① OpenAI is reportedly working on a secret project called "Mercury," which aims to enable AI to learn and build financial models to replace junior banks . ① Home-based work; ② The project has recruited more than 100 former Wall Street investment bankers, including those from JPMorgan Chase. Morgan Stanley and Goldman Sachs ③ The Mercury project attracted many former Wall Street elites, but it may also reflect OpenAI's eagerness to make a profit.
According to industry sources, OpenAI is conducting a secret project called "Mercury" to help its artificial intelligence . Model learning builds financial models to replace junior bankers in performing some of the heavy lifting.
It is reported that OpenAI's project has attracted more than 100 former investment bankers , including former employees of JPMorgan Chase , Morgan Stanley and Goldman Sachs.
Industry insiders revealed that former investment bankers involved in Project Mercury were paid $150 per hour for writing prompts and building financial models for a range of deal types, including restructurings and IPOs. OpenAI also allowed these contractors to use its developing artificial intelligence in advance.
An OpenAI representative stated that the company is collaborating with a range of experts to improve and evaluate the model's capabilities across various domains. The recruitment, management, and compensation of these experts are handled by a third-party vendor.
OpenAI, which desperately needs to make money
Junior analysts at investment banks typically work more than 80 hours a week, generally handling real-time transactions and using Excel to build detailed models for projects such as mergers and acquisitions and leveraged buyouts. In addition, they are required to revise PowerPoint presentations as needed, making their workload quite heavy.
Currently, many AI startups are developing AI to meet this need, but at the same time, some analysts are concerned that allowing AI to share the workload could raise security concerns.
OpenAI's entry into the "junior banker model battle" may indicate a sense of crisis stemming from its prolonged lack of profitability. Despite being valued at $500 billion earlier this month, the world's largest startup remains unprofitable, leading to continued market skepticism about a massive bubble in the artificial intelligence industry.
According to sources familiar with the matter, the OpenAI Mercury project is currently very flexible, with participants expected to submit only one financial model per week. The program has attracted numerous former Wall Street elites, as well as MBA candidates from Harvard and MIT.
(Article source: CLS)
