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A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE), January 19, 2022. Brendan McDermid | Reuters Morgan Stanley is expanding the use of OpenAI-powered, generative artificial intelligence tools to its vaunted investment banking and trading division, CNBC has learned. The firm, which first rolled out an AI assistant based on OpenAI’s ChatGPT technology to its wealth management advisors in early 2023, began testing another version called AskResearchGPT this summer in its institutional securities group, according to Katy Huberty, Morgan Stanley’s global director of research. The tool lets users extract answers from across the universe of Morgan Stanley’s research — including on stocks, commodities, industry trends and regions — collapsing what could otherwise be the cumbersome task of gleaning insights from the over 70,000 reports produced annually by the bank. “We see it as a game changer from a productivity standpoint, both for our research analysts and our colleagues across institutional securities,” Huberty said in an interview. The tool helps staff “access the highest quality, most insightful information as efficiently as possible.” Since its arrival as a viral consumer app in late 2022, OpenAI’s generative AI technology has been swiftly adopted by Wall Street’s largest players. Morgan Stanley says that close to half of its 80,000 employees are using generative AI tools created with OpenAI, while at rival JPMorgan Chase, about 60% of the firm’s 316,043 employees have access to a platform using OpenAI’s models, said a person with knowledge of the matter. The San Francisco-based startup recently raised money at a $157 billion valuation. At Morgan Stanley, a leader across investment banking and trading along with JPMorgan and Goldman Sachs, employees have gravitated toward AskResearchGPT, using it instead of getting on the phone or lobbing an email to the research…

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Filed under: News - @ October 23, 2024 1:19 pm