https://www.vice.com/en_us/article/88xk8k/wall-street-embraces-ai-despite-risks-of-catastrophe

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.

Jamie Dimon, CEO of JPMorgan, has made clear how integral he believes the technology will be moving forward, saying in a letter to shareholders this April that "AI and the raw material that feeds it, data, will be critical to our company’s future success.” His peers feel similarly, according to one survey his company put out in February, which suggested that half of institutional traders believed AI and machine learning would be the most influential technology on Wall Street over the next three years.