Bloomberg LP has developed an AI model using the same underlying technology as OpenAI’s GPT, and plans to integrate it into features delivered through its terminal software, a company official said in an interview with CNBC.
Bloomberg says that Bloomberg GPT, an internal AI model, can more accurately answer questions like “CEO of Citigroup Inc?”, assess whether headlines are bearish or bullish for investors, and even write headlines based on short blurbs.
Large language models trained on terabytes of text data are the hottest corner of the tech industry. Giants such as Microsoft and Google are racing to integrate the technology into their products, and artificial intelligence startups are regularly raising funds at valuations over $1 billion.
Bloomberg’s move shows how software developers in many industries beyond Silicon Valley see state-of-the-art AI like GPT as a technical advancement allowing them to automate tasks that used to require a human.
“Both the capabilities of GPT-3 and the way that it achieved its performance through language modeling wasn’t something that I expected,” said Gideon Mann, head of ML Product and Research at Bloomberg. “So when that came out, we were like, ‘OK, this is going to change the way that we do NLP here.'”
NLP stands for natural language processing, the part of machine learning that focuses on deriving meaning from words.
The move also shows how the AI market may not be dominated by giants with massive amounts of generalized data.
Building large language models is expensive, requiring access to supercomputers and millions of dollars to pay for them, and some have wondered if OpenAI and Big Tech companies would develop an insurmountable lead. In this scenario, they would be the winners, and simply sell access to their AIs to everybody else.
But Bloomberg’s GPT doesn’t use OpenAI. The company was able to use freely available, off-the-shelf AI methods and apply them to its massive store of proprietary — if niche — data.
So far, Bloomberg says its GPT shows promising results doing tasks like figuring out whether a headline is good or bad for a company’s financial outlook, changing company names to stock tickers, figuring out the important names in a document, and even answering basic business questions like who the CEO of a company is.
It also can do some “generative AI” applications, like suggesting a new headline based on a short paragraph.
One example in the paper:
Input: “The US housing market shrank in value by $2.3 trillion, or 4.9%, in the second half of 2022, according to Redfin. That’s the largest drop in percentage terms since the 2008 housing crisis, when values slumped 5.8% during the same period”
Output: “Home Prices See Biggest Drop in 15 Years.”
How it could be used
OpenAI’s GPT is often called a “foundational” model because it wasn’t intended for a specific task.
Bloomberg’s approach is different. It was specifically trained on a large number of financial documents collected by the firm over the years to create a model that’s especially fluent in money and business.
In contrast, OpenAI’s GPT was trained on terabytes of text, the vast majority of which had nothing to do with finance.
About half of the data used to create Bloomberg’s model comes from nonfinancial sources scraped from the web, including GitHub, YouTube subtitles, and Wikipedia.
But Bloomberg also added over 100 billion words from a proprietary dataset called FinPile, which includes financial data the firm has accumulated over the last 20 years, including securities filings, press releases, Bloomberg News stories, stories from other publications and a web crawl focused on financial webpages.
It turns out that adding specific training materials increased accuracy and performance enough on financial tasks that Bloomberg is planning to integrate its GPT into features and services accessed through the company’s Terminal product, although Bloomberg is not planning a ChatGPT-style chatbot.
One early application would be to transform human language into the specific database language that Bloomberg’s software uses.
For example, it would transform “Tesla price” into “(get(px_last) for([‘TSLA US Equity’])”.
Another possibility would be for the model to do behind-the-scenes work cleaning data and doing other errands on the application’s back end.
But Bloomberg is also looking at using artificial intelligence to power features that could help financial professionals save time and stay on top of the news.
“There’s a lot of work we’re doing to help clients address that data deluge of news stories, whether that’s through summarization, or monitoring, or being able to ask questions on those news stories or transcripts. There are a lot of applications there,” Mann said.
Daniel Craig stars as James Bond in “No Time To Die.”
Source: MGM
Amazon is set to take creative control over the lucrative James Bond movie franchise from the Broccoli family, the company announced Thursday.
The James Bond films have long been produced by Michael Wilson and Barbara Broccoli, who inherited the control from their father Albert “Cubby” Broccoli. Wilson and Broccoli will now give creative control to MGM Studios, which Amazon acquired for $8.45 billion in 2021.
Amazon gained distribution rights to the Bond franchise after the MGM acquisition, but not creative control.
As part of the deal, Amazon’s MGM Studios, Wilson and Broccoli formed a new joint venture to house the Bond intellectual property rights, and they will remain co-owners of the franchise.
“We are grateful to the late Albert R. Broccoli and Harry Saltzman for bringing James Bond to movie theatres around the world, and to Michael G. Wilson and Barbara Broccoli for their unyielding dedication and their role in continuing the legacy of the franchise that is cherished by legions of fans worldwide,” said Mike Hopkins, Amazon’s head of Prime Video and MGM Studios, in a statement. “We are honored to continue this treasured heritage, and look forward to ushering in the next phase of the legendary 007 for audiences around the world.”
Wilson and Broccoli said in a release that they are both stepping back from producing the Bond films to focus on other projects.
“Barbara and I agree, it is time for our trusted partner, Amazon MGM Studios, to lead James Bond into the future,” Wilson said.
In a nod to the deal, Amazon founder and Executive Chairman Jeff Bezos wrote in a post on X, “Who’d you pick as the next Bond?”
The valuable IP stands to be a boon for Amazon’s sprawling media and entertainment business, which includes the Prime Video streaming service. Prime Video is one of the key perks of Amazon Prime, the company’s mainstay subscription service that costs $139 a year. As of 2021, the company said it had more than 200 million Prime subscribers worldwide.
OpenAI appears to be growing quickly despite increasing competition.
The San Francisco-based tech company had 400 million weekly active users as of February, up 33% from 300 million in December, the company’s chief operating officer, Brad Lightcap, told CNBC. These numbers have not been previously reported.
Lightcap pointed to the “natural progression” of ChatGPT as it becomes more useful and familiar to a broader group of people.
“People hear about it through word of mouth. They see the utility of it. They see their friends using it,” Lightcap said in an interview, adding that it takes time for individuals to find use cases that resonate. “There’s an overall effect of people really wanting these tools, and seeing that these tools are really valuable.”
OpenAI is seeing that spill over to its growing enterprise business. The company now has 2 million paying enterprise users, roughly doubling from September, said Lightcap, pointing out that often employees will use ChatGPT personally and suggest to their companies that they implement the tool.
“We get a lot of benefits, and a tail wind from the organic consumer adoption where people already have familiarity with the product,” he said. “There’s really healthy growth, on a different curve.”
Developer traffic has also doubled in the past six months, quintupling for the company’s “reasoning” model o3, according to Lightcap. Developers use OpenAI to integrate the technology into their own applications. OpenAI counts Uber, Morgan Stanley, Moderna and T-Mobile among some of its largest enterprise customers.
Lightcap likened this usage to cloud services, which Amazon Web Services pioneered two decades ago. While the consumer business may grow faster since people can adopt it at will, enterprise is in the “process of building up,” he said.
“There’s a buying cycle there, and a learning process that goes into scaling an enterprise business,” Lightcap said. “AI is going to be like cloud services. It’s going to be something that you can’t run a business that ultimately is not really running on these very powerful models underneath the surface.”
The DeepSeek effect
OpenAI’s growth comes amid new competition from Chinese competitor DeepSeek, which roiled tech markets in January as investors feared it would hamper future profitability of U.S. artificial intelligence companies and their dominance. Megacap tech companies were hit especially hard. Nvidia lost 17% on the Monday DeepSeek made waves, wiping off almost $600 billion in market value.
Later that week, OpenAI accused DeepSeek of improperly harvesting its models in a technique known as distillation. Lightcap said the new competition hasn’t changed the way OpenAI thinks about open source, their product road map or mega-spending plans.
“DeepSeek is a testament to how much AI is like entered the public consciousness in the mainstream — it would have been unfathomable two years ago,” he said. “It’s a moment that shows how powerful these models are and how much people really care.”
Besides DeepSeek’s emergence, OpenAI has also been dealing with a tense time on the legal front.
Billionaire Elon Musk, a company co-founder, has sued OpenAI for breach of contract as it attempts to convert into a for-profit. Microsoft has poured billions into the company while SoftBank is close to finalizing a $40 billion investment that could value the company at close to $300 billion, according to sources familiar with the deal.
Musk and a group of investors bid to buy the nonprofit’s assets for $97.4 billion earlier this month. In a letter to Musk’s attorney, OpenAI’s lawyer said the company’s board determined that Musk’s “much-publicized ‘bid’ is in fact not a bid at all.” OpenAI Chairman Bret Taylor said in a statement that the company “is not for sale.”
“The numbers tell the story,” Lightcap said. “We try to be very transparent about where we stand on all of this. (Musk) is a competitor. He’s competing. It’s an unorthodox way of competing.”
Oppo’s new Find N5 folding smartphone on display at a press briefing in London.
Ryan Browne | CNBC
Chinese smartphone firm Oppo has unveiled its new flagship folding phone Thursday, touting a slimmer body and artificial intelligence-focused features in a bid to compete with high-end foldable devices from the likes of Samsung and Huawei.
The company’s Find N5 phone that can fold in half, will retail at a starting price of 2,499 Singapore dollars ($1,867.70).
When it’s folded shut, the Find N5 looks like a normal bar-shaped phone with a 6.62-inch display. The device can then be folded outward to show a larger, 8.12-inch tablet.
Most notably, the phone has an ultra-thin design. When closed, it measures 8.93 millimeters thick, while when opened out in tablet form, the Find N5 has a depth of 4.21 millimeters.
Inside the device is a razer-thin 5,600 milliampere-hour (mAh) battery that’s no bigger than a credit card. Oppo said the battery incorporates a silicon-carbon material, which enables high battery capacity despite its small size.
Oppo is hoping it can win business from the likes of Samsung and Chinese tech giant Huawei, both major smartphone players seeking to shake the market out of an innovation slowdown with flashy new models that can bend.
AI assistant features
Like many other smartphone makers, Oppo is investing more into artificial intelligence-focused features on the device.
The Oppo Find N5 has a triple-camera setup that includes a telephoto lens that can zoom in up to 30x thanks to assistance from an AI-powered image enhancement feature, dubbed AI Telescope Zoom.
It also comes with a personal AI assistant that can interpret and summarize documents, generate summaries of phone calls and translate video calls and other content displayed on the screen.
Addressing concerns around privacy, Oppo said that some data is processed directly on the device while other information is stored in the cloud. In international markets, Oppo is using Google as its AI and cloud computing technology partner.
An Oppo spokesman told CNBC the company “strictly abides by local laws, regulations and privacy security protection requirements.”
Samsung recently launched additional AI capabilities on its new flagship Galaxy S25 series, including the ability to carry out tasks across multiple apps when prompted and integration of Google’s Gemini AI assistant.
Controlling a Mac with an Android phone
Oppo also talked up a new feature that enables users to connect their phone to a Mac computer. Using an app called O+ Connect, users can link the Find N5 to any Mac desktop machine and instantly transfer photos and other files between devices — so long as they’re connected to the same Wi-Fi network.
Users can also choose to remotely control a Mac from the Find N5. The Mac’s display can shut off and then reappear on the Find N5’s screen. The remote control feature only requires mobile internet or Wi-Fi to sync up a Mac device’s data with the Find N5 in real-time.
The feature uses public macOS application programming interfaces, which enable two different apps to communicate with each other. Oppo said O+ Connect “fully complies with macOS platform and software regulations.”
Ben Wood, chief analyst at market research firm CCS Insight, told CNBC the Find N5 “shows the art of the possible when engineering a product with flexible display technology.”
Wood added that, while Huawei’s triple-screened Mate XT led to some fanfare, “commercially I think the smart money is still on the book-like form factor already offered by Samsung, Honor, Google and now Oppo.”
Samsung teased a trifold smartphone prototype at its January Unpacked event for the launch of the Galaxy S25. It’s not clear yet if the phone is a product Samsung will launch commercially anytime soon.