JPMorgan Chase has developed an AI model, based on ChatGPT, that predicts stock market movements based on statements made by the Federal Reserve. The model, called the Hawk-Dove score, interprets the language used in Fed statements and assigns a score based on the potential impact on stock movements. The bank is reportedly working on over 300 AI use cases and spending over $2 billion on building cloud-based data centers. Dropbox has also announced plans to focus on AI-powered products, cutting 16% of its workforce to hire talent for this new strategy. However, concerns about AI development have led to calls for regulation from individuals and entities such as Elon Musk, John Legend, and the Chinese government.

(By Rahul Nambiampurath)