Overheard at the food truck

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JPMorgan, led by Jamie Dimon, is eyeing a stock-picking service driven by AI.

JPMorgan Chase is looking into a software service using artificial intelligence for picking stocks, according to trademark filings, as the banking giant joins the AI fervor that has gripped investors in recent months.

JPMorgan (ticker: JPM) has applied to trademark “IndexGPT,” referencing the type of AI that supports Microsoft-backed (MSFT) OpenAI’s ChatGPT chatbot launched last year, which has spurred widespread public and investor interest in the technology.

IndexGPT could use “cloud-computing software, using artificial intelligence for use in…selection of financial securities and financial assets,” according to the trademark filing, which also references distribution via a software-as-a-service model. The news was first reported by CNBC.

A boom in interest regarding investment opportunities in AI has buoyed tech stocks this week, led higher by chip giant Nvidia (NVDA). The move by JPMorgan supports how companies across a wider range of industries might look to leverage the technology.

While an AI stock-picking service has the potential to disrupt the financial advisory industry, not everyone is on board. Paul Reilly, CEO of wealth manager Raymond James Financial, said this week the group won’t use AI as a replacement for human financial advisors.

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