This is entirely unsurprising and in-line with the finding that even small specialized models do better in information extraction and text classification. So no wonder finetuned large LMs do good too. Personally, my PhD did fine grained ACE-like event and sentiment extraction and "small" specialized finetuned transformers outperformed prompting LLMs like BERT and Roberta-large. Would love to see an inclusion of small…
The caveat here is that if you don't know how to create good specialized models - you are just wasting everyone't time and money: https://www.threads.net/@ethan_mollick/post/C46AfItO8RS?hl=e...
For many extractive tasks BloombergGPT was quite disappointing. A 5-10% performance hit with much larger inference cost compared to smaller models is not desirable.
But the research investment for Bloomberg makes sense to take the risk: a do-it-all generative model can mean significant complexity reduction in maintenance and deployment overhead.
It didn't directly pay off for many extractive tasks, but I bet they're iterating. Bloomberg has the data moat and the business needs in their core products to make it worthwhile.