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Financial market applications of LLMs
The AI revolution drove frenzied investment in both private and public companies and captured the public’s imagination in 2023. Transformational consumer products like ChatGPT are powered by Large Language Models (LLMs) that excel at modeling sequences of tokens that represent words or parts of words [2]. Amazingly, structural understanding
with alternative data in different modes like sentiment or graphical interactions on twitter, natural language news articles and corporate reports, or the satellite images of shipping activity in a commodity centric port. As AI models improve, it’s easy to imagine them helping analysts refine an investment thesis, uncover inconsistencies in management commentary or find latent relationships between tangential industries and businesses [3]. Lopez-Lira, Alejandro and Tang, Yuehua, (April 6, 2023) Available at SSRN “ Generating Synthetic Data in Finance: Opportunities, Challenges and Pitfalls.” SA Assefa, D Dervovic, M Mahfouz, RE Tillman… - Proceedings of the First ACM International Conference …, 2020 “GPT-4V(ision) System Card.” OpenAI.
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