CNBC OpenAI launches new ChatGPT for Financial Services

So this just rolled out. This is also OpenAI's answer to rival Anthropic. They're both racing after Wall Street and to get an edge in financial services. It's a new version of ChatGPT for the enterprise side of the business. So it's tailored to Wall Street and some of the jobs that are the most labor intensive. You think of what an analyst would do building pitch books, making research, and it plugs in a lot of the data that they need. So they said a very specific version of this for Wall Street and for what analysts do. We spoke to one of the executives there, Nick Turley, who briefed us on this. He said, "We're effectively teaching ChatGPT to research like an analyst and back up its conclusions like an analyst as well." One of the questions that came up, what is this going to mean for junior bankers? These are the ones that are doing a lot of these jobs. A lot of us were asking, is this going to replace the banking analysts that would otherwise be doing this work? They have pushed back and compared it more to Microsoft Excel, saying, you don't need to do this by hand anymore. That didn't mean the end of the analyst. They're still going to be around. They will still have jobs. It'll just make them more productive. Maybe they don't need to work a 100-hour week at an investment firm. Maybe they can cut their hours, but they'll still be relevant. Again, as I mentioned, this is their answer to Anthropic. They're trying to do this and compete at a time when both of these companies have filed to go public. That is extremely important. Banking and finance, that enterprise slice of the business. But again, this just rolled out in the last hour or so.