The New Silver Chatbot
Within 5 days of its unveiling, in November 2022, ChatGPT garnered 1 million users. Just a few days ago, on January 26th, Google published a paper describing a similar model that can create music from a text description of the song. Then on January 29th Bloomberg News reported that Baidu, Inc. wants to incorporate a chatbot into it's search engine. By all accounts these rapid advances in AI are groundbreaking, but with only $2.7 billion of VC investments in generative AI it is only the beginning (for comparison, VC's invested about $120 billion in AI and machine learning in 2022). And OpenAI (with major investor Microsoft) and Google are not the only games in town: other players like Amazon, Anthropic, @Beijing Academy of AI (BAAI), Character.AI, Alphabet Inc.'s DeepMind, Meta, Stability AI (a consortium) are also expected to launch models and impressive chatbots soon.
It may be a while before all these sophisticated technologies find their way into asset managers' use cases via the likes of Salesforce, Dynamics, Adobe, and the like. Even the few trillionaire asset managers who are currently building their own AI capabilities may not be able to keep up with this pace of innovation. But many managers have chosen to operate in an ecosystem of partnerships in which partners provide technology and operations functions at a fraction of what it would cost to do it alone.
Our AI Guided Selling and AI Guided Equity Research Toolset are platform agnostic, meaning they can run on platforms from Amazon, Google, or Microsoft. This approach allows the asset managers to focus on managing money, clients, and risk. It would also be a flexible way to get an edge over the competition and to achieve results in months, not years, by using lightweight data and technology stacks and off-the-shelf components, which reduce the need for multi year transition programs.
With an ecosystem approach, managers could plug in powerful capabilities like AIGS and AIGER as AI rapidly evolves. The approach lends itself to better risk management and to getting to market faster.
