development at JP Morgan. During the company's annual investor conference on Monday, Lori Beer, global technology chief at the company, said that the bank is testing "a number of use cases" for AI technology.

Related: Mike Rowe Says the Dirtiest Jobs Are Safe From the AI Revolution: 'I Haven't Seen Any Plumbing Robots'

"We are actively evaluating opportunities with large language models and see great potential in that space," she added.

Entrepreneur has reached out to JP Morgan for comment.
Madeline Garfinkle

News Writer

Madeline Garfinkle is a News Writer at Entrepreneur.com. She is a graduate from Syracuse University, and received an MFA from Columbia University. 

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