JP Morgan Indicates ChatGPT’s Rise Is Bringing Institutions’ Interest to AI

Sahana Kiran
Source – Unsplash

Over the past few months, technologies linked with artificial intelligence have been thriving. OpenAI’s ChatGPT, for instance, has become one of the most utilized tools over the past couple of months. It looks like this could be more than just a fad as institutional traders shift their attention to AI.

According to a recent survey carried out by JP Morgan, more than half of its participants believed in the abilities of AI. The e-Trading Edit survey was completed with a total of 835 institutional traders in 60 global markets.

These institutional investors firmly believe machine learning will soon emerge as a highly significant tech. Highlighting its prospects in terms of trading, the participants feel that AI tech could influence the future of trading over the next three years. Several traders have been seeking advice from AI machine learning algorithms like ChatGPT to invest in assets.

Today, AI eclipses every other significant technological area, with a reference rate of 53% above that of the blockchain at 12% and API integration at 14%. Mobile applications, along with quantum computing and natural language processing, dropped to 7% of the top technologies for 2022.

Last year, only 25% of participants said they are vital to the future. Therefore, blockchain and distributed ledger technologies were tied for second place with AI and machine learning. The highest percentage was found in mobile trading applications at 29%.

OpenAI’s ChatGPT managed to garner 100 million just two months post its launch. The ease of use and accessibility could have driven individuals to favor AI over blockchain tech.

Here’s what these AI-inclined investors feel about cryptocurrency

Moving over AI, the survey also asked institutional investors if they would pour their funds into cryptocurrencies. The report read,

“72% of traders surveyed ‘have no plans to trade crypto/ digital coin,’ with 14% predicting they’re not currently trading but plan to trade within 5 years. 8% are currently trading and 6% are not currently, but plan on within 1 year.”

Nevertheless, some of them stayed bullish. Noting how 64% of their activity would be focused in the crypto-verse by 2024, the report said,

“Crypto and digital coins, commodities, and credit are predicted to have the biggest increases in electronic trading volumes over the next year.”