All the dire warnings of who will be put out of work courtesy of Artificial Intelligence are probably freaking out millions of people who could be made obsolete. Add another job category to that ever-increasing list.
Stock portfolio managers. That’s right, good old ChatGPT had to go and show how smart it was yet again. That popular chatbot has outperformed one of the most popular investment funds in the UK — by a lot.
The timeframe was between March 6 and April 28. A dummy portfolio of 38 stocks, all selected by ChatGPT, was up almost 5% — while 10 leading investment funds saw their investments go down an average of 0.8%.
Let’s not be naive here, folks — if this trend continues, everybody will want the bot making the picks, especially if you don’t have to pay a commission or fee.
An investment fund typically pulls in money from multiple investors, and that pool of cash is overseen by a fund manager who decides what to invest it in. The people running this test asked ChatGPT to select stocks based on some standard criteria, including low debt and a history of growth. Included in ChatGPT’s recommendations were Microsoft, Netflix, and Walmart.
Bit investment first have been utilizing AI for a while, but this is a game-changer because individuals can use ChatGPT any time they want. A survey in the UK last week that included 2,000 adults showed that 8% are already using ChatGPT for advice on picking stocks. 19% said they were all in on giving it a try.
Writing an essay or helping with a pitch deck is one thing — being led down a profitable investing path is quite another. I can’t wait to see what happens when people lose their minds over lousy investment advice from ChatGPT.
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