What is Llama 3.1 and how can it be used for Finance?

There are many AI models out there.

ChatGPT4o, ChatGPT4o mini and other AI trending tools.

And Yesterday (July 23rd 2024) Meta annouced the release of Llama 3.1 — the open source AI model you can fine-tune, distill and deploy anywhere.

The instruction-tuned model is available in 8B, 70B and 405B versions.

You can download the models here.

What is Llama 3.1?

Llama 3.1 is a powerful language model created by Meta that can understand and generate text.

In the Meta website it is described as:

“LLama 3.1 is an auto-regressive language model that uses an optimized transformer architecture. The tuned versions use supervised fine-tuning (SFT) and reinforcement learning with human feedback (RLHF) to align with human preferences for helpfulness and safety.”

Here’s a simple breakdown:

• Auto-Regressive Language Model: This means Llama 3.1 generates text one word at a time, predicting each word based on the words that came before it. Think of it as writing a sentence, one word at a time, always considering the previous words to decide the next one.