AI has driven the stock market into a hype-fueled frenzy, and an Israeli startup has even convinced regulators to let its chatbot hallucinate an investment portfolio on your behalf.
Before you get too worried about an AI chatbot going rogue and cratering your retirement fund, it's worth noting that Bridgewise's chatbot won't make financial decisions on its own – at least, not yet. The AI chatbot is designed only to offer stock-picking advice. "One of the areas where customers need the most information to make decisions is investment management: two thirds of people trust an algorithm more than a human to manage their money, and 98 percent of our clients want a digital recommendation on their portfolio at least once a month," the banking exec was quoted as saying by
Bridgewise reportedly plans to expand the offering to include annual forecasts, integrate earnings transcripts, and even put together entire investment portfolios based on users' preferences. However, at least for now, the chatbot's regulatory approval is subject to several conditions – including rules barring it from giving personalized advice, a company spokesperson told Bloomberg.