Wall Street Embraces AI Despite Risks of Catastrophe
“One day we will give agency to the systems,” said one person at the forefront; even those who aren’t worried say concern is valid.
Across Wall Street, the artificial intelligence arms race is heating up. Vanguard is already using AI to generate retirement portfolios. Morgan Stanley has launched a ChatGPT-fueled assistant for financial advisers, saying generative AI would “revolutionize client interactions.” JPMorgan Chase filed a patent for a product called “IndexGPT” to help traders decide where to invest.